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How technology is the only answer to tackling financial crime

October 02, 2019 | Banking
How technology is the only answer to tackling financial crime

The cost of global financial crime is estimated to be around $3trillion – a sum that could fund the UK’s National Health Service for 24 years.

This stark comparison emphasises the fact that it is now more important than ever that banks and financial institutions use the resources at their disposal to obtain the full picture on potential customers.

Key to stopping criminals in their tracks – many of whom are using increasingly sophisticated methods to go unnoticed – is using the latest technology in order to truly understand a customer, both prior to onboarding and throughout that relationship.

Using intelligent process automation and artificial intelligence, encompass gathers and analyses a wealth of information to build a picture of a company or individual in minutes, transforming the Know Your Customer (KYC) process.

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