In this blog post, Gunnar Koren writes about the advantages for banks that choose a managed service for their financial crime prevention efforts.
Why should banks consider investing in a managed service for financial crime prevention? Because it will provide them with operational efficiency, reduced costs, effective end-customer interactions, fewer false positives, and shared costs on compliance and technological development.
TietoEVRY’s calculations suggest that implementing a managed service for monitoring payment card transactions and accounts can potentially save customers between 25% and 60% in operational costs. Moreover, utilising a utility setup on transaction monitoring enables TietoEVRY to detect fraud faster, protecting payment service users and organisations from criminal activity more efficiently.
Training and retaining a highly skilled and efficient workforce to fight financial crime is difficult and expensive. At the same time, technical developments and regulatory changes are creating a growing need for companies to have in-house competencies on all levels within their organisation. Companies are therefore sweeping the labour market to find talented employees with the right levels of technical and regulatory expertise. This in turn is driving costs and increasing the need for resource management.
At TietoEVRY we offer an alternative to high running costs and heavy technology investments. Thanks to our long experience in running financial crime prevention operations for our customers, we have created an optimal setup for leveraging the latest technology in line with regulatory demands. Combining different transaction types in a multi-tenant monitoring utility, we can detect patterns at entity and network level creates opportunities to share threat patterns across our customers’ risk exposure. Highly trained analysts are working 24/7 on monitoring emerging risk patterns with the help of machine learning algorithms and AI. As soon as the system flags or stops a specific transaction, we notify your end client.
Close to one hundred satisfied customers are already enjoying the lowest basis points in the market, monitoring and reporting in compliance with PSD2, and saving millions of Euros each year through our service. As an example, our Blocking of Rogue Merchants service stops thousands of transactions each week, protecting end customers from fraud and saving organisations hundreds of hours spent on chargebacks and disputes.
If you want to free up your resources so that you can concentrate on your core business, innovation and value-creating activities, onboard to our financial crime prevention managed service. We will help you tackle criminal activities and prevent your business and customers from financial loss, leaving you free to focus on what really matters to you and your customers. When it comes to financial crime prevention, you can trust TietoEVRY to handle all your needs.
On 6 May we will hosted a webinar on the benefits of our managed financial crime prevention service. In the webinar you will learn more about how we can help your bank turn your financial crime prevention activities into a competitive advantage.
Gunnar is a seasoned professional in the field of financial services and business development, with over 25 years of experience. Currently, he holds the position of Head of Financial Crime Prevention at Tietoevry Banking. He has a proven track record in the field and is known for his expertise in financial crime prevention, financial services, and regulatory reform. Gunnar's dedication and passion for his work make him a valuable asset in the industry.