Mitek System's 90 Seconds Fraud Checking

From 10 Minutes Down to 90 Seconds

MiControl significantly accelerates check fraud detection for fraud analysts. It reduces the evaluation time for suspicious checks from up to ten minutes down to about 90 seconds thanks to advanced visualization tools and customizable rules, which is essential for financial institutions aiming to cut losses and safeguard their clients.

Mitek's technologies are critical in identity verification, and secure mobile check deposits, and are used widely across U.S. banks and international enterprises, showing their dedication to innovative and regulatory-compliant products.

MiControl also merges check and fraud data for improved operational efficiency, with its visual dashboard providing an easily navigable interface for fraud analysts to make quick and precise fraud determinations.

Kerry Cantley, Mitek VP of Digital Banking Strategy, highlights MiControl’s operational benefits and user-friendly design, which aids bank fraud analysts in making informed, swift, and precise decisions to better safeguard their customers.

Our Opinion:

If traditional banks make their processes faster and safer with technology like MiControl, they can approve loans quicker and improve service. This means alternative lenders must stay alert and adapt if they want to keep up as banks change. They should consider using similar tech to compete, but also be careful about issues like privacy and following regulations. The main point is that for alternative funders to stay competitive, they must watch these changes and respond smartly.

1-Minute Tutorial - Force ChatGPT Assistant to Follow Instructions

In this video, Jordan is talking about how he use the OpenAI Playground GPT Assistants in developing our Free Tool called Alternative Finance Disclosure Law Helper

However, the GPT isn't adhering to the directives properly. Jordan instructs the GPT to generate citation links, but the GPT consistently overlooks this step, failing to produce the links. He suggested a temporary fix for the problem. While it's not perfect, we remain optimistic that with ongoing enhancements from OpenAI, the GPT Assistants will eventually be able to furnish links as requested.

This innovation is an example how ChatGPT or AI can easily enable small business owners to leverage the capabilities of AI technology

Headlines You Don’t Want to Miss

FinBOA and MEA Financial's partnership introduces RegConnect, a cost-effective cloud solution aiding community banks in digital transformation. This innovative platform offers real-time decision-making tools, compliance improvement, and reduced operational costs to enhance banks' digital customer experience.

The CFPB's analysis found that credit unions offer their members credit card rates lower than big banks, with a median of 9.9% compared to banks' 12.4%. Moreover, subprime borrowers at credit unions face a lower average rate of 13.9%, while big banks charge them 17.1%, with the gap widening over time not solely due to customer profile differences.

Capital One is considering a merger with Discover Financial Services

The potential merger could create a stronger competitor against other leading banks in terms of credit card market share. This strategic move would allow Capital One to expand its presence and Discover to scale up, aligning with expectations of upcoming consolidations in the finance industry.

Duetti secured $90 million to innovate music industry financing, empowering artists to monetize their work without selling rights. This new capital will support Duetti's alternative to traditional structures, offering artists control and steady income.

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