Data science company Feedzai has introduced new machine learning tools to streamline bank account opening and mitigate associated risks.

The upgraded Feedzai Account Opening solution is designed to increase operational efficiency and enable swift on-boarding of new customers.

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The latest platform will centralise banks’ fraud management systems to reduce frauds and false positive rates.

Commenting on the latest offering, Feedzai SVP of product Saurabh Bajaj said: “As consumers demand to open accounts nearly instantly from their smartphones, many institutions are struggling to offer that ability in a way that’s both safe and scalable without the burdensome identification documents.

“That’s what drove us to create new tools that specifically allow for this global digital transformation while keeping consumer experience and safety as the driving mission of our artificial intelligence technology.”

Feedzai Account Opening solution capabilities:

The new solution comes with OpenML and AutoML machine learning tools. The OpenML allows data scientists to choose implementation procedures, while AutoML streamlines traditional data science workflow by automating time-consuming tasks.

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The AutoML can also reduce the time taken to build production-ready models by weeks.

Additionally, the Feedzai platform features Genome to identify fraud patterns and facilitate subsequent response.

The solution utilises customised user journeys and individual risk scores of the applicants to provide personalised on-boarding service. Accordingly, it applies step-up authentication only on those who are required to go through.

The Feedzai account opening solution also enables third party integration to offer a holistic overview of the applicant.

Banks can also utilise their CRM data to procure additional insights about the applicants to better identify the fraudsters.