The sophistication of fraud attempts in the banking, financial services and insurance (BFSI) industry is becoming more advanced, resulting in the need for updated security strategies to prevent the latest threats. Likewise, money laundering and other crimes become greater concerns, enterprises also face the necessity of complying with expanding industry regulations.
To reduce vulnerabilities and improve compliance approaches, enterprises require a unified, comprehensive strategy for modernizing legacy platforms, eliminating data silos, and enabling greater access to data. The prevalence of criminal activity is one major area within the financial services industry that is driving the demand for more efficient system alerts that better pinpoint suspicious activities and decrease redundant efforts. Financial institutions are also seeking effective ways to reduce their dependence on manual processes while standardizing resolution times and accelerating security investigations.
Wipro FullStride Cloud Services’ full-stack industry cloud approach offers an effective answer to these challenges, allowing BFSI enterprises to evolve their operations with a cloud-native, customized infrastructure built to comply with the heavy regulatory and compliance requirements of the industry. Designed to specifically address the unique BFSI challenges and requirements, Wipro helps organizations maximize cloud architectures that are scalable and agile enough to handle the latest market trends and meet changing customer expectations.
Wipro FullStride Cloud Services’ industry cloud expertise
Wipro delivers a comprehensive approach to building and maximizing cloud infrastructures and enhancing fraud prevention strategies. Our cloud and industry experts work closely with financial institutions to redefine their business models and create cloud-native, digital value chains that enable them to lay the groundwork for a range of achievements, such as:
- Unlock the potential of data to stay ahead of consumer demand
- Develop agile compliance management with more robust, scalable platforms
- Create new customer-focused business models that open revenue opportunities
- Increase risk coverage while decreasing operational costs
- Automate manual processes for more streamlined workflows
- Reduce false positives in fraud investigations
- Accelerate time to market and lower total cost of ownership (TCO)
- Democratize data for improved compliance efforts.
Our BFSI team also provides two specific fincrime cloud-based solutions for mitigating risks:
- Intelligent volume optimization and risk (IVOR) reduces false positives by more than 60%, leading to operational simplification, improved risk reduction, and approximately a 50% cost reduction.
- Intelligent financial fraud detection (IFFD) identifies sources of fraud through automated capabilities that drive the potential to reduce customer friction and decrease fraud losses by up to 80% and false positives by roughly 90%.
Wipro FullStride Cloud Services success stories
Enterprises that adopt industry clouds in partnership with Wipro are optimizing their security operations for improved performance, as evidenced by these real-world examples:
- Strengthening financial crime prevention for a U.S. bank: After running into compliance issues, a bank partnered with Wipro to launch a multiyear transformation of its financial crime responsiveness. Wipro’s helped the bank meet its compliance deadlines and increase its B2B transaction volume by 28% while decreasing false positive rates by 46%.
- Digitizing a U.K. bank’s antifraud management operations: To help the bank reduce the high volume of false positives as well as high licensing costs due to a siloed rules-based risk engine, Wipro partnered with the bank to adopt an intelligent fraud detection dynamic risk engine featuring AI/ML platforms. The new solution reduced fraud losses through real-time monitoring, enhanced compliance adherence and, thanks to a holistic view on customer’s behavior, improved detection rates and reduced false positive alerts.
Protecting against criminal activity and complying with industry regulations are ongoing tasks that require continual reevaluation, adjustments, and up-to-date approaches. Wipro FullStride Cloud Services’ Industry-specific cloud transformations enable financial firms to modernize their security and compliance initiatives while developing business innovations that drive future-ready resiliency.