neoleap, a subsidiary of Alrajhi bank—the largest bank in Saudi Arabia—is a rising fintech company providing a wide range of payment solutions. With over 430 employees and more than four million users globally, neoleap faced significant challenges in managing and utilizing its extensive data resources. The company recognized the need for a robust data management solution to support its ambitious growth and compliance goals.
Navigating Complexities: Strategies for Data Management, Compliance, and Customer Engagement
As a fintech company regulated by the Saudi Arabian Monetary Authority (SAMA), neoleap had to navigate complex reporting and compliance requirements. Traditional methods of data aggregation and reporting were time-consuming and inefficient, leading to significant operational bottlenecks and presenting larger margins for error. Challenges included:
- Data Accessibility: Ensuring that data from over 15 sources, totaling 4.2 terabytes, was available and actionable for all employees and departments with proper governance
- Fraud Detection: Identifying and addressing fraudulent behavior in real-time to mitigate financial risks
- Regulatory Compliance: Automating the generation of compliance reports for SAMA and other regulatory bodies
- Customer Insights: Enhancing customer engagement and loyalty by understanding user behavior and preferences
Implementing a solution for Comprehensive Data Management
To tackle these challenges, neoleap turned to Incorta’s operational lakehouse which provides customers with analytics on live, detailed operational data at scale . Incorta’s user-friendly interface and powerful data processing capabilities enabled neoleap to streamline and automate its data governance and analytics processes.
Key Benefits and Outcomes
- Centralized Data Repository: Incorta allows neoleap to consolidate data from various complex ERP and source systems into a single, centralized repository, giving the company a comprehensive view of all their data, enabling better decision-making across all departments. Employees can now access live operational data to generate insights without the delay or often time error prone manual data aggregation.
- Real-Time Fraud Detection: By integrating Incorta with Apache Spark, neoleap developed in-house machine learning models to detect and report fraudulent activities in real time. This proactive approach to fraud detection reduced the time lag in identifying fraudulent transactions, allowing neoleap to prevent fraud before it occurred. neoleap detected 38,000 potential fraud cases, with a 56% confirmation rate, significantly enhancing its fraud prevention capabilities.
- Operational Efficiency: The automation of reporting processes saved neoleap approximately 400 hours of manual effort, enabling the company to reallocate resources to more strategic tasks. Incorta can easily facilitate the generation of compliance reports and operational insights quickly and accurately, enhancing overall efficiency.
- Enhanced Customer Insights: Incorta’s data integration capabilities provided neoleap with a 360-degree view of its customers. This deep understanding of customer behavior and preferences allows neoleap to tailor its marketing campaigns and improve customer loyalty. The company achieved a 20% reduction in inactive accounts and a 16% increase in active card issuance.
- Seamless Integration with Other Tools: neoleap integrated Incorta with Informatica’s data quality and metadata management tools, ensuring high data quality and governance standards. This integration allowed neoleap to monitor data quality and ensure compliance with regulatory requirements, supporting informed decision-making and enhancing overall data governance.
Driving Data-Driven Success
neoleap’s journey with Incorta highlights the transformative power of effective data management and governance. By leveraging Incorta’s capabilities, neoleap overcame significant data challenges, streamlined operations, and enhanced its ability to detect and prevent fraud. The company’s commitment to data-driven decision-making and continuous innovation positions it for continued success in the competitive fintech landscape.
neoleap’s experience underscores the importance of a robust data governance framework in achieving operational excellence and compliance. As neoleap continues to grow, its partnership with Incorta will remain a cornerstone of its strategy to harness the power of data for business success.