According to a recent study, credit card fraud in the United States is expected to reach $12 billion in 2020. Rules-based expert systems currently used to catch fraud have become too easy to beat. In addition to combating fraud, financial services institutions are also challenged to make the right credit decisions, improve risk management, enable fast, insightful trading, and develop personalized services—all while elevating the customer’s experience.
The financial services sector generates a wide variety of data types. Analysis can include transaction history data from banks, smartphone data, real-time structured and unstructured data, a client’s behavior, location, and buying habits, and speech data from banking call centers. The different data types contribute to different aspects of financial services, including credit decisions, risk management, fraud prevention, trading, measures against money laundering, and personalized banking.
To address these challenges, the financial services industry is increasingly relying on artificial intelligence (AI) and machine learning (ML) technologies. With NetApp® ONTAP® AI, banks and other financial institutions can leverage the deep insights gained from AI and ML operations to improve their defenses against fraud and better serve their customers.
Mike McNamara is a senior product and solution marketing leader at NetApp with over 25 years of data management and cloud storage marketing experience. Before joining NetApp over ten years ago, Mike worked at Adaptec, Dell EMC, and HPE. Mike was a key team leader driving the launch of a first-party cloud storage offering and the industry’s first cloud-connected AI/ML solution (NetApp), unified scale-out and hybrid cloud storage system and software (NetApp), iSCSI and SAS storage system and software (Adaptec), and Fibre Channel storage system (EMC CLARiiON).
In addition to his past role as marketing chairperson for the Fibre Channel Industry Association, he is a member of the Ethernet Technology Summit Conference Advisory Board, a member of the Ethernet Alliance, a regular contributor to industry journals, and a frequent event speaker. Mike also published a book through FriesenPress titled "Scale-Out Storage - The Next Frontier in Enterprise Data Management" and was listed as a top 50 B2B product marketer to watch by Kapos.