Grant Thornton has joined forces with UK company data platform Mnai “to support UK banks as they combat financial crime and fraud, and to offer a solution to these challenges”.
The announcement comes as new research from Experian found that loan fraud rates rose by 40% in the second quarter of the year, the highest level reported in the last three years.
The new offering “combines Grant Thornton’s expertise in data strategy, data management and analytics with proprietary data from Mnai”. The combined service will “help reduce risk and decrease operational expenditure”.
According to the British Business Bank, £79.3bn of loans have been approved to 1.67m businesses through Government lending schemes since March 2020. A Public Accounts Committee Report (December 2020) estimated that losses from fraud and credit risk could reach somewhere between £15bn and £26bn.
Niresh Rajah, managing director, head of data, regTech and digital assurance practice, financial services group, Grant Thornton, said: “Our collaboration with Mnai combines our expertise and capabilities in data management and data analytics to help our clients address these challenges.
“We are also working together on a number of use cases to support clients to manage risk, combat financial crime and fraud, and to help them to better understand their end customers and make insightful, data driven decisions for revenue growth and better customer service.”
John Cushing, CEO at Mnai, added: “The collaboration with Grant Thornton and the opportunity to share our expertise across a range of industries and sectors is hugely exciting.”