BAE Systems

Banks have long been faced with rising rates of fraud and cyber crime, regulatory hurdles and increasing operating costs, with the undeniable need to protect customers and safeguard their reputation and operations.

The ability to manage FinCrime is impeded by the lack of available skilled staff, siloed departments, lack of collaboration and limitations of legacy IT. However, the impact of these issues runs deeper than the immediate concerns regarding customer protection. Banks are struggling to deal with the resulting overwhelming workloads and volumes of false positives due to the narrow visibility afforded to each silo, all while trying to ensure a positive customer experience. Fraudsters thrive when data silos exist, and with many banks continuing to struggle with legal IT and siloed data, this is a particular threat. 

Banking Insights: How to define a long term Unified Financial Crime strategy insights tablet image

Complimentary report:
How to define a long term 'Unified FinCrime' strategy

This piece focuses on the historic hurdles faced by banks and the wider financial services industry, the state of play for the industry, the hypothesis for a unified FinCrime strategy and how it can be implemented across people, processes and technology.
But most importantly, how such a strategy can aid each specialist area within a newly formed FinCrime division. 
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A glimpse inside...

The industry has become accustomed to the term FRAML that encompasses both fraud and AML strategies and operations. However, this strategy isn’t far reaching enough. The key to tackling FinCrime lies in data, and it isn’t just the fraud and AML teams that can benefit from data collaboration. A unified FinCrime strategy takes banks from viewing crime through the isolated lenses of the fraud and AML teams, and opens their view up to all customer touch points within an organisation. The more siloed systems that are brought together, the more malicious criminals are stopped in their tracks that pray on disjointed processes.

In the next five years we can expect unified FinCrime strategies to become common practice, and some are already starting to introduce aspects of this approach in response to business and customer demands. Some banks have started to embed investigators within each of the siloed teams or referral processes, and instigate training around compliance issues for wider teams. Smaller Credit Unions, institutions and FinTechs are more likely to already have aspects of cross AML and fraud teams in action due to the need for individuals to cover multiple responsibilities as business grows. However, in reality, bigger banks may be slower to adapt due to the sheer size of their teams.

How to define a long term Unified Financial Crime strategy

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