Creating an organized approach will require financial institutions to concentrate more of their budget on developing advanced solutions to support the future shape of the industry, rather than focusing investments to respond to issues from past transgressions or remediation activities.
Financial institutions will need to address challenges around:
People - Banks must ensure that there is formalized knowledge sharing between those in the fraud risk function and the IT security function. The wider business must also ensure that these two functions are in a position to be proactive, rather than reactive as has historically been the case.
Process - Banks must shift to enterprise case management, enabling them to look at every fraud or risk case that arises within the organization as a single portfolio, to protect themselves more effectively.
Technology - The foremost technology priority for banks is to ensure that organizational data is freed from silos and shared upon common platforms.
Convergence is a significant undertaking and cannot be achieved overnight. As with any business change of this scale, a phased approach will be required. And importantly, will need to be aligned to the strategy and desired positioning of the bank.