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Clari5 Clients Continue Their Winning Streak! More Global Acclaim for Real-time, Cross-channel Banking Enterprise Fraud Management

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IndusInd Bank Turns Fraud Management into Revenue Stream by Using Insights from the Fraud Management Tool to Offer Real-Time Cross-Sell and Upsell to Customers

Clari5 customer IndusInd Bank realized that fraud and revenue can be 2 sides of the same coin, and converted this into an opportunity. The genesis of this platform was laid when the bank recognized the importance of integrating insights from different delivery channels into a single platform. To enable real-time detection across different online channels and products, it was essential for IndusInd Bank to correlate data from multiple systems and have an integrated view. [Read More]

CustomerXPs and Finesse to Showcase Clari5’s ‘Central Nervous System’ based Anti-fraud Shield for Islamic Banking at Seamless Middle East Summit, Dubai

Dubai, 1-2 May 2017. Enterprise Financial Crime Management software product company CustomerXPs along with Finesse, their premier technology partner, will be showcasing their acclaimed product Clari5 at the Seamless Middle East 2017 expo scheduled to be held at the Dubai International Convention & Exhibition Centre on 1 and 2 May.

The expo is being held under the patronage of HH Deputy PM & Minister of Interior Lt. Gen. Sheikh Saif Bin Zayed Al Nahyan, and in partnership with Arab Federation for E-commerce, League of Arab States and Council of Arab Economic Unity.

Spanning over 22,500 sqm at the Dubai International Convention & Exhibition Centre, Seamless Middle East is expected to have over 400 exhibitors and over 10,000 attendees. The expo brings together the Middle East fintech ecosystem to debate and evaluate the future of money.

Across 2 days of keynotes, panels, case studies, interviews, demos, roundtables and workshops, attendees will experience the trends, disruptors and innovations that are revolutionising the Middle East fintech industry.

At Seamless Middle East, CustomerXPs will be demonstrating Clari5 – the real-time, cross-channel banking enterprise fraud management innovation declared Best Fraud Detection Product by Risk.net. Clari5 consolidates relevant intelligence from across all channels and business-critical systems of the bank to deliver real-time, contextual and actionable interventions at split-second speed.

CustomerXPs will be showcasing Clari5 at S62, Za’abeel Hall 6. The company will also be demonstrating how banks in the Middle East can combat fraud with a collaborative ecosystem and how a ‘central nervous system’ based anti-fraud shield can help Islamic Banking.

“We are definitely excited to be at Seamless once again. Banks in MENA are attracting attention from global fraudsters and hence there is a need for an ‘anti-fraud’ shield.” said Rivi Varghese, CEO of CustomerXPs. “Leading banks in MENA have already begun adopting our ‘central nervous system’ based cross-channel approach for fighting financial crime via our acclaimed Clari5 suite.”

Sunil Paul, Co-Founder & COO, Finesse added, “Our long-standing partnership with CustomerXPs for taking Clari5 to banks in MENA has proven to be a success. We expect to further consolidate Finesse’s leadership in the region with our association. Together we expect to have an impactful presence at Seamless Middle East.”

IndusInd Bank Wins Celent Model Bank of the Year Award For Growing Revenue While Managing Fraud; Endorsement of Clari5’s ‘Yin & Yang’ Approach to Fraud Management and Cross-sell

IndusInd Bank has won the Celent Model Bank 2017 Global Award for Fraud Management and Cybersecurity for driving a unique initiative, namely how to leverage the investments in fraud management to pay for itself. In the innovation, IndusInd Bank not only implemented the real-time enterprise wide cross-channel fraud and AML management platform, but also began reusing in-memory data to offer simultaneous real-time cross-sell and upsell. IndusInd Bank chose the new generation enterprise approach for fraud management as against the dated and easier channel silo based approach, as it enabled a ‘segment of one’ thinking for everything in the bank and connected 15 Real-time and 7 Batch systems. Clari5 implemented a ‘central nervous system’ that revolutionized IndusInd Bank’s Fraud and AML Management in a very short period, which by itself is a commendable. This prestigious acclaim is a clear endorsement that managing fraud with disparate product and channel solutions in today’s connected digital world is no longer effective. A good fraud management system has to be enterprise wide and must operate in real-time across Products (Cards, Current Accounts, Loans, etc.), Channels (ATM, POS, Branch, Mobile, etc.), Customers, Employees and Third Parties. “Innovative fraud risk management has always been one of our top strategic priorities and so quite naturally, we are excited about this global recognition of our efforts”, said Mridul Sharma, ‎EVP and Head of Technology, IndusInd Bank. He further added, “Clari5’s ‘central nervous system’ not only helped us prevent fraudulent transactions in real-time across channels, but also delivered real-time actionable insights for cross-sell and upsell.” “IndusInd Bank’s implementation of an enterprise-wide fraud and AML management platform is impressive in its own right. However, what really caught our eye is the bank’s innovation to enable simultaneous real-time cross-sell and upsell to customers using the same computed memory of its fraud management platform”, said Zilvinas Bareisis, senior analyst in Celent’s Banking practice. “We are convinced that other banks can learn from IndusInd about the ‘yin and yang’ of fraud management and cross-sell.” “Banking is the only industry in the world, which can claim to have the customer’s soul. However, the dated channel siloed approach for fraud bogs the bank down bigtime. Congrats to the senior management of IndusInd Bank for having the bold vision of a ‘segment of one’ enterprise wide approach. Their meticulous focus on this goal, transformed the bank, which eventually got them global kudos. Clari5 product is great because of great customers like IndusInd Bank.”, said Rivi Varghese, CEO of CustomerXPs. “It is a strong endorsement of a transformational shift from conventional, silo-based, channel-centric approach to one that recognizes fraud and revenue as two sides of the same coin.”

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com.

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2017, IndusInd Bank has 1200 branches, and 2036 ATMs spread across 683 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. Recently, IndusInd Bank ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings powered by WPP and Millward Brown.

Banks and Fintech Startups See More Value in Cooperation than in Rivalry

In 2011, ICICI Bank was confronted with a unique problem. Most of the frontend staff of India’s largest private sector bank by consolidated assets were reasonably fresh, and had to be quickly trained to interact online..[Read More]

CustomerXPs to Showcase ‘Human Brain Like’ Real-Time, Cross-Channel Fraud Management at MEFTECH

Abu Dhabi, 8 March 2017. Real-time, Cross-channel Banking Enterprise Financial Crime Management software product company CustomerXPs today announced that it will be showcasing their acclaimed product Clari5 at the upcoming MEFTECH event scheduled to be held at ADNEC, Abu Dhabi on 13 & 14 March.

MEFTECH brings together the entire financial technology community from across the Middle East and North Africa (MENA) region. Featuring industry-leading conferences, a tightly focused trade exhibition and much more, MEFTECH is the definitive platform where top decision-makers share insights with technology providers and collaborate to rethink financial services. Year after year, MEFTECH attracts the MENA financial industry’s best and brightest minds, serving as a conduit for innovative ideas and thinking.

Voted Best Fraud Detection Product by Risk.net and positioned as Enterprise Solution in Chartis RiskTech Quadrant, Clari5 has the world’s largest implementations and is helping banks in over 8 countries, manage more than 500 million accounts. Clari5 is a non-invasive, real-time, cross-channel system that cross-pollinates intelligence from across all channels and business-critical systems including Core Banking, Loans, Mutual Funds, Cards, POS, ATM Switch, Internet Banking, Mobile Banking, SWIFT, Trade, HR, etc. Its unique architecture ensures horizontal linear scaling using commodity hardware.

Rivi Varghese, CEO, CustomerXPs said, “Banks in MENA are under increasing pressure to quickly detect, prevent and block cross-channel fraud and financial crimes across banking channels, products, and core systems in real-time. The efficacy increases dramatically when the bank unifies all fraud management into a single platform with a ‘central-nervous-system approach’ which ensures that the massive compute and data management is performed in extreme real-time, across all channels and in-line with the transaction itself. I am excited that we have a platform like MEFTECH that allows banks in MENA to discover this whole new approach to fraud management.”

CustomerXPs will be showcasing Clari5 at ADNEC D4, Hall 5 along with Finesse, their premier technology partner for MENA.