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IndusInd Bank wins award for anti-fraud initiative

BOSTON, April 24, 2017

IndusInd Bank has won the Celent Model Bank 2017 Global Award for Fraud Management and Cybersecurity for driving a unique initiative, namely how to leverage the investments in fraud management to pay for itself.

IndusInd Bank not only implemented real-time enterprise wide cross-channel fraud and anti-money laundering (AML) management platform, but also began reusing in-memory data to offer simultaneous real-time cross-sell and upsell, said a statement.

IndusInd Bank chose the new generation enterprise approach for fraud management as against the dated and easier channel silo based approach, as it enabled a ‘segment of one’ thinking for everything in the bank and connected 15 Real-time and 7 Batch systems, it said.

Clari5, a unit of Customer XP, implemented a ‘central nervous system’ that revolutionised IndusInd Bank’s fraud and AML management in a very short period.
 
This prestigious acclaim is a clear endorsement that managing fraud with disparate product and channel solutions in today’s connected digital world is no longer effective. A good fraud management system has to be enterprise wide and must operate in real-time across products (cards, current accounts, loans, etc.), channels (ATM, POS, branch, mobile, etc.), customers, employees and third parties, said the Clari5 statement.
 
“Innovative fraud risk management has always been one of our top strategic priorities and so quite naturally, we are excited about this global recognition of our efforts”, said Mridul Sharma, ‎EVP and head of technology, IndusInd Bank.  

He further added: “Clari5’s ‘central nervous system’ not only helped us prevent fraudulent transactions in real-time across channels, but also delivered real-time actionable insights for cross-sell and upsell.”

"IndusInd Bank's implementation of an enterprise-wide fraud and AML management platform is impressive in its own right. However, what really caught our eye is the bank's innovation to enable simultaneous real-time cross-sell and upsell to customers using the same computed memory of its fraud management platform”, said Zilvinas Bareisis, senior analyst in Celent’s banking practice. "We are convinced that other banks can learn from IndusInd about the 'yin and yang' of fraud management and cross-sell."

“Banking is the only industry in the world, which can claim to have the customer’s soul. However, the dated channel siloed approach for fraud bogs the bank down bigtime. Congrats to the senior management of IndusInd Bank for having the bold vision of a ‘segment of one’ enterprise wide approach. Their meticulous focus on this goal, transformed the bank, which eventually got them global kudos. Clari5 product is great because of great customers like IndusInd Bank.”, said Rivi Varghese, CEO of CustomerXPs. “It is a strong endorsement of a transformational shift from conventional, silo-based, channel-centric approach to one that recognizes fraud and revenue as two sides of the same coin.” – TradeArabia News Service
 




Tags: Celent | Clari5 |

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