Point Sigma's AI-driven analytics empowers the internal audit team at a leading challenger bank, removing dependency on the IT and Data Analytics teams.
A pioneering digital-only challenger bank in the UK sought innovative solutions for gathering faster and deeper insights into their operations. The bank used ⊙-Σ to harness AI-driven self-service data analytics for operational improvement and regulatory compliance.
Point Sigma is the world's first fully end-to-end autonomous AI-driven data analytics solution. Point Sigma empowers people to become citizen data scientists by broadening the reach of analytics to all decision-makers, creating competitive advantage.
The Point Sigma platform makes it very easy to quickly source required data to find trends about how to do better audits and also to look for outliers which need further investigation. An invaluable assistant precisely where it is most crucial.
Head of Internal Audit
The Head of Internal Audit faced challenges in conducting internal audits, particularly in dealing with vast volumes of data spread across disparate systems. Data requests to various teams often led to delays, dependencies on technical teams, and a need for significant technical expertise in understanding and combining data. The bank's rapid growth exacerbated the challenge, making it crucial to find a solution that could streamline the audit process.
Point Sigma is a data analytics and business intelligence platform that configures itself using Artificial Intelligence instead of human experts. Point Sigma uses a novel type of AI, called Artificial Curiosity™ that works
in a similar way to how humans find interesting insights in data. It works out from raw data, all the way to insights, how to combine the relevant data processing steps to produce the most interesting results.
Point Sigma emerged as the transformative solution, working directly on raw business data and covering the entire data analytics pipeline. With hundreds of out-of-the-box connectors, the platform interpreted, combined, and categorised data, providing auditors with a comprehensive view across the organisation. The intuitive exploratory interface detected discrepancies, similarities, and correlations, allowing auditors to quickly identify data quality issues and focus on specific details.
Point Sigma's impact was profound, reducing the time taken to acquire necessary data from days and weeks to mere minutes — a > 90% saving in time, effort and cost. This independence from IT and BI teams empowered auditors with unprecedented insights into organisational operations. Augmented Insights Management (AIM) facilitated analysis without requiring technical data analytics skills, encouraging unanticipated discovery of insights.