CustomerXPs, a Gartner ‘Cool Vendor’, hosted a roundtable on “Enterprise Financial Crime Management” in Chennai on May 8, 2015 in association with Bahwan Cybertek, a global provider of innovative software products and services.Leaders in the fraud management domain from large Indian and multinational banks were amongst the invitees. The objective of the round table was to discuss and exchange views on the recent trends and developments in Enterprise Financial Crime Management space. The discussions were focused on how technology was changing the face of financial frauds and how it could be effectively leveraged for managing frauds in banks.
The panel consisted of top level executives from the banking industry and the host companies who discussed on various aspects of Enterprise Financial Crime Management and fraud detection using advanced technology along with case studies. The eminent speakers elucidated on the increasing sophistication of frauds in the banking industry and how technology could be effectively used in detecting and combating such instances. They also deliberated the evolving regulatory focus on fraud management and why a holistic approach for fraud management was necessary to combat fraud rather than siloed approaches.
Key takeaways from the roundtable were:
- Regulators across the world are increasing their focus on combatting fraud through laws and regulations.
- Banking regulators are putting pressure on the banks to adopt sophisticated fraud management techniques. Banks are also being subjected to increased penalties and provisioning requirements.
- India is amongst the countries that have been at the receiving end on account of card frauds; hence there is an urgent need to adopt the requisite frameworks and tools.
- New channels of delivery in banking have brought in newer avenues for perpetrating fraud; Banks now have to deal with technology related frauds on top of traditional fraud types such as loan frauds.
- In technology related frauds, retail customer are the most affected; for the bank even though the amounts involved may be small, there is a lot reputational risk involved.
- Effective fraud detection and prevention can happen only when a holistic approach is adopted by organizations; the approach should involve a combination of bringing about an anti-fraud culture, implementing real-time/periodic fraud monitoring systems and rolling out appropriate monitoring and reporting mechanisms, across the organization.
- Most of the organizations have siloed systems to manage transactional activities. There is an urgent need for an integrated, multi-channel, real time fraud detection engine for fraud deterrence.
- Usually a bank has lot of data which largely remains unused for fraud management; the power of data can be effectively harnessed for fraud management through pattern analysis. The results of such analysis can be used for policy/framework designing as well as to develop use cases for a fraud management solution.
CustomerXPs, a Red Herring Asia Top 100 winner, is a Software product Company that creates real-time, intelligent products that empower Banking, Retail and Telecom Enterprises with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. With a vision to provide ammunition to its clients to delight their customers even before they could articulate their needs/wants, CustomerXPs software identifies and solves, in real-time, complex problems in the areas of fraud monitoring, compliance, accurately predicting risk, customer experience management, contextual right-sell and automating targeted treatments.
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