August 16, 2022
PwC has been named as a Leader in the IDC MarketScape: Worldwide Responsible Artificial Intelligence for Integrated Financial Crime Management Platforms 2022 Vendor Assessment (July 2022, IDC #US47457622).
The IDC MarketScape states that, ‘The growth of digital and mobile banking (mbanking) and expanding ecommerce and digital payments necessitate that banks be able to identify potential fraud in real time. In addition, they must be agile enough to quickly adapt to changing fraud threats and trends, identify suspicious activity across channels, and detect organized ring activity. Banking institutions worldwide are recognizing the need to holistically manage fraud risk. This means having the ability to understand a customer's or entity's behavior across channels and lines of business and in real time.’
Commenting on PwC, the IDC MarketScape report states, ‘PwC partners with financial institutions to help protect the financial system from financial crime. They leverage their industry knowledge, technological expertise, and operational experience to help their clients build trust in society and fulfill their regulatory obligations.’
On PwC’s strengths, the report states that, ‘PwC has achieved growth, a strong strategy delivery model, and tools to help clients see TCO. One of these tools is BXT workshops (business, experience, and technology) fostering client collaboration with application technology.’
It goes on to say, ‘Customers value PwC's expertise in delivering AI/ML-driven solutions with a strong focus on data. PwC has real-time experience delivering machine learning models by replacing existing legacy systems and successfully conducting model validation exercises using proprietary tools like Model Edge. The company also has a successful track record of replacing the data models sitting on top of the existing ML models by replicating complex SQL logic.’
“We are delighted to be named an IDC Marketscape Leader in Worldwide Responsible Artificial Intelligence for Integrated Financial Crime Management Platform,'' says Vikas Agarwal, Partner, Financial Crime Unit, PwC US. “Fighting the sophistication of financial crime and fraud with responsible AI, no matter in what industry, are table stakes for risk managers in today’s environment. At PwC, applying responsible AI to these challenges is central to our purpose of selecting and bringing the right balance of human and tech-enabled solutions to our clients.”
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of vendors can be meaningfully compared. The framework also provides buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective.