Banks must demonstrate to three distinct groups—consumers, regulators and shareholders—that they can meet these challenges.
To do so, banks must manage and monitor vast quantities of data from a diverse set of sources. Given the increasingly large volumes of transactions and accounts to be monitored, they can find it difficult to handle the volume of information using traditional, linear data views.
However, new technologies and solutions, and an integrated approach can help banks and other financial services institutions create an integrated data set and bring sophisticated analytics to bear on the data, generating useful insights to detect and prevent financial crime.
The benefits of data consolidation and improvements are numerous. They support the people who work to prevent financial crime, lead to better customer service, can enhance a bank’s reputation and allow banks to obtain valuable insights and make informed decisions quickly and flexibly. With the rapid evolution of financial crime and the ever-increasing stringency of regulatory requirements, banks need this kind of agility and adaptability more than ever.