In the event of a new reporting request, the team were dependent on manual, time-intensive workarounds, such as exporting MicroStrategy data to Microsoft Excel. This approach was vulnerable to data inconsistencies, resulting from a lack of standardisation in reporting as well as human error. With multiple data sources, there was no single source of truth for key data points. This presented a risk for the client, as it complicated the detection of fraud and other unacceptable activities within the business.
To minimise implementation challenges and maximise the value of the client’s prior investment in both software and staff training, we designed a solution that leveraged MicroStrategy, which was a familiar tool across the client’s business. The project was conducted in two phases to progressively build new capabilities for fraud reporting (phase one) and member reporting (phase two).
Phase 1: Fraud reporting
In phase one, we worked closely with client business representatives to fully understand their key fraud risks, as well as the necessary indicators to predict and identify instances of fraud. The team then developed a suite of interactive dashboards to paint a complete picture of potential fraud activity in the business.
The report set includes fraud reports, breach reports and industry benchmarks and trends, with both interactive and printable versions available. The reports are designed to be analysed and interrogated within the MicroStrategy platform, enabling users to drill down to underlying data and interpret cases without needing to conduct manual analyses in Excel. In doing so, the project has significantly improved the client’s ability to monitor and detect fraud across its business.
Phase 2: Member reporting
In phase two, we assisted the client in increasing visibility over payments with member institutions, which includes some of Australia’s largest banks and financial institutions. The client needed to understand the size, volumes and trends in relation to members’ transactions, as well as registration activity.
Our team built new reporting capabilities to make such information readily accessible, leveraging the same database as the fraud reporting project for compatibility and ease-of-use. The reports provide extensive activity summaries using both point-in-time and trend data. Additionally, the reports present information at multiple levels of granularity, with the ability to focus on single member institutions, select groups or all institutions in a single view.
As a result of these new reporting capabilities, the client has a much stronger ability to identify trends in the market and proactively manage potential risks or issues across the industry
- The quality and reliability of reporting data has significantly increased for fraud and member reporting, as the reporting team is no longer dependent on manual Excel-based workarounds.
- The use of a flexible, automated and fit-for-purpose tool means that reporting is faster and less cumbersome for analysts.
- Senior management have increased confidence in reporting data and an improved their ability to make timely decisions in response to issues and risks.
- The inclusion of industry data and benchmarks within the reporting suite has improved the client’s ability to understand, analyse and proactively engage with the market.
As a result of this project’s success, the organisation plans to engage Analytics8 to build additional dashboards and reporting capabilities across both fraud reporting and member reporting.
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