Overview
Our client is a prominent Global European bank and financial services company, operating across 58 countries. HCLTech has been a trusted partner, delivering professional services for the last 2 decades. This case study highlights a significant initiative where HCLTech leveraged GenAI to enhance the client’s communication and trade surveillance processes.
The Challenge
Manual and laborious process for surveillance of communication and trading data
Trader surveillance at our client’s end involves investigating activities for signs of market abuse, such as market manipulation, insider dealing and the misuse or disclosure of Material Non-Public Information (MNPI). This process requires continuous monitoring and analysis of trading data, including e-communications, voice recordings and Profit and Loss (P&L) information.
The existing process was highly manual and labor-intensive. Risk analysts had to conduct deep-dive research on alerts generated from surveillance data, reconstruct various scenarios for thorough investigation and document their findings. This manual approach was time-consuming and prone to human inaccuracies, consuming significant bandwidth of the analysts and impacting overall efficiency.
The Objective
Streamlining trade surveillance with advanced technology
The primary objective was to streamline and enhance the efficiency of the communication and trade surveillance process by integrating advanced technology. HCLTech aimed to reduce the time and effort required for data preparation and analysis, mitigate the potential for human errors and improve the overall productivity of the surveillance team.
The Solution
Building a GenAI-enabled solution to revolutionize trader surveillance operations.
Key elements of the solution included:
- Context-specific content extraction: The solution extracts relevant content from large structured and unstructured datasets, which can be queried using natural language prompts, significantly simplifying data retrieval and analysis.
- Prototyping and workshops: HCLTech created prototypes to demonstrate the value of Large Language Models (LLMs) for regulatory functions and conducted over five co-innovation workshops with the client to explore and refine these applications.
- Enterprise AI Foundry: HCLTech introduced its Enterprise AI Foundry to the client, facilitating the scaling of the pilot solution to a Google-based platform built on Foundry principles. This transition included moving from open-source LLM models to Google’s Gemini model, enhancing the system’s capabilities and performance.
Benefits of adopting GenAI:
Maximising efficiency and productivity with GenAI
- Improved efficiency:
- Time reduction: The time spent by data scientists on preparatory tasks was reduced by 80%, from several hours to approximately 15 minutes per dataset.
- Analysis time: The overall analysis time was slashed from 8.75 hours to just 25 minutes, enabling data scientists to concentrate on more complex and mission-critical operations.
- Increased productivity:
- Enhanced analytics: The time required for new analyses decreased to approximately 10 minutes, marking a 90% improvement, thanks to AI-powered news aggregation and summarization.
- Faster alert resolution: The alert resolution time was reduced by about 2 minutes, from 11 minutes to 9 minutes total, significantly mitigating financial and business risks.
The Impact
GenAI boosts operational efficiency
The implementation of GenAI resulted in a substantial improvement in operational efficiency and productivity for our partner. By automating and streamlining data-related workflows, the solution not only reduced manual effort but also enhanced the accuracy and speed of trader surveillance operations. This transformation demonstrates the significant potential of GenAI in optimizing complex financial processes and underscores HCLTech’s role as a leader in technological innovation within the financial sector.
