One can leverage Machine Learning as the situation warrants in a smart way, it shouldn’t be force-fit into every situation which could otherwise be handled successfully. With the advent of newer technologies, we can expect fraudsters to invent more novel attempts. So, it is imperative that the Fraud Management System is continuously enriched to discover emerging fraud patterns and arrest them from occurring.
Concluding part on improving customer lifecycle management in financial institutions. In the previous blog, we saw how FIs can initiate a streamlined CDD-led customer onboarding experience. Let’s see what does it take to manage what lies ahead.
The first in the two-part series on improving customer lifecycle management in banks, explains how banks while focusing on delivering a great on-boarding experience, can simultaneously ensure stringent customer due diligence.
Anti-Money Laundering laws and mechanisms prevent money obtained illegitimately from entering the formal economy thereby legitimizing its source. However, it is a constant battle between the launderer and the regulator.
Of the several significant innovations in the financial services universe, one key technology innovation has been the robotized financial advisor aka the robo-advisor.
Fintech has brought unprecedented disruption in the financial services ecosystem. While traditionally, fintech was used for back office banking operations, today it has DIY modes where customers rely less on a brick and mortar bank for their banking needs, and instead have a multitude of digital channels at their disposal. With 24/7 device-agnostic access, virtually every transaction is now digitally possible.