In what Goldman Lampe hails as “a major development for the financial services industry”, the UAE-based institution has launched a new artificial intelligence-driven anti-fraud testing platform.
The new tool, called AIDA, which stands for Advanced Investment and Detection Algorithms, was entirely developed in-house and was built to improve fraud prevention and investment strategy formulation, according to Adam Szumowski, EU Director and supervisor of AIDA, at Goldman Lampe Private Bank.
“AIDA leverages machine learning algorithms to analyse extensive datasets in real-time, identifying patterns and anomalies indicative of fraudulent activity with an unprecedented level of accuracy.”
‘Revolutionary’
Szumowski told QA Financial his bank’s approach should be seen as “revolutionary” as it “significantly reduces the occurrence of false positives, a common challenge in traditional fraud detection systems, thereby enhancing the security and trustworthiness of banking operations.”
Beyond its capabilities in fraud detection, AIDA is engineered to alter the way investment strategies are devised, he continued.
Utilising big data analytics, the system should offer insights into market trends, consumer behaviours, and economic indicators.
“This enables us to deliver highly customised investment advice, tailored to the specific needs and risk profiles of its clients, setting a new standard in personalised financial services,” Szumowski pointed out.
He said the bank decided to develop the tool in-house because “with AIDA, we’re not just enhancing the security and efficiency of our operations; we’re also empowering our clients with unparalleled insights and personalised investment strategies that were previously unimaginable.”
Data integrity
Szumowski was keen to stress that the bank is committed to navigating the complexities of integrating advanced technologies like AI with data integrity and ethical considerations.
“Through this initiative, we aim to set new benchmarks for the industry, promoting a more secure, efficient, and client-centred banking experience,” he concluded.
The announcement comes only days after the bank said it is working to expand further into the Asian market, as it confirmed plans to open a new branch in Hong Kong.
“This strategic move is designed to cater to the bank’s substantial clientele in China and the broader Asian market,” the bank clarified.
Goldman Lampe currently has an estimated €75 billion in assets under management, with a heavy focus on Asia and the Middle East.
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