âIn the middle of the financial crisis, banking management is primarily interested in solutions with minimal exposure to fraud and compliance issues. Technology is critical to achieving sophistication in identifying and managing potential suspicious activity, whether money laundering or fraud,â said Jaroslaw Knapik, Financial Technology Analyst at Datamonitor and author of the report. âThe anti-financial crime landscape is still very fragmented; however we did find that Actimize currently has âcore offeringsâ within every anti-money laundering and fraud category we explored.â
Core offerings examined in the Datamonitor research included: Watch List Filtering, Reporting, Know Your Customer/ Identity Theft Fraud Detection, Transaction Monitoring, Case Management, Internal Fraud Detection, Point of Sale/ATM/Card Present Fraud Detection, Online/Card Not Present Fraud Detection/ Web Authentication and Contact Centre Fraud Detection.
Datamonitorâs report surveyed 194 IT decision makers from retail banks worldwide. It found that ârisk mitigation and anti-financial crime are high on CIOsâ agendas, due to strong regulatory and government attentionâ. The report states that banks are building towards a cross-business function strategy, with âevidence that increasing numbers of banks are combining their compliance, fraud, and security departments into one single unitâ and that the integration will provide an âenterprise-wide view of compliance and fraud risk across an institution or business lines.â
Knapik also said that firms are looking for âsynergies between anti-fraud and anti-money laundering areas such as compliance or risk managementâ and that âreal time detection is an increasingly urgent requirement.â
âEspecially in todayâs economic environment, we see tremendous interest by financial institutions in sharing a common risk management platform with individual applications across lines of business, compliance and fraud groups,â said Amir Orad, CMO and EVP at Actimize. âFirms are challenged to consolidate where they can, reducing their IT and operational costs while still supporting the needs of diverse groups of managers and investigators. As evident in the report, Actimize is unique in its ability to balance the disparate needs of different users and transaction types with the goals of consolidation and lowering costs. Striking this balance is aided by utilizing Actimizeâs many specific solutions all leveraging a common core technology and a common set of operational tools.â