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"BAI Report: Profitable Defense Against Financial Crime"
How can you use technology to tackle financial crimes?
According to the LexisNexis 2020 True Cost of FraudTM Study, every dollar of fraud results in $3.25 of cost for financial services firms—and the monetary impact is just part of the problem. Fraud also damages company image and erodes trust, which in turn drives down customer satisfaction and loyalty. Issues of fraud are not just expensive, they’re ruinous.
Financial institutions have the data they need to prevent fraud, but it is often stored across different systems of record. Merging these into a holistic overview is the best way to protect your business. Breaking down informational silos helps you detect and stop fraud before it can impact you or your customers.
Developed in partnership with BAI and Cheryl Chiodi, Financial Services lead at ABBYY, this report discusses how financial institutions can use what they know about their past and current business to plan for the future. This includes...
- How a cross-functional view reduces operational costs and enhances efficiency
- What a holistic fraud prevention strategy looks like
- How automation technology including artificial intelligence (AI), robotic process automation (RPA), and natural language processing (NLP) can help mitigate risk
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