#USA #Upper Marlboro #Celent Award #NASA Federal Credit Union #DataVisor

NASA Federal Credit Union Earns Celent Model Risk Manager of the Year Award

In a remarkable achievement, NASA Federal Credit Union has been honored with the Celent Model Risk Manager of the Year Award. This accolade celebrates the credit union's dedication to integrating artificial intelligence (AI) and automation to revamp its operations, thereby boosting efficiency and elevating the member experience. The recognition underscores not just technological progress, but the commitment to proactive financial management and responsible innovation in an evolving financial landscape.

With over 238,000 members globally, NASA Federal Credit Union is devoted to aiding its clients in achieving long-term financial success. The institution has adapted to shifting threats related to financial crime by collaborating with DataVisor, a leader in AI solutions. Together, they implemented a unified Fraud Risk and Anti-Money Laundering (FRAML) platform designed to expedite decision-making processes and enhance overall risk management.

The partnership with DataVisor has matured into an expansive FRAML model that cohesively integrates fraud prevention, anti-money laundering strategies, third-party intelligence, and behavioral signals into one comprehensive intelligence infrastructure. Doug Nahas, Chief Operating Officer of NASA Federal, stated, "At NASA Federal, innovation is about creating better experiences for our members and making our organization more efficient and effective. By integrating our fraud and AML platforms with AI and automation, we've strengthened risk management, increased efficiency, and enabled our teams to focus more on serving members."

The implementation yielded impressive results:

• - 42% reduction in false positives for anti-money laundering, while still maintaining a 100% retention rate for true positives.
• - 41% decrease in manual review time, reducing the backlog from days to a matter of hours.
• - A 20% enhancement in the accuracy of fraud detection.
• - An impressive 90% reduction in the time taken to complete suspicious activity reports, thanks to AI-assisted generation of narratives.

These advancements represent not just operational improvements, but a significant stride forward in the realm of customer satisfaction and security in financial transactions.

The Celent Model Risk Manager Awards recognize financial organizations that embody outstanding innovation, technical excellence, and measurable business results. According to Nahas, this achievement is emblematic of their ongoing commitment to responsible stewardship and continuous enhancement. He remarked, "We're continually looking for ways to leverage technology and automation to strengthen our operations, protect our members, and ensure we deliver the exceptional service they expect from NASA Federal."

Founded in 1949, NASA Federal Credit Union now manages approximately $5.7 billion in assets and stands as a pillar of support for its members through exceptional service and forward-thinking financial solutions. The credit union remains steadfast in its mission to empower individuals and communities by focusing on their long-term financial well-being.

In the face of rising challenges in combating financial fraud, NASA FCU's remarkable initiatives embody a proactive stance towards technological advancements in the finance sector, setting the standard on how financial institutions can effectively utilize AI to combat crime and serve their customers better—both now and in the future.