
Customer-Centric Banking- A Weapon Against Fraud
Throwing fraudsters out of business is the main goal ultimately for the bankers, and by building customer relationship, banks are already moving a step closer to curb fraud.
FREMONT, CA: Fraud has become very persuasive in the digital era, and it to be found everywhere. According to the latest report, global fraud loss costs businesses 1.5 trillion USD per year which is approximately as much as the entire GDP of a developed country; every dollar lost to fraud costs businesses 2.5 times than that. The sole reason is that the cost of fraud isn’t limited to the loss itself. The visible costs such as fines and costs associated with remediation, labor, and technology have increased. Organizations nowadays have increased rules and laws to tackle fraud. Regulators regularly issue the latest guidance on appropriate fraud regulations such as Know Your Customer (KYC) and anti-money laundering (AML) laws.
Efficiently, frauds can be stopped is during the onboarding method, which is the starting point for building customer relationship. It is the most crucial touchpoint for protecting the business from fraud and for establishing a stellar customer experience. Every financial enterprise spends significant sums yearly on KYC, AML, and consumer onboarding. Employees still manually accomplish many of the steps in customer due diligence, which results in onboarding taking a more extended time. If employees lack the skills required to detect fraud, then the process is more prone to error. Firms that use intelligent automation to transform the client experience to accelerate onboarding and avoid human error and compliance risk.
A user, when applying for a loan, has to undergo several processes. The banks must comply with KYC and AML requirements during the approval process. To deliver a more satisfying client experience, the method needs to be as seamless and straightforward as possible. After all, the identification process has been cleared, the integrity of the banks grow, compliance improves, and the risk of fraud reduces.
Software robots help the bank assent to regulations faster and without error, acting as a team of digital workers. Companies that work towards a better tomorrow strengthen trust while saving time, money and supplies by applying intelligent automation to mitigate fraud, avoid fines, cut the expense of compliance and create valuable relationships with customers, partners, and employees.
Check this out: Top Fraud And Breach Protection Companies
Check Out : CIOReview | Medium
Featured Vendors
Claim Connect IQ: A Digital Marketplace that Connects Insurance Professionals with the Best Service Providers
FastTrack Disability Risk Management Solutions & Services: Robotics Driven Claims Adjudication Processes
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
