Qorus Banking Innovation Awards 2022

FYNAL - Advanced analytics platform

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09/09/2022 Banking Innovation

About

FYNAL – AI Analytical platform that combines current computation power (AI + BI) with accounting knowledge. FYNAL allows the analysis of accounting information changing the focus towards data-centricity and decision-making process

Innovation presentation

FYNAL is unique because it’s a tool that goes beyond analysis and take a step ahead into decision making process. Not only organizes and model the information but analyze and identifies the causes instead of a human analyst. With FYNAL AI arrived in an improbable field as accounting and reach new horizons in the decision-making process.

Volume of information that is evaluated nowadays is huge and exceeds human capabilities. Traditional analysis, based on reports, does not allow to detect all the casuistry, for example, small or incipient events. That is the reason why FYNAL includes statistical and automated systems for anomaly detection (outliers). FYNAL allows to perform every accounting analysis before 8 A.M.

Besides, FYNAL helps to comply with the needs of high level of rigorousness and reliability required by both internal and external stakeholders.

The FYNAL platform includes a granular and multidimensional detail for financial analysis, and it does it immediately and on demand. Besides, it automates controls and reconciliation. This automated statistical review allows to allocate the efforts and the resources on the most relevant analysis. Outliers refers to either a change in the business or to an error that must be offset. If it is a change in the business, FYNAL helps identify the cause of this change.

Uniqueness of the project

FYNAL makes shorter the process of analyze the accounting information during the closing, and it is the first step towards getting a daily accounting. With FYNAL, every morning, at 8 A.M. all the process of anomaly detection and generation of basic reports have been run. Analysts can allocate all their time to analysis and decision-making.

The main features of FYNAL:

- Automated: Daily automatic analysis of all the accounting data of the bank. The main objective is to detect anomalies as soon as possible. Available first thing in the morning

- Causality: Allows to know if an anomaly is caused by a change in the business or an error. The drill down function let you know the maximum detail about the data

- Multidimensional: FYNAL approach let the analyst group or ungroup the data by dimensions and metrics to get the better view ONLINE

- Focus: Analysts only must worry about taking decisions based on the data provided FYNAL

Regarding the workflow, is defined by three phases:

1. Outliers detection in all the financial information

2. BI toolbox allows the analysts to dig deeper in the data and build conclusions and storytelling

3. Register and save the evidence and the information for audit and consultation

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