Explainable AI reduces financial fraud

INFORMA D&B is the Cesce subsidiary leader in the supply of Commercial, Financial, Sectorial and Marketing Information on companies and businesses, to increase clients’ and suppliers’ knowledge and minimize business risk.

“All good businesses are connected by data,” explains INFORMA CTO Carlos Ollero. “That is why INFORMA invests more than €12M a year in data processing.” This constant commitment to innovation makes Informa the trusted solution for its more than 4 million users. In fact, more than 95% of the financial entities and 89% of the Ibex35 companies are active clients of INFORMA.

But in a world where financial fraud is becoming ever more sophisticated, INFORMA needed an explainable AI solution to foresee, explain, and derive insights from a variety of situations to reduce risk.

“Trust is very important, because you can provide big data, but if your customers don’t trust you then they will doubt your decisions,” Carlos Ollero adds. “So being able to trust the data leads to better business decisions and longer customer relationships.”

Fujitsu Uvance had developed a fraud prevention solution for the financial sector, built with public data. Informa’s unique set of private data helped shape the solution further.

INFORMA now uses explainable artificial intelligence (AI) technology from Fujitsu to handle and analyze enormous amounts of data, classify it, and make precise predictions with complete transparency and visibility.

“The adoption of explainable AI technology has several advantages, including enhancing AI performance and minimizing bias issues resulting from data quality assessments. Additionally, it provides auditable accountability and guarantees adherence to accepted industry norms,” Carlos Ollero explains.

The award-winning solution for the financial industry enables INFORMA to differentiate themselves from competitors with AI-powered credit risk and fraud offerings.

“Thanks to the help of Fujitsu we can drive better understanding of the models, not only because of explainability but because of the user interface,” says Carlos Ollero.

By incorporating Explainable AI technology, our cooperation ushers in a new age of decision-making. With the help of this technology, Informa’s 4.5 million users in Spain will now have quick and easy access to highly sophisticated data, greatly enhancing the caliber of business information solutions.

Explainable AI technology has an advantage over conventional AI in that it addresses the so-called “black box” phenomena in AI by providing the foundation for predictions and conclusions drawn by the technology, so fostering more comprehension, openness, and confidence. As such, the solution is compliant with European regulation and is also a model, which allows a high capability of prediction under Dun & Bradstreet standards.

“We can now drive more data to provide better solutions and will differentiate from our competitors and drive the market in a new way.” Carlos Ollero finishes.