The increase in frequency of financial crimes and the respective counter acts are taking a new turn. The financial industry is faced with challenges that are more advanced with more talented cyber crooks that are a threat to security breach. Banks and financial institutions – whether big or small – are prone to fraudulent activities that can result in big losses.
In the wake of multiple rigging scandals in the market, banks are conscious about their reputation. This has turned financial crime prevention into a booming business and a number of companies are sprouting up catering to this industry. The reputation of banks and financial institutions can greatly damage the business and reputation of a company. They have to make sure that they are clean from any involvement in financial crimes or security breaches.
Technology focused on fraud prevention can help banks and financial institutions stay safe from cyber criminals. One such anti-financial crime firm was awarded for offering the best financial crime products of the year 2017. NICE Actimize solution providers are focused on reducing investigation time and cost by 50%.
The starting point of any investigation is detecting the culprit first. The criminal could be guilty for money laundering or fraud or causing a breach of privacy. The second step is gathering data and securing the evidence received. This exercise is very tiring and takes up a lot of human resources. There are a lot of costs involved along with a waste of useful resources such as time and money.
The data gathered is then organized which can be time consuming. Throughout the process, other activities are halted which eventually result in loss. At times, the investigation can take up to weeks, consuming company’s resources and ultimately increasing costs.
A lot of this pain can be minimized and prevented in the first place using the NICE Actimize. This is a subsidiary of the Israel based NICE Systems. The aforementioned firm has around 20 different software solutions. All 20 softwares are focused on a different aspect of financial crimes, covering 20 different areas overall. There are around 300 clients currently using the NICE Actimize solutions. The clients range from top tier banks to small and medium businesses.
The firm is unique in the way it operates. All the products are based on a single case management platform. Usually, different platforms cater to different crimes and their specific solutions. NICE Actimize controls the same analytics to deliver a unified product solution.
The most popular case management functions that NICE operates with include fraud, anti-money laundering and market surveillance. This is a specialized case management platform used by clients. The reliability of the results has increased the demand of this system in the market.
The ease of having a single platform for anti-money laundering has eased many bankers and provided them with solutions to their problems. Financial institutions are also taking advantage of this system with its user-friendly interface. The updated regulatory and compliance objective can be approached using a new platform strategy.
Senior officials who have invested in NICE products have given excellent reviews and say that the solutions are in line with the growth of the company. Be it bankers or financial institutions – NICE Actimize provides solutions for all business types.
NICE Actimize can detect real-time financial crimes. A business, big or small, can be safe from cybercrime, market abuse, payment fraud and other criminal activities. This keeps the investors and their assets safe from any threat.
The number of cyber criminals is increasing each day with advanced techniques to have illegal access to sensitive information. NICE Actimize empowers analysts by automating processes such as data gathering and evidence analytics.
In May 2017, the company introduced robotic process automation which involves using robots to take up tasks otherwise done by human. Many have raised questions about whether this will result in job redundancy. However, this is not the case. The tasks delegated to robots are those that help achieve a greater level of efficiency rather than merely complicating things or increasing costs.
The processes done manually can now be done automatically, putting human brains at ease. This does reduce the number of headcounts that banks may need to hire in the future. However, the accurate estimate of costs that will be incurred by the compliance cannot be figured out right now.
The number of compliance officers will definitely decrease once a company invests in NICE Actimize products. For the longer run, using software products from the company will definitely reduce the overall costs.
The reduction in financial crimes will result in an overall cost reduction. Banks and financial institutions can rely on the products and set up a more secured platform. The unified anti-money laundering and fraud detection software can help them secure their services as well as business operations.
Any link to any type of financial crime can have a negative impact on the reputation of the company. This can harm the company’s reputation for a lifetime. Banks and institutions are known for their security standards and the more secure they are, the more people will trust them.