The way that customers interact with their financial institutions and manage their money is constantly changing. They want access to their financial assets through multiple channels and across multiple devices, whenever and wherever it suits them. Therefore, it is crucial that financial institutions gather data on every aspect of their customers’ behavior no matter how they choose to interact with their institution. Cross-divisional work and collaboration ensures that thorough customer profiles can be compiled with threats identified more quickly and acted upon more efficiently.
Traditionally, AML and fraud prevention teams have worked in silos with each team gathering information on customers separately. However, there is overlap in AML and fraud detection data, tools and processes, demonstrating the effectiveness of leveraging these assets across multiple groups to make financial crime risk management and prevention more effective and reliable. We can also leverage the value of this data beyond compliance and risk management. This data enables us to take actions to manage risk and to understand how better to interact with our customers and potentially offer them more products.