Implement the fast boarding process that your customers demand without compromising on the range and sophistication of your fraud and financial crime risk analysis.
Reduce siloed working and adapt to changes in both regulation or financial crime risks across your organisation without compromising your ability to get products to market.
Comply with key regulations such as 5MLD & PSD2 and create effective treatment strategies to improve customer relationships and reduce costs through continually monitoring customers.
For over 27 years we’ve successfully delivered some of the most effective and innovative fraud & financial crime prevention solutions that are used throughout the world to help our clients’ harness the power of data to protect them and their customers.
Leading banks, FTSE 100 insurers and government departments choose us to deliver their business critical systems.
Our services have saved over £3.1billion for UK financial service providers and £1.7billion for the UK Government.
Complete peace of mind that all of our systems and processes conform to the highest information security standard: ISO 27001 and are supported by our experts with government security credentials.
Our company and innovative solutions have won multiple national and international awards - demonstrating best-in-class delivery.
Our solutions, systems architecture and collaborative intelligence services operate 24/7 across 15 countries to help clients maximise ROI and reduce risk. Robust, scalable and highly available, our solutions and services are low latency and support your dynamic requirements to deliver proven, effective solutions.
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Harmonising disparate data models and departmental needs into one solution to create a truly effective Financial Crime Risk Management (FCRM) platform has long been the desire of a range of financial services organisations. Can Sentinel from Synectics offer a cost effective solution to FCRM that delivers on the promise of ‘Platformification’ and create a truly single customer view of risk? A need for faster, agile, organisation wide systems Thanks to increased reporting on social media, the 24/7 rolling news cycle, and increased regulator demands, customers and investors of financial services companies are increasingly becoming aware of those organisations that repeatedly fall foul of fraud, financial crime, cyber breach or legal disputes with regulators. Such is the problem that regulators, such as the UK’s Financial Conduct Authority (FCA) in its 2019/20 business plan, are increasingly requiring financial services organisations to show that their FCRM intelligence is capable of being shared across their organisations. They are also starting to call out the need for these systems to go beyond slow, cumbersome (and often ineffective) manual processes to become more automated. This is to aid the reduction in costly post-event remediation activities that often fail to recover funds once acts of financial crime have been perpetrated.
Fraud is now the most common crime in the UK, with fraudsters working together to operate successfully. Could collaboration enable organisations to fight back and gain the upper hand in the fight against fraud? According to the Office of National Statistics there were 5.8 million fraud and computer misuse crimes in 2017, making them the most common crimes in the UK. Sophisticated technology is enabling criminals to steal and sell data globally, and to commit fraud in high volumes. Research has shown that the criminals collaborate via restricted user groups and dark web groups, sharing fraud methods, identifying weaknesses in target businesses, and developing new ways to commit their crimes. This presents a massive challenge for law enforcement and industries like finance and insurance as we seek to prevent and detect fraud - whilst also providing the high standards of service required to meet ever more demanding customer needs.
With the advent of Open Banking, FinTech and fast payments, customers have come to expect instant access to financial products and purchasing services. But along with the rise of this new, more customer-focussed, financial environment have arisen new challenges in the fight against fraud. How can you combat this effectively while reducing risk? How can you ensure that genuine customers are boarded without delay – which you need to do to protect your business in a highly competitive market, with all its tech-savvy new entrants? Is it possible to screen applicants in real time, without compromising the sophistication and accuracy of the checks and balances which apply to a slower paced approvals journey? "Banks must become more agile. New payment players and the likes of Google, Apple, Facebook and Amazon, collectively known as GAFA, know what their clients want and are able to adapt quickly." REAL TIME CUSTOMER BOARDING AND FRAUD ANALYSIS A changing financial environment... Open Banking means that customers want faster access to products and services The rise of FinTech (financial technology) start-ups is bringing new entrants into the market 93+ new challenger and start up banks and financial providers in just 12 months* Many offer instant decision on finance 26% of Gen-Z’s have opened a new challenger bank account in the last 5 years** Tech giants like Amazon, Google, Facebook & Apple are threatening to further disrupt the market “A 2018 executive survey found that nearly 80% of top executives feared that their firms were at risk of disruption and displacement from highly agile, data-driven competitors. Three quarters of the executive respondents represented the largest financial services firms.” Source: How FinTech Initiatives Are Driving Financial Services Innovation. July 10th, 2018 • 40% of banks list having to make decisions based on partial/non real time data as one of their main challenges for them and their clients.* • 32% intend to offer real time/instant payment capability in the next 12/18 months*. Source: Ovum 2017 Transaction Banking Survey. In a digitally-driven modern consumer environment, customers are looking for instant access to financial services. Many, especially the young, happily open a new bank account as easily as installing a mobile app. Monzo, for instance, had attracted 1,275,000 customers by December 2018, having only gained their banking licence in April 2017**. Like many of the new providers, they are fast, flexible and tech-savvy. That’s one of the main attractions for today’s consumers. And it’s not just personal banking which is changing. 80% of corporates are willing to change their banks for those that offer better servicing and products.* "Banks must become more agile. New payment players and the likes of Google, Apple, Facebook and Amazon, collectively known as GAFA, know what their clients want and are able to adapt quickly. Banks have to keep up, restructuring their business models to ensure that new products and features can be integrated quickly across physical and digital channels." Source: Whose customer are you? The reality of digital banking ©The Economist Intelligence Unit, 2018 There are significant opportunities for organisations who can deliver services which give them a keen competitive edge. The provider who can clear an application and bring customers on board fastest will often be the one which gains the business. So how can financial service organisations underwrite business competitively without compromising on the comprehensive fraud and risk processes that they have put in place to protect themselves from financial criminals? “FinTech and digital lenders have created new excellence in customer experience and have permanently changed customer expectations with regards to speed of credit decisioning and the choice and flexibility available with regards to range of offers and prices”. Ash Gupta, former Chief Risk Officer and President of Global Credit Risk for American Express. Source: How FinTech Initiatives Are Driving Financial Services Innovation. July 10th, 2018 The Challenge Despite wide spread agreement on the need to adapt systems to offer real-time availability of financial products to remain competitive, there remains many major challenges. One of these challenges is that underlying regulatory compliance and risk mitigation systems in most large banks were not designed to work in the digital age. Many of these back office systems were designed to usher in the age of the ATM and BACS transfers – which were all innovative in their day. However, these huge systems were not built to be agile and adaptable for the requirements of today’s demanding online real-time marketplace. So while some lenders may have been able to partially create a competitive platform by integrating their core legacy systems with third party data management systems to enable some kind of online offer - very often the supporting systems that allow a bank to engage its wider risk mitigation and compliance analysis just can’t keep pace with the demands being made on them to work in a real-time environment. This effectively creates a significant drag on competitiveness when it comes to expanding services or launching new products – where remaining regulatory compliant and not exposing the company to too much risk is a concern. Banks and finance providers in this situation have some important choices to make if they are to avoid becoming increasingly out of date or irrelevant to an increasingly demanding and less loyal customer base. "One thing is certain that procrastination in this area is no longer an option if banks and finance companies are going to avoid a significant erosion of their business in the next few years.” Do they completely overhaul their platforms, migrate to a third party completely or try to update some of their legacy compliance and risk mitigation solutions so that these services are no longer a drag on business competitiveness?
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