The digitization of global commerce has given consumers greater choice, greater convenience and lower prices, but has also created enormous opportunities for the perpetrators of fraud and financial crime. More than half of financial services firms have said spending on financial crime prevention and reputation management has increased by over 20% in recent years, at a time when there is a sharp focus on cost management in every sector of the business. In order to mitigate these effects, banks need a more integrated view of relevant data, including that which has in many cases been stored and processed independently by division, channel or geography. Three elements are key to success in data integration: high quality data, useful analytics, and data visualization.
Integrated data can be leveraged to develop a more unified approach to business, providing valuable insights and driving rapid, informed decision-making. Given the rapid evolution of financial crime and the ever-increasing stringency of regulatory requirements, banks and other financial services firms need this kind of agility and adaptability more than ever.