Month: May 2017

Singapore – 14 Nov, 2012 CustomerXPs, the Software Product Company that creates real-time, intelligent products serving global Tier 1 Banks, announced that it is a winner of the NASSCOM Emerge 50 2012 award. NASSCOM Emerge 50 Awards 2012 were characterized by a mixture of growing success stories and promising start-ups that are coming up with exciting new solutions.

CustomerXPs has been awarded for the EMERGE Innovation Category. It was selected as a winner from a wide range of promising and innovative start-ups from different industries through a rigorous selection process.

NASSCOM’s EMERGE 50 Awards is a showcase platform for entrepreneurial talent for companies headquartered in India. The awards, which have witnessed massive interest from companies all across the country, aim to spotlight future IT companies with a focus on segment-wide trends and analysis. EMERGE start-up award was categorized with innovative/ fast growing companies that are less than three years old. This award gives local, national and industry-wide recognition and media visibility. The NASSCOM EMERGE 50 listing has built credibility as the definitive listing of companies to watch out for.

Rivi Varghese, CEO, CustomerXPs commented, ” We are honoured by NASSCOM’s recognition of our efforts and products. We are in a very exciting growth phase now with our fourth win, a large new-generation private sector Bank that has also just decided to go with CustomerXPs’ Clari5 solution. Clari5 solution will now cumulatively address about 90 Million end customers between 4 Big Banks in India. This in effect means that Clari5 solution will, in real-time, analyze and interpret about 90 Million customers’ transactions. We are proud to have a dominant position among innovative Tier 1 Banks and are looking at replicating this success in new markets. Being recognized by a prestigious global institution like NASSCOM is an affirmation to CustomerXPs’s vision, strategy and growth in Enterprise Financial Crime Management and Customer Experience Management space. It is a matter of great pride for the entire CustomerXPs team and I congratulate them on this achievement. I would also like to thank Nasscom for this recognition as it motivates us to innovate and service our customers better.”

About CustomerXPs

About Company:   CustomerXPs is an enterprise software product company offering extreme real-time, intelligent Enterprise Financial Crime Management and Customer Experience Management products for Innovative Tier-1 global banks globally.

Fastest, Smartest, Early warning system: Ours is the fastest, early warning  system that proactively senses cross-sell, attrition, customer engagement & fraud events by leveraging the SMARTEST technology that uses a multi-disciplinary approach. This focused approach ensures a BETTER top & bottom line for banks.

Disruptive real-time intelligence Big Data solutions like CustomerXPs’ Clari5 provide businesses with the ability to analyze and interpret every transaction empowering banks to predict in real-time and configure their entire business around every individual customer during the short window of the transaction/interaction itself. Clari5 consists of solutions in the areas of Customer Experience Management (CEM) and Enterprise Financial Crime Management (EFM) with multiple modules under each.

Quick Facts: 5+ year-old Enterprise Software Product company; Gartner cool vendor for 2012;  Red Herring Asia 100 award winner; current market focus in Japan, Southeast Asia, Middle East & India. FinovateAsia2012 demoing company; Raised $4M in first round funding from JAFCO;

About Clari5™

Clari5 from CustomerXPs comprises two cutting edge real-time technology solutions – Clari5 CEM and Clari5 EFM. In today’s highly competitive scenario, where Banks are seeing eroding customer loyalty, Clari5 provides much needed relief in the form of personalized, relevant interactions allowing Banks to individualize customer experiences consistently across all channels and communication. A disruptive real-time intelligence product, Clari5 provides businesses with the clarity to analyze and interpret every transaction intelligently and in real-time enabling actionable insights. This capability helps Clari5 to provide full circle value from insight to influence during the customer transaction instantly.

CustomerXPs Clari5 Software creates real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. Clari5 identifies and solves, in real-time, complex problems in the areas of customer experience management, contextual right-sell, fraud monitoring and compliance.

The approach adopted is differentiated because of a multi-disciplinary approach involving artificial intelligence, statistical modeling, neural networks, psychology and behavioral sciences. Combined with bleeding-edge technological capability created ground-up, the software delivers right-time, actionable insights that are unparalleled.

Singapore – 14 Nov, 2012 CustomerXPs, the Software product Company that creates real-time, intelligent products serving global Tier 1 Banks, today launched its product Clari5 in the presence of high profile Bankers from tier-1 Banks like ANZ, OCBC, Barclays, Standard Chartered and many more across the world at FinovateAsia 2012; an international high-profile conference showcasing the most innovative new products and ideas from a selected group of top financial technology companies, on 6th November in Singapore. Speaking on the occasion, CEO of CustomerXPs, Mr.Rivi Varghese said “Disruptive real-time intelligence BIG Data solutions like CustomerXPs’ Clari5 iRM provide Relationship Managers with the ability to analyze and interpret every transaction in real-time. This provides them the ability to predict in real-time and to configure their entire businesses around every individual customer.”

The event format itself was unique – only demo format. CustomerXPs gave a live demo of the new-to-market Relationship Management Application to up to 400 potential new customers, venture capitalists, analysts and members of the media at FinovateAsia 2012 and showcased its capabilities such as real-time updates refactoring the current transaction/interaction and multi-modal communication that enables a Relationship Manager to act fast.

Clari5 iRM delivers a comprehensive, efficient and secure way of handling HNI customers building trust and loyalty. The needs of High Net Worth Individuals (HNIs) are far different from investment needs of a regular retail investor. Hence, they need someone with greater depth, understanding and necessary skill sets to meet these needs. Given the busy schedule of most HNIs, they need someone with greater depth, understanding and who can devote time and attention to minute details as well as handle things with confidentiality. “Clari5 iRM improves the efficiency of a Relationship Manager. We’re sure that it would be the best buddy every RM would want to have,” says Balaji Suryanarayana, Founder, COO of CustomerXPs.

Clari5 iRM helps RMs in deepening customer engagement, saves time and effort, flexible to suit any RM irrespective of the number of clients he/she handles. Eric Mattson, CEO of the Finovate Group says, ” We’re very excited to have CustomerXPs demoing their Clari5 iRM mobile application at FinovateAsia this year. In today’s highly competitive scenario, where banks are seeing eroding customer loyalty, improving the customer experience via personalization is a key innovation area.”

The launch event was held at MAX Atria @ Singapore Expo, Singapore on 6th of November 2012

About Clari5 iRM

Clari5 iRM brings extreme real-time intelligence to Relationship Managers (RMs) on the move. Typical RM apps are the extensions of CRM screens on the RM’s tablet or phone. As these are not connected in real-time to the underlying core systems, RMs are the last ones to know when a significant moment of truth event happens. Clari5 iRM is a next generation product that interprets customers’ structured/unstructured events in real-time and provides an inference instantly empowering RMs to provide more personalized services. Clari5 iRM also leverages the full power of the mobile/tablet by using its real-time push, GPS, voice recognition, video, and screen sharing capabilities. Through Clari5 iRM, RM would not only be the first person to know of a potential fraud or Non-Sufficient Funds (NSF) situation, but also can modify/stop the transaction.

About FinovateAsia

FinovateAsia is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in Singapore, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format. FinovateAsia is organized by The Finovate Group. For more information on the event or to view videos of previous demos.

Globally large corporations like IBM and SAP and a handful of startups offer real-time customer engagement technology. In India, startups such as Capillary Technologies, CustomerXPs™ Software and Iken Solutions have built platforms…[Read More]

CustomerXPs’ Clari5™ software Supports and Ready to Run on Oracle Exadata Database Machine for extremely large volumes of data as required by Global Tier-1 banks

Oct 3 2012, Bangalore: CustomerXPs Software , an enterprise software product company offering extreme real-time, intelligent Enterprise Financial Crime Management and Customer Experience Management products for Innovative Tier-1 global banks globally, today announced that the Clari5TM version 4.5 has achieved Oracle Exadata Ready status through Oracle PartnerNetwork(OPN). CustomerXPs is a Gold Level partner of OPN.

Today’s announcement demonstrates that CustomerXPs supports the Clari5 CEM (Customer Experience Management) and Clari5 EFM (Enterprise Financial Crime Management) solution version 4.5 with Oracle Exadata Database Machine and can support large volumes of data as required by global tier-1 banks. Clari5 version 4.5 also supports Oracle Linux and has achieved Oracle Linux Ready status..

“We are thrilled to have achieved Oracle Exadata Ready status and have verified that our Clari5 version 4.5 is ready to run on Oracle Exadata Database Machine,” stated Rivi Varghese, CEO of CustomerXPs. “Disruptive real-time intelligence Big Data solutions like CustomerXPs’ Clari5 provide businesses with the ability to analyze and interpret every transaction in real-time. This provides banks with the ability to predict in real-time and to configure their entire businesses around every individual customer during the short window of the transaction itself. Today, through Clari5 Tier 1 banks are already interpreting every transaction in real-time. Clari5 solution will now cumulatively address more than 90 Million end customers across our banking customers.”

Oracle Exadata Ready and Oracle Linux Ready are part of the Oracle Exastack Ready program which allows partners, such as CustomerXPs, to be recognized by Oracle for testing and fine tuning applications to achieve optimal performance on the latest component products of the Oracle Exadata Database Machine,Oracle Exalogic Elastic Cloud or Oracle SPARC SuperCluster engineered systems. The Oracle Exadata Database Machine is the only database machine that provides extreme performance for both data warehousing and online transaction processing (OLTP) workloads, making it the ideal platform for database consolidation and database clouds. It is a complete package of servers, storage, networking, and software that is massively scalable, secure, and redundant. Oracle Linux, with its default Unbreakable Enterprise Kernel, brings the latest Linux innovations to market, delivering extreme performance, advanced scalability, and reliability for enterprise applications, at a lower cost.

The Oracle Exastack Ready program recognizes CustomerXPs as having applications that leverage the latest Oracle technology to better support joint customers. CustomerXPs Clari5 offers the following innovative solutions, integrated to address the Banking requirements especially in Customer Experience Management and Enterprise Fraud Management areas.

• Clari5 Enterprise Financial Crime Management (EFM) – Combats cross-channel, cross-product fraud in real-time (during the transaction window itself) enabling banks to automate targeted treatments
• Clari5 Customer Experience Management (CEM) – Proactively senses customer needs and delivers contextual intelligence to provide more personalized products and services to customers

Speaking on the occasion, Aditya Lal, CTO of CustomerXPs, said, “Oracle Exadata Database Machine leverages leading-edge technology to provide customers with a virtually seamless high performance platform – which in our case means interpreting each of the millions of transactions in real-time as our solution is for global Tier-1 banks . Achieving Oracle Exadata Ready status is a critical milestone and from a business value perspective – this can be one of the most comprehensive banking solutions in the market.”

“When partners such as CustomerXPs leverage the latest component products of Oracle Exadata Database Machine as the foundation for their applications, they benefit from a complete, integrated and cloud-ready infrastructure that will help them utilize new features and functionality and drive innovation,” said Chris Baker, Senior Vice President, Worldwide ISV and OEM Sales. “We are pleased to see CustomerXPs achieve Oracle Exadata Ready status as this significant milestone helps equip them to deliver superior value to customers.”

About CustomerXPs

About Company:CustomerXPs is an enterprise software product company offering extreme real-time, intelligent Enterprise Financial Crime Management and Customer Experience Management products for Innovative Tier-1 global banks globally.

Fastest, Smartest, Early warning system:Ours is the fastest, early warning  system that proactively senses cross-sell, attrition, customer engagement & fraud events by leveraging the SMARTEST technology that uses a multi-disciplinary approach. This focused approach ensures a BETTER top & bottom line for banks.

Disruptive real-time intelligence Big Data solutions like CustomerXPs’ Clari5 provide businesses with the ability to analyze and interpret every transaction empowering banks to predict in real-time and configure their entire business around every individual customer during the short window of the transaction/interaction itself. Clari5 consists of solutions in the areas of Customer Experience Management (CEM) and Enterprise Financial Crime Management (EFM) with multiple modules under each.

Quick Facts:5+ year-old Enterprise Software Product company; Gartner cool vendor for 2012;  Red Herring Asia 100 award winner; current market focus in Japan, Southeast Asia, Middle East & India. FinovateAsia2012 demoing company; Raised $4M in first round funding from JAFCO;
More information about CustomerXPs can be found at: https://www.clari5.com

About Clari5™: Clari5 from CustomerXPs comprises two cutting edge real-time technology solutions – Clari5 CEM and Clari5 EFM. In today’s highly competitive scenario, where Banks are seeing eroding customer loyalty, Clari5 provides much needed relief in the form of personalized, relevant interactions allowing Banks to individualize customer experiences consistently across all channels and communication. A disruptive real-time intelligence product, Clari5 provides businesses with the clarity to analyze and interpret every transaction intelligently and in real-time enabling actionable insights. This capability helps Clari5 to provide full circle value from insight to influence during the customer transaction instantly.

CustomerXPs Clari5 Software creates real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. Clari5 identifies and solves, in real-time, complex problems in the areas of customer experience management, contextual right-sell, fraud monitoring and compliance.

The approach adopted is differentiated because of a multi-disciplinary approach involving artificial intelligence, statistical modeling, neural networks, psychology and behavioral sciences. Combined with bleeding-edge technological capability created ground-up, the software delivers right-time, actionable insights that are unparalleled.

About the Oracle Exastack Program:The Oracle Exastack program helps enable Independent Software Vendors (ISVs) and other members of Oracle PartnerNetwork (OPN) to rapidly build and deliver faster, more reliable applications. Leveraging the Oracle Exastack program, qualifying OPN members have access to Oracle performance experts and dedicated labs for testing and tuning their applications on Oracle Exadata Database Machine, Oracle Exalogic Elastic Cloud and Oracle SPARC SuperCluster. With Oracle Exastack Optimized status, partners will receive access to corresponding Oracle branding, logos and related benefits to effectively differentiate their offerings. Customers can be confident when selecting Oracle Exastack Optimized applications that they are supported, and have been tested and tuned with the goal to achieve optimal performance, scalability and reliability. Also part of the program, Oracle Exastack Ready is dedicated to helping ISVs run their solutions on the latest major release of Oracle Exadata Database Machine, Oracle Exalogic Elastic Cloud, Oracle SPARC SuperCluster and their component products, including Oracle Database, Oracle WebLogic Server, Oracle Solaris, Oracle Linux and Oracle VM. These products provide partners with a lower cost and high performance infrastructure for database and application workloads across on-premise and cloud based environments. To find out more, visit http://www.oracle.com/partners/goto/exastack

About Oracle PartnerNetwork:Oracle PartnerNetwork (OPN) Specialized is the latest version of Oracle’s partner program that provides partners with tools to better develop, sell and implement Oracle solutions. OPN Specialized offers resources to train and support specialized knowledge of Oracle products and solutions and has evolved to recognize Oracle’s growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to differentiate through Specializations. Specializations are achieved through competency development, business results, expertise and proven success. To find out more, visit http://www.oracle.com/partners.

CustomerXPs Software, an enterprise software product company offering extreme real-time, intelligent Enterprise Financial Crime Management and Customer Experience Management products for Innovative Tier-1 global banks globally, today announced that their product for banks, Clari5, has achieved the IBM Puresystems Ready status.

Software that powers the IT environment in banks traditionally were designed with automation based goal. With respect to customer management – a customer is typically mapped to a list of accounts, products, managers and a relationship timeline. However, when considering the rise in multi-channel communication and increasing IT environment complexity, aspects of engagement and interaction-level experience tend to suffer as software built with this approach is unable to encompass today’s multidimensional customer. Also, as Banks embrace customer-centricity as a strategic initiative, software is typically not part of the game plan simply due to limitation of vision of the software. In today’s highly competitive scenario, where Banks are seeing eroding customer loyalty, Clari5 provides much needed relief in the form of personalized, relevant interactions allowing Banks to individualize customer experiences consistently across all channels and communication.

Clari5 Value Proposition

• The value provided by Clari5 is different in two aspects:

 

• Personalized Banking experiences: Every customer is unique and with Clari5, Banks can now enable customized, personalized and rewarding experiences for their customers.
• Instant results: The insights and the outcomes are initiated due to a customer transaction and importantly, also completed during the transaction resulting in a drastic reduction in outbound overhead while deepening engagement with customers much more efficiently.

Coupled with bleeding-edge real-time capability, CustomerXPs’ Clari5 software is capable of enabling relevant, contextual intelligence extending from conversational interactions in the front office to preventing frauds at the back office instantly. Clari5 consists of real-time, intelligent solutions in the areas of Enterprise Financial Crime Management (EFM) and Customer Experience Management (CEM).

 Clari5, already an optimized solution with massive deployments in large Banks, and IBM PureSystems, offering the collective knowledge of thousands of deployments, have come together as a single system ready to help you take hold of the promise now streaming into your business.

Clari5 and IBM are changing the benefit realization game for Banks aspiring to set benchmarks in customer experience management and fraud management. Gone are the days where your IT team is consumed with deployment and maintenance. Now, with IBM PureSystems, it is all about realizing the business value and the innovation possible with your existing infrastructure and software investments.

IBM PureSystems combine the flexibility of a general purpose system, elasticity of cloud and the simplicity of an appliance tuned to a workload — fundamentally changing the experience and economics of IT. Ecologic MDM solution is enabled on both the IBM PureFlex™ System and the IBM PureApplication™ System. The IBM PureFlex™ System combines compute, storage, networking, virtualization and management into a single infrastructure system that is expert at sensing and anticipating resource needs to optimize your infrastructure.

Think about it. Actionable insights in real-time. Command-and-control with a couple clicks of a mouse. Why wait for a month when you can take an action NOW? Would you like to sense customer’s stated/unstated needs even before she explicitly expresses it? How great it would be to think few steps ahead of the fraudster and combat sophisticated fraud even before it happens? Imagine all this happening at scales that are massive but at costs that are unprecedentedly low.

 It is all possible now. It is all possible with the Clari5. 

For more information about Clari5, please contact us via email or by phone at +(91) 80 4157 2977 or visit Contact Us

Singapore and Bangalore – November 14, 2013 CustomerXPs, a leading real-time technology company providing Customer Experience Management and Enterprise Financial Crime Management solutions to banks today announced the launch of Paperless Branch Banking and Intelligent Queuing solution at Finovate Asia 2013 in Singapore.

Branches are the costliest asset for banks. This solution addresses the banks’ need to convert the branches into their most powerful sales engine. It helps in attracting right customers to the branch and allows for the conversion of these footfalls into deepened engagement with the bank.

It addresses the banking customers’ need for efficient and quick conduct of their transactions at chosen branches at a time convenient to them. It improves customer experience by obviating the need for paper forms to be filled. “The customers demand higher standards of service at bank branches. This solution allows banks to leverage the technology to deliver service excellence, to know customers better and serve them in a personalized way,” said Rivi Varghese, CEO, CustomerXPs.

“We’re very excited to have CustomerXPs demonstrating their innovative “Paperless Branch Banking and Intelligent Queuing ” solution at FinovateAsia 2013. Bank branches need to be using technology in new ways to become more efficient and effective and this new system targets both those needs,” added Eric Mattson, CEO of Finovate.

About CustomerXPs

CustomerXPs, a Red Herring Asia Top 100 winner, is a Software product Company that creates real-time, intelligent products that empower Banking, Retail and Telecom Enterprises with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. With a vision to provide ammunition to its clients to delight their customers even before they could articulate their needs/wants, CustomerXPs software identifies and solves, in real-time, complex problems in the areas of customer experience management, contextual right-sell, fraud monitoring, compliance, accurately predicting risk and automating targeted treatments.

About Finovate Asia

FinovateAsia is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in Singapore, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate, and unique format. FinovateAsia is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit finovate.com/asia2013.”

Sheetal Sharma: sheetal@customerxps.com, clari5@customerxps.com, www.clari5.com

Bangalore, India – April 16, 2014 CustomerXPs announced the launch of Clari5 Sherlock, which smartly fights multi-channel banking frauds, by using a combination of extreme big-data analytics and leveraging the location of customers’ mobile in real-time. The product was launched in the recently concluded Arabian Banking Technology Exhibition and Conference (ABTEC) 2014 in Bahrain. CustomerXPs is the leading provider of real-time multi-channel fraud management products for global tier1 banks.

As per IBM, global banking fraud losses amount to 3.5 billion dollars each year. Fighting this menace requires the convergence of massive real-time big data analytics and mobility – Clari5 Sherlock is the innovation in this space. Clari5 Sherlock detects change in the location by using customers’ telephone networks, GPS, Internet login behavior, credit/debit card spend locations, engages in adaptive learning & behavior analytics thereby effectively closing the loop with the customer.

“Banking is the only industry where the entire life of a customer passes through it and banks should use this unified intelligence to fight fraud and manage relationships. However it is surprising that very few banks have the capability to leverage this unified intelligence, as they have deployed silo based legacy solutions for each channel individually and oftentimes solutions created for other industries. The need of the hour is a banking solution designed and created specifically for banks – which brings a unified real-time fraud intelligence across all channels and core banking, to fight frauds differently, using the power which only a bank has. Clari5 Suite of products in general and Clari5 Sherlock in particular address this burning need” said Rivi Varghese, CEO, CustomerXPs.

About CustomerXPs

CustomerXPs is the leading provider of real-time multi-channel enterprise fraud and customer experience management products for global tier1 banks. CustomerXP’s differentiated approach to extreme real time analytics ensures that the bank can bring to bear the entire collective intelligence within the short transaction window itself to modify, stop, value add to the transaction in real-time across all systems in the bank. This bestows the bank with hitherto unavailable capability to prevent fraud, cross-sell/up-sell, manage customer experience, increase productivity, cross-sell etc. CustomerXPs is live with the worlds largest such implementation(s), wherein every transaction on each of the 80Million account of a bank is interpreted in real-time and checked for fraud, cross-sell, customer experience during the transaction window itself – all this running on horizontally scalable commodity hardware.

Sheetal Sharma: sheetal@customerxps.com, clari5@customerxps.com, www.clari5.com

Bangalore – July 30, 2014 CustomerXPs, a leader in banking technology unveiled its new website – www.clari5.com with improved design and easy to access resources. The new website reflects CustomerXPs’s commitment towards a fraud free banking experience.

CustomerXPs, with its flagship product Clari5, helps banks with Enterprise Financial Crime Management and Customer Experience Management. With the thousands of page visits per month, www.clari5.com plays a significant role in the company’s relationship with its customers and often is the first port of call. The new website brings a streamlined web experience to users for learning about Clari5 and evaluate the ideal product for their technology needs.

“Banks face evolving challenges on both fronts: Fraud as well as Customer Experience. We realized that it should be easy for banks to find the right software to tackle these challenges. This was the guiding philosophy behind developing the new website.” Said Ratnesh Pandey, Head of Marketing at CustomerXPs.

The new website enables customers with intuitive navigation, enhanced interface, useful content and is equipped with social interaction capability. It’s easier for users to find and share the relevant information and resources related to Clari5 Fraud Management and Customer Experience Management.

About CustomerXPs

CustomerXPs is the leading provider of real-time multi-channel enterprise fraud and customer experience management products for global tier1 banks. CustomerXPs differentiated approach to extreme real time analytics ensures that the bank can bring to bear the entire collective intelligence within the short transaction window itself to modify, stop, value add to the transaction in real-time across all systems in the bank. This bestows the bank with hitherto unavailable capability to prevent fraud, cross-sell/up-sell, manage customer experience, increase productivity, cross-sell, etc. CustomerXPs is live with the worlds largest such implementation(s), wherein every transaction on each of the 80Million account of a bank is interpreted in real-time and checked for fraud, cross-sell, customer experience during the transaction window itself – all this running on horizontally scalable commodity hardware.

Sheetal Sharma: sheetal@customerxps.com, clari5@customerxps.com, www.clari5.com

EY and CustomerXPs has announced a new alliance to assist companies with the detection, prevention and management of fraudulent transactions and activities across multiple business lines within the banking industry….[Read More]

CustomerXPs, a Gartner ‘Cool Vendor’, hosted a roundtable on “Enterprise Financial Crime Management” in Chennai on May 8, 2015 in association with Bahwan Cybertek, a global provider of innovative software products and services.Leaders in the fraud management domain from large Indian and multinational banks were amongst the invitees. The objective of the round table was to discuss and exchange views on the recent trends and developments in Enterprise Financial Crime Management space. The discussions were focused on how technology was changing the face of financial frauds and how it could be effectively leveraged for managing frauds in banks.

The panel consisted of top level executives from the banking industry and the host companies who discussed on various aspects of Enterprise Financial Crime Management and fraud detection using advanced technology along with case studies. The eminent speakers elucidated on the increasing sophistication of frauds in the banking industry and how technology could be effectively used in detecting and combating such instances. They also deliberated the evolving regulatory focus on fraud management and why a holistic approach for fraud management was necessary to combat fraud rather than siloed approaches.

Key takeaways from the roundtable were:

•   Regulators across the world are increasing their focus on combatting fraud through laws and regulations.
•   Banking regulators are putting pressure on the banks to adopt sophisticated fraud management techniques. Banks are also being subjected to increased penalties and provisioning requirements.
•   India is amongst the countries that have been at the receiving end on account of card frauds; hence there is an urgent need to adopt the requisite frameworks and tools.
•   New channels of delivery in banking have brought in newer avenues for perpetrating fraud; Banks now have to deal with technology related frauds on top of traditional fraud types such as loan frauds.
•   In technology related frauds, retail customer are the most affected; for the bank even though the amounts involved may be small, there is a lot reputational risk involved.
•   Effective fraud detection and prevention can happen only when a holistic approach is adopted by organizations; the approach should involve a combination of bringing about an anti-fraud culture, implementing real-time/periodic fraud monitoring systems and rolling out appropriate monitoring and reporting mechanisms, across the organization.
•   Most of the organizations have siloed systems to manage transactional activities. There is an urgent need for an integrated, multi-channel, real time fraud detection engine for fraud deterrence.
•   Usually a bank has lot of data which largely remains unused for fraud management; the power of data can be effectively harnessed for fraud management through pattern analysis. The results of such analysis can be used for policy/framework designing as well as to develop use cases for a fraud management solution.

 

About CustomerXPs

CustomerXPs, a Red Herring Asia Top 100 winner, is a Software product Company that creates real-time, intelligent products that empower Banking, Retail and Telecom Enterprises with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions. With a vision to provide ammunition to its clients to delight their customers even before they could articulate their needs/wants, CustomerXPs software identifies and solves, in real-time, complex problems in the areas of fraud monitoring, compliance, accurately predicting risk, customer experience management, contextual right-sell and automating targeted treatments.
For more information about Clari5, please contact us via email: clari5@customerxps.com or by phone at +(91) 80 4157 2977.