The impact that financial crime has on the financial services industry continues to expand and with it, the pressure to find innovative strategies and solutions for striking a more optimal balance between loss reduction, client experience, operating efficiency, and regulatory compliance. Fortunately, as the criminal elements have become better organized and more sophisticated, so too have the risk management strategies and, importantly, the detection systems and practices for disrupting the criminals’ activities.
Among the most significant developments of this evolving market are the emergence of fraud and AML detection solutions that provide FIs with the ability to optimize the performance of their controls by way of applying advanced analytical techniques to discover, develop, test, deploy, and tune highly customized detection logic and policy administration. These machine learning platforms and ecosystems have created a new segment of the market for fraud and AML detection solutions. This Impact Report explores the evolving market for these fraud and AML detection solutions as well as the factors that FIs should consider in their pursuit of transforming their control frameworks. This report also compares and contrasts the leading vendors’ offerings and strategies, and it highlights their primary strengths and challenges. Finally, to help FIs make more informed decisions as they select new technology partners, this report recognizes specific vendors for their strengths in critical areas.