Every financial services firm – banks, investment companies, and insurers – are wrestling with digital transformation and the many benefits it offers: greater reach, more efficiency, and the ability to deliver better user experiences. But there’s a dark side too: Digital can make financial firms more vulnerable to fraud and financial crime.
The best weapon is a robust security framework that is fast, accurate, designed to prevent fraud and other crimes, and built to ensure the highest level of compliance, both with internal policies and regulatory mandates.
India has been a leader in digital innovation in banking, financial services and insurance by applying technologies like artificial intelligence and machine learning, robotic process automation, blockchain, and advanced analytics. While these technologies obviously impact digital experience, they are also enabling the creation of powerful, efficient solutions for compliance and fraud prevention in areas like onboarding (notably “Know Your Customers” rules), due diligence, transaction monitoring, and more.
Financial firms in today’s world should want to be “secure by design.” They should also understand that the speed and efficiency of modern technology-based risk management compliance systems can hop reduce the operational costs of compliance.
Learn more about the challenges and solutions at Fincrime Virtual Week, sponsored by the Association of Certified Financial Crime Specialists, August 2 – 6. Amit Khullar, Global Head of Wipro’s BFSI Risk & Compliance Consulting team, will participate in a panel discussion entitled Digital Adoption by BFSI , Fraud Risk and Challenges on August 04, 2021.