How NoSQL Helps in Financial Crime Detection and Fraud Management

Financial crime compliance costs financial services firms $181 billion annually, with money laundering and associated crimes estimated at $1.4-$3.5 trillion per year. Fraud prevention in the financial sector requires real-time analytics, which is a crucial aspect for banks, trading institutions, and payment processors. The global fraud detection and prevention market size was $19.9 billion in 2019 and is projected to reach $110.04 billion by 2026. NoSQL databases are increasingly being adopted as they offer real-time data analytics, fraud, and risk management features that traditional relational databases cannot match. These databases can help streamline financial crime detection processes and provide a more user-friendly platform for customer satisfaction during the client due diligence process within the financial risk management framework.