Author: Clari5

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.

ISPIRT and SBI had a 4-hour meeting on the future of banking. 30+ seniormost officers of SBI – including all the MDs, DMDs, CGMs, and GMs – participated. Two SBI Board members were also present. Nandan Nilekani chaired the session…[Read More]

Top bankers recently met at a luxury hotel in Bengaluru to discuss how to innovate startups, from sourcing ideas to influencing direction of new product development. The theme of the event revolved around how to combine the spirit…[Read More]

CustomerXPs has been showcased in the Nasscom’s Research Paper ‘Indian Analytics Products- Scaling New Heights’. The Chartis Risktech100 2016 company has been recognized for its solutions in the Enterprise Business Intelligence, Risk & Security Management and Customer Lifecycle Management areas. The objective of the paper is to present a detailed overview of the Analytics Software products landscape in India and discuss key businesses and technology trends, drivers and enabling ecosystem for analytics and its sub segment. For more information, please download the paper here.

 

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.

Contact for more: clari5@customerxps.com, www.clari5.com

30^th May 2016. Dubai. Leading anti-fraud technology major CustomerXPs together with Finesse will be showcasing their Enterprise Fraud Management solutions platform that most financial institutions are seeking today. Its team of consultants will be ready with extensive knowledge about this upcoming technology which has emerged in response to new business challenges, security requirements, application goals, system requirements, and operating environments..

CustomerXPs and Finesse will showcase Clari5, whose differentiated approach deploys a central nervous system in banks with the ability to stop fraudulent transactions with real-time, actionable insights. Clari5 Enterprise Fraud Management is a real-time intelligent Big Data solution which combats sophisticated fraud.

Rivi Varghese, CEO, CustomerXPs added, “Banking is the only industry in the world when the entire life of the customer flows through it – you know how much a customer earns, to where he stays, which place he visits, to how much he spends, state of his family, to state of home ownership, to how much gas he fills and everything else. No other industry has this privilege – be it a retailer or a telco, they just see a part of a customer’s life. This would make banking the smartest industry in the planet – however Bankers globally don’t realize this potential – as they still believe that are in the business of doing transactions and still go ahead making siloed decisions. These siloed decisions are proving to be costly and impacts both the topline and bottom-line of banks. The time has come for bankers to use this collective wisdom it has gained about every individual customer, gleaned from its entire long relationship with customer, and bring it to bear in the split second when the transaction happens – to influence, modify or stop the transaction across channels in real-time. We need to use this brain-like central nervous system approach to make a segment of one decision every-time in real-time.”

Ajay Alex, Practice Head, GRC at Finesse said, “Banks in this region are being targeted for various kinds of Frauds, as we are seeing numerous news uptick on how hackers are trying innovative & targeted attacks to breach banks existing security .The Government and central bank in this region has been very proactive in this regard and has issued directions and circular to banks to upgrade its existing security and put in necessary checks and balances in place. Understanding the current challenges and the dynamic environment which bank operate in, these factors have compelled us to look at the issue of Banking Fraud holistically, and rather than offering point solutions, we are pleased to provide Clari5 platform. We believe that Clari5 helps banks to utilize its existing internal data that provides insights and intelligence to arrive at specific individual level transaction behaviour (which are difficult for any hackers to replicate) for all their existing customer data sets, and helps to identify and point out on a real-time basis, potential fraud transactions and positively intervene before a fraud transactions gets committed to the system.”

Some key highlights of CustomerXPs’ Fraud Management solutions that can help global banks & financial institutions to have better fraud management & revenue maximization:

• Fraud management in Real-time
• Reduce sophisticated frauds
• Delivers real-time actionable insights
• Regulatory compliance
• Reduce reputational loss
• Highly scalable, extendable, easy maintenance
• Cross channel and Cross pollinated
• Short implementation cycle and easy integration
• Quick ROI

Finesse with its next generation, business-user oriented and customizable solutions has solved many technology challenges for some of the fastest growing leading banks, financial institutions, and telecom, energy, retail and government institutions. Such solutions and services help organizations to stay competitive, prevent loss of time, effort and money – leading to all round growth.

To know more, visit us booth F-A44 at the Cards and Payment Middle East 2016 to learn how we can help global banks manage their fraud management challenges and maximize revenue.

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.

Contact for more: clari5@customerxps.com, www.customerxps.com

Oracle Database In-Memory along with CustomerXPs Clari5™ enables large financial institutions to remove analytic silos and analyze transactions across multiple channels, products and core systems in real time inline and within the transaction window itself. 

May 31^st, 2016, Bangalore, India: Financial institutions globally are under increasing pressure to rapidly detect, prevent and block cross-channel fraud and financial crimes across banking channels, products, and core systems in real-time. This becomes dramatically more effective when banks unify all fraud management into a single platform. This central-nervous-system approach requires massive compute and data management to happen in real-time, and in-line with the transaction itself.

CustomerXPs Software, an enterprise software product company offering Enterprise Financial Crime Management and Customer Experience Management products for Tier-1 global banks, recognized this need and validated Clari5 with Oracle Database In-Memory.

CustomerXPs, a Gold level member of Oracle PartnerNetwork (OPN), ran Oracle Database In-Memory without requiring any application changes. Test results showed that queries and reports ran significantly faster, helping financial institutions that run CustomerXPs Clari5 perform even more complex analyses and increase the scale of operations while improving real-time responsiveness.

The integration of CustomerXPs Clari5 with Oracle Database In-Memory brings a number of benefits to banks looking for these solutions:

• Scalability: Analyzing data from multiple channels and products requires the ability to analyze significantly more data. Channels and products that were previously analyzed independently can now be analyzed together for more complex analyses, removing traditional analytic silos, and the ability to detect real-time cross-channel and cross-product fraud.
• Performance: The in-memory column store delivers dramatic analytic performance improvements for real time detection, prevention and transaction blocking to better identify and respond to fraudulent actions; to detect suspicious patterns in real time; and to perform real time analysis of existing and in-flight transactions and activities.
• Agility and Productivity: Instant access to data and timely reporting improves productivity, real-time collaboration support, and delivery of timely up to date and accurate indicators to management.

Oracle Database In-Memory delivers leading-edge in-memory performance without the need to restrict functionality or accept compromises, complexity and risk. Deploying Oracle Database In-Memory with virtually any existing Oracle Database-compatible application is as easy as flipping a switch-no application changes are required. The Oracle Database In-Memory option enables near instant analysis of data in existing applications, allowing users to make better decisions faster and with complete confidence. Database In-Memory enables ISV applications to transparently take advantage of in-memory processing.

“We at CustomerXPs are looking for technologies that can further improve the real-time responses of Clari5™, as our global tier-1 banking customers are now demanding answers for more and more complex real-time problems, which typically were considered unsolvable. The combination of Oracle Database In-Memory and Clari5 enables richer, deeper analysis and real-time insight at the point of transaction itself,” said Rivi Varghese, Chief Executive Officer, CustomerXPs . ” this increased real-time visibility and agility, banks are better able to identify, intervene and respond to fraudulent actions and help decrease their financial risk.”

“Oracle Database In-Memory was created to bring real-time analytics to existing Oracle databases with almost no effort,” said Tim Shetler, vice president, Product Management, Oracle. “CustomerXPs has validated the benefits of Oracle Database In-Memory for one of the most business-critical applications in our time.”

About Oracle Database In-Memory

• Oracle Database In-Memory enables customers to accelerate database performance by orders of magnitude for analytics, data warehousing, and reporting while also speeding up online transaction processing (OLTP).
• An innovative, dual-format in-memory architecture combines the best of row format and column format to simultaneously deliver fast analytics and efficient OLTP.
• Oracle Database In-Memory allows any existing Oracle Database-compatible application to automatically and transparently take advantage of columnar in-memory processing, without additional programming or application changes.
• The ability to combine real-time data analysis with sub-second transactions on existing applications enables organizations to become Real-Time Enterprises that quickly make data-driven decisions, respond instantly to customers’ demands, and continuously optimize all key processes.

To find out more, visit www.oracle.com/us/products/database/options/database-in-memory/overview/index.html

About Oracle PartnerNetwork

Oracle PartnerNetwork (OPN) is Oracle’s partner program that provides partners with a differentiated advantage to develop, sell and implement Oracle solutions. OPN offers resources to train and support specialized knowledge of Oracle’s 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 be recognized and rewarded for their investment in Oracle Cloud. Partners engaging with Oracle will be able to differentiate their Oracle Cloud expertise and success with customers through the OPN Cloud program – an innovative program that complements existing OPN program levels with tiers of recognition and progressive benefits for partners working with Oracle Cloud. To find out more visit:

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About CustomerXPs

Clari5 from CustomerXPs is a massively scalable cross- channel, cross pollinated real-time Enterprise Fraud Management & revenue maximization solution for global banks. Clari5’s differentiated approach deploys a central nervous system in banks with the ability to stop transactions in real-time. Clari5 is a bolt-on system, requires no system replacements, shrinks implementation timelines and delivers rapid ROI.

Contact for more: clari5@customerxps.com, www.customerxps.com

Fintech Finance’s latest issue features CustomerXPs’ real-time financial crime management technology where CEO Rivi Varghese shares his perspective on the ‘brainy’ way for combating cross-channel fraud in banks…[Read More]

Chartis supports enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. The Chartis RiskTech Quadrant measures global vendors’ completeness of offering and market potential across multiple key attributes.

Read more in > Banking Frontiers  |  Trade Arabia  |  Zawya  |  VCCI News  |  NASSCOM  |  Finovate

Banks are working on several security measures to make transactions safer. Besides working with IT companies, banks are also working closely with Financial Technology companies to help curb security threats including cyber fraud. Mint’s…[Read More]