Clari5

Blog

Browse through our repository of best practices to learn how Clari5 can help your bank stay ahead of the fight against financial crime.

Blog

The Friendly, Neighbourhood Bank Branch: Will it be Around Eventually?

“Will the bank branch survive?” has been a decade long (if not more) topic of debate. Physical branch networks worldwide are being impacted by the shift to digital transactions. However, there has also been rising customer expectations for better in-person experiences at branches shaped by other retail experiences.

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What Stops Banks From Creating ‘Segment of 1’ Personalized Experiences?

Trust, in-person interactions, reasonably good response levels, absence of alternative options – were some of the reasons that brought people to banks before the era of digital and banking domain monopsony. The strategy worked well and it helped create predictable growth and profitability – until the level playing field tilted.

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De-risking Onboarding with Cross-channel, Real-time Customer Due Diligence

In a fiercely competitive environment, banks have been striving to generate more revenues while trying to increase customer stickiness and curtail customer attrition. The scenario has compelled the need for a holistic approach for creating strong customer-centricity – the key aim of great Customer Lifecycle Management (CLM). Read the prequel of the 2-part blog on how banks can enhance their CLM by first de-risking the onboarding process.

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Rising COVID-motivated Mule Fraud Threats: What can Banks do about it?

Every year, banks shut down tens of thousands of accounts for suspected fraudulent practices. A substantial chunk of these accounts is suspected to be mule accounts and conventional anti-mule fraud systems have had little impact to stop the problem. Whether as complicit players or as victims, money mules are now also laundering funds for organized COVID motivated financial crimes. With the virus continuing to provide opportunities for fraud and money laundering, banks must boost their monitoring and investigation capabilities to counter this growing threat.

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What Got You Here Won’t Get You There

Even as regulators step up their scrutiny of bank compliance, fraud and money laundering schemes are getting more and more sophisticated. Banks therefore have no choice but to elevate their crime-detection and crime-fighting capabilities. Defence mechanisms will increasingly include more powerful analytical models, AI and the aid of financial crime regtech specialists.

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Deepfake Frauds: Will Banks be the Next Stop?

Where there’s money, there’s crime. Trust fraudsters to leverage new technology in their commitment to gain access to accounts, or to set up accounts or steal money. It is just a matter of time before deepfake becomes another new normal for digital rogues to defraud banks.

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