MySocialPulse saves compliance officers 60% of their time while preventing millions in potential fines

Industry: FinTech
Location: London
Employees: 5-10
Product: Email API
Impact: • Preventing potential fines up to millions of dollars for each instance of fraud • 60% time savings for compliance officers by automating fraud detection • Outperforming similar solutions that cost $20mil • 2+ months faster time-to-market over building a solution in-house

The Nylas platform helped MySocialPulse unlock real-time insights that allow Fintech clients to stay compliant with SEC regulations through automated fraud detection.

MySocialPulse is a leading data science company that unlocks the power of data, social intelligence, and technology for its clients. The company develops and builds transformational disruptive products for the FinTech and RegTech space. 

Utilizing its proprietary social intelligence platform, the company helps innovative financial and regulatory technology companies proactively identify and de-risk financial trends on social media in real-time. Using cutting-edge advanced AI and machine learning techniques, the platform identifies the key conversations, emotions, and up and coming trends of certain stocks, cryptos, or ticker symbols that are mentioned on social media, and whether there was a positive or negative sentiment associated with those stocks. It analyzes social media mentions for eight different emotions, including joy, sadness, anger, anticipation, and surprise. 

The platform also offers email and trade surveillance, monitoring email data for insider trading or conflicts of interest. This helps compliance officers ensure their organizations are staying compliant, following the rules set by the U.S. Securities and Exchange Commission (SEC) for trading stocks.

MySocialPulse enables businesses of all sizes to benefit from data science, where previously only large companies have been able to benefit due to the financial and technical resources involved.

Challenges:

Security and compliance are key considerations for financial organizations where consequences could involve fines up to millions of dollars along with irreparable reputational damage. The company’s clients requested a tool for detecting and monitoring potentially fraudulent activity, but building one would have been an expensive task (one of the leading global investment banking companies spent $20 million on building a similar solution). This level of investment is out of reach for smaller businesses.

Unlocking email communications data is crucial to help monitor any insider trading or conflicts of interest happening within financial and regulatory technology companies, but to do this MySocialPulse needed to find a partner who had the necessary expertise with email APIs and the ability to support data science technologies.

“We needed an agile and supportive partner to stay ahead of the curve. We quickly realized that Nylas was the best fit. The Nylas Email API provided all the tools and technology we needed. The team is heavily data science-driven, which aligns well with our company’s approach. Their support and expertise have been invaluable to us.”

Solution:

With Nylas, MySocialPulse provides organizations with a holistic, real-time approach to compliance. Beyond simply recordkeeping, the platform unearths any potential red flags in email data so that companies can stay compliant and avoid potential fraud before it gets sent over to the SEC.

The MySocialPulse team built a robust email integration in less than a week with the Nylas Email API. The company is also leveraging Nylas Streams to quickly ingest emails into its data processor, Amazon Simple Notification Service (SNS). MySocialPulse’s solution, in partnership with Nylas, performs better than the existing benchmark throughout the industry at a fraction of the cost

“There was no reason to try and reinvent the wheel; Nylas was already a proven solution. Nylas has put a lot of time and effort into its solution, which gave us comfort in having that level of security. Trying to build the email API ourselves would’ve involved much more time and cost – and we didn’t have the luxury of time. Working with Nylas gave us the confidence to move forward quickly, our speed to market was at a minimum two months faster,” said Divya Prashanth, CEO, and Co-Founder of MySocialPulse.

After a compliance officer authenticates their email, the application uses communications data to compile a fraud report. Rather than simply monitoring email inboxes and identifying keywords that indicate potential fraud, MySocialPulse’s proprietary system uses artificial intelligence and machine learning to go beyond that, analyzing the sentiment and emotions behind those keywords. Currently, these insights are focused on fraud detection and monitoring, but they can also be used to improve customer success and other areas of the business.

Email surveillance dashboard in MySocialPulse

Results:

MySocialPulse has monitored millions of emails and has been driving incredible results for its customers. On average, for every instance of fraud or insider trading that gets flagged by the SEC, an organization might be fined millions of dollars. By taking a proactive approach and identifying fraud risks early, MySocialPulse’s customers can quickly address compliance issues which prevent any escalation to regulatory bodies, thus, avoiding any fine.

Additionally, the platform helps save compliance officers about 60% of their time that was previously spent combing through communications data looking for potential fraud. Now, they receive an automated dashboard view, directing their attention to specific red flags. 

Going forward, MySocialPulse aims to unlock insights from new channels of communications data beyond email – including Microsoft Teams, Zoom, Slack, and Discord. 

“If you use a particular channel of communication, you must be able to track and report on it. Technology is moving so fast, and the SEC is clear that firms must be proactive in their approach to detecting and monitoring potential fraud. Nylas Streams will help us secure data in one location and then update it every other second so that every change that comes through is updated accordingly,” concluded Janine Miles, CMO, and Co-Founder of MySocialPulse.

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