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We are excited to collaborate with IBM as the company unveils its new IBM LinuxONE 4 Express system available globally on Feb. 20, 2024. Powered by IBM’s Telum processor, this new system expands the performance, security and AI capabilities of IBM LinuxONE to small and medium sized businesses and within new data center environments. This can potentially bring Clari5 clients significant cost savings and is designed to remove the guess work for clients when it comes to spinning up workloads quickly and getting started with the platform.

“Will the bank branch survive?” has been a decade long (if not more) topic of debate. Physical branch networks worldwide are being impacted by the shift to digital transactions. However, there has also been rising customer expectations for better in-person experiences at branches shaped by other retail experiences.

Trust, in-person interactions, reasonably good response levels, absence of alternative options – were some of the reasons that brought people to banks before the era of digital and banking domain monopsony. The strategy worked well and it helped create predictable growth and profitability – until the level playing field tilted.

As the threat of fraud continues to evolve in an age of fast payments, banks must embrace innovative solutions to safeguard their customers’ financial interests. Enterprise Fraud Management in SaaS mode offers banks enhanced fraud detection capabilities, scalability, flexibility, real-time monitoring, comprehensive risk assessment, cost-effectiveness and collaborative knowledge sharing.

In the prequel, we saw how financial institutions can initiate a streamlined CDD-led customer onboarding experience. Let us now see what it takes to manage what lies ahead. By thinking more strategically about the customer lifecycle journey – from targeting to acquisition to servicing and developing – and making smarter use of advanced data, analytics and with help from technology, financial institutions can diligently improve customer experience and reduce attrition.

We are excited to collaborate with IBM as the company today unveils its new IBM z16 and LinuxONE Rockhopper 4 single frame and rack mount models available globally on May 17, 2023. Powered by the IBM Telum processor, these new configurations are designed for highly efficient data centers with sustainability in mind. Clients can make more effective use of their data center space while remaining resilient in the midst of ongoing global uncertainty. As a part of the IBM Ecosystem, Clari5 is helping companies unlock the value of their infrastructure investments by implementing the tools and technologies designed to help them succeed in a hybrid cloud world.

In a fiercely competitive environment, banks have been striving to generate more revenues while trying to increase customer stickiness and curtail customer attrition. The scenario has compelled the need for a holistic approach for creating strong customer-centricity – the key aim of great Customer Lifecycle Management (CLM). Read the prequel of the 2-part blog on how banks can enhance their CLM by first de-risking the onboarding process.

Every year, banks shut down tens of thousands of accounts for suspected fraudulent practices. A substantial chunk of these accounts is suspected to be mule accounts and conventional anti-mule fraud systems have had little impact to stop the problem. Whether as complicit players or as victims, money mules are now also laundering funds for organized COVID motivated financial crimes. With the virus continuing to provide opportunities for fraud and money laundering, banks must boost their monitoring and investigation capabilities to counter this growing threat.

Even as regulators step up their scrutiny of bank compliance, fraud and money laundering schemes are getting more and more sophisticated. Banks therefore have no choice but to elevate their crime-detection and crime-fighting capabilities. Defence mechanisms will increasingly include more powerful analytical models, AI and the aid of financial crime regtech specialists.

Where there’s money, there’s crime. Trust fraudsters to leverage new technology in their commitment to gain access to accounts, or to set up accounts or steal money. It is just a matter of time before deepfake becomes another new normal for digital rogues to defraud banks.