A pioneering digital-only challenger bank in the UK sought innovative solutions for gathering faster and deeper insights into their operations. The bank used ⊙-Σ to harness AI-driven self-service data analytics for operational improvement and regulatory compliance.
Point Sigma is the world's first fully end-to-end autonomous AI-driven data analytics solution. Point Sigma empowers people to become citizen data scientists by broadening the reach of analytics to all decision-makers, creating competitive advantage.
Challenge
The Head of Internal Audit faced challenges in conducting internal audits, particularly in dealing with vast volumes of data spread across disparate systems. Data requests to various teams often led to delays, dependencies on technical teams, and a need for significant technical expertise in understanding and combining data. The bank's rapid growth exacerbated the challenge, making it crucial to find a solution that could streamline the audit process.
Solution
Point Sigma emerged as the transformative solution, working directly on raw business data and covering the entire data analytics pipeline. With hundreds of out-of-the-box connectors, the platform interpreted, combined, and categorised data, providing auditors with a comprehensive view across the organisation. The intuitive exploratory interface detected discrepancies, similarities, and correlations, allowing auditors to quickly identify data quality issues and focus on specific details.
Point Sigma's impact was profound, reducing the time taken to acquire necessary data from days and weeks to mere minutes — a > 90% saving in time, effort and cost. This independence from IT and BI teams empowered auditors with unprecedented insights into organisational operations. Augmented Insights Management (AIM) facilitated analysis without requiring technical data analytics skills, encouraging unanticipated discovery of insights.
The Point Sigma platform makes it very easy to quickly source required data to find trends about how to do better audits and also to look for outliers which need further investigation. An invaluable assistant precisely where it is most crucial.
Impact
Point Sigma's AI-driven platform revolutionises audit efficiency precisely where it matters most.
By accelerating audit procedures and reinforcing reliability, it enables auditors to navigate extensive datasets efficiently, ensuring a thorough examination of organisational intricacies.
Enhances audit effectiveness as well as fortifying the organisation's capacity to proactively address and mitigate risks, positioning this particular challenger bank as a leader in regulatory compliance and operational excellence.