by Robert Harris • 5 minutes • Machine learning • July 30, 2024
Buy2Build: The Best of Both Worlds
All expertise and insights are from human Feedzians, but we may leverage AI to enhance phrasing or efficiency. Welcome to the future.
It’s never easy to settle a debate. Buying vs. leasing. Renting vs. owning. Is the dress blue and black or white and gold? In the world of machine learning, the long-running question is often Buy or Build your own platform. Fortunately, financial institutions can now skip the endless buy versus build strategy debate and pursue the Buy2Build option for fraud prevention instead.
What is the Buy2Build Strategy?
The advantages and disadvantages of building your own machine learning platform or buying one from a vendor are well-documented. But what if instead of wavering back and forth over the pros and cons of each option, there was a way to harness the best of both worlds?
That’s where Buy2Build comes into play. Buy2Build is a strategic hybrid approach to data science that blends the efficiency of purchasing a pre-built and configured machine learning platform while still gaining the flexibility of customizing it to meet your financial institution’s unique priorities and growth strategy.
Buy2Build AI Platform Approach
Buy vs. Build is the Wrong Debate for Risk Management Platforms, Think Buy2Build Should an FI build its own machine […]
This approach allows financial institutions to purchase an off-the-shelf solution and tailor it to their organization’s specific needs. Organizations can enjoy their independence and control without worrying about having the proper infrastructure, technical resources, team members with the required expertise (from software developers to coders and more), or the ability to quickly add new controls.
Buy vs. Build: The Final Debate?
Let’s first examine (hopefully for the last time) the familiar argument about buying versus building your own platform.
Buying: A Quick Win with Strings Attached
There are several benefits of buying your own platform. For example, you can purchase vendor software and quickly deploy it. Regular updates and maintenance often come with and are handled by the vendor. However, buying a solution might limit customization options. In other words, you wind up with less control over the platform’s future development.
Some organizations may have legitimate reasons for wanting to build or buy their machine learning platform in-house. However, these approaches come with serious risks instead of following the familiar path of analysis paralysis. Instead, consider working with a risk analytics partner. A strong partner can teach you how to build, manage, and maintain your own data science platform.
Build: Total Control, High Risks
Meanwhile, building a machine learning platform ensures complete independence and control over the solution. You can tailor this custom solution to your organization’s unique needs, enabling seamless integration with existing systems.
However, this strategy involves developing a platform from scratch. This process is time-consuming, expensive, and requires specialized expertise. Additionally, ongoing maintenance and updates become your responsibility. You’ll also have to ensure that the platform can respond to new fraud threats, not just the ones considered when the platform was built.
Feedzai: A Buy2Build Champion
By offering a hybrid model that blends a pre-built AI platform with customizable elements, Feedzai empowers financial institutions to accelerate their fraud prevention initiatives without sacrificing control.
Here’s how we deliver a Buy2Build strategy:
Accelerated Implementation
Feedzai’s platform is designed for rapid deployment, often measured in weeks rather than months. This significantly reduces time-to-market compared to building a solution from scratch.
Flexible Deployment
Feedzai prioritizes cloud infrastructure for scalability and efficiency. This approach provides a balance between on-premises control and cloud-based agility.
Data Segregation
Feedzai ensures robust data privacy by maintaining strict data segregation and protecting sensitive customer information.
Customizable Configuration
Buy2Build platforms are built with configuration and maintenance in mind, allowing clients to tailor the solution to their specific needs and even manage certain aspects independently.
AI-First Focus
As an AI-centric company, Feedzai embeds advanced machine learning capabilities into its platform, enabling clients to benefit from cutting-edge fraud detection techniques without the complexities of AI development.
Built-In Responsible AI
Feedzai takes the lead on ensuring model fairness and ethical AI practices, freeing clients from the burden of implementing these critical components themselves.
Shared Insight
By analyzing aggregated data trends and insights, Feedzai provides valuable information to clients, helping them stay ahead of evolving fraud tactics.
Avoid Vendor Lock-In
Feedzai’s partnership-oriented approach and focus on client autonomy prevent vendor lock-in, allowing for flexibility and future adaptability.
Critical Advantages of Feedzai’s Buy2Build Approach
Feedzai’s Buy2Build approach empowers financial institutions to optimize their fraud prevention strategies, gain a competitive advantage, and effectively protect their customers. By taking the Buy2Build approach, banks can achieve:
- Faster Time-to-Market: Rapid deployment and configuration accelerate fraud prevention initiatives.
- Reduced Costs: Leveraging a pre-built platform can lower overall development and maintenance expenses.
- Enhanced Agility: The ability to customize and adapt the platform allows for quick responses to emerging threats.
- Focus on Core Competencies: Clients can concentrate on their core business while Feedzai handles the complexities of AI and infrastructure.
- Mitigated Risk: Benefit from a proven platform with a strong track record in fraud prevention.
- Access to Shared Intelligence: Gain valuable insights from industry trends and peer experiences.
Why Choose Feedzai as Your Buy2Build Partner?
Feedzai is uniquely positioned to help you execute a successful Buy2Build strategy for fraud and financial crime prevention. Our platform is designed with the customer in mind, prioritizing ease of use and customization. The intuitive Data Science Studio, powered by OpenML, streamlines data analysis and model development, allowing your team to focus on high-value activities.
By partnering with Feedzai, you gain access to a dedicated team of fraud prevention experts. We understand the intricacies of the financial industry and can provide tailored support when needed. This frees up your internal resources to tackle other critical business initiatives.
We may never be able to agree on the pros of buying versus leasing or whether the dress was blue and black or white and gold (black and blue, of course)! But it’s high time to retire the buy or build debate. With Buy2Build, there’s no longer any need for banks to compromise on control or flexibility. The Buy2Build approach is designed to deliver the best of both worlds: a robust, pre-built platform combined with the ability to adapt and innovate as your needs evolve.