Digital Transformation for Financial Institutions

With more customers migrating from branches and ATMs to digital and mobile banking every day, a leading Asian commercial bank knew it had to evaluate its fraud prevention security and regulations compliance.

The bank turned to LexisNexis® ThreatMetrix® and began a six-step process to a safe, effective digital transformation. ThreatMetrix® combines digital insights, analytic technology and embedded machine learning to detect and prevent more fraud, reduce false positives and ensure a positive customer experience.

The bank needed a 360-degree view of customer identity risk at every point in the customer life cycle. By doing so, they could screen new and existing customers, monitor transactions and avoid money laundering and illicit finance risks. By launching ThreatMetrix on the bank’s browser-based Internet platform, the bank quickly uncovered that fraud was becoming more pervasive through unknown sessions, mule accounts, multiple devices and excessive log-ins.

With information from ThreatMetrix®, the bank was able to resolve false positives, monitor suspicious accounts and close accounts that were clearly fraudulent. It could also share near real-time data intelligence with ThreatMetrix® to collectively fight complex fraud with other businesses.

Want to know more? View the 6 Steps to Digital Transformation.

When demonetization occurred in India in 2016—taking 92% of the currency out of circulation—a leading bank in India saw the opportunity to be part of India’s journey to go cash-free. It launched one of India’s first digital bank accounts and introduced Video Know Your Customer (KYC) for customer onboarding.

Since fraudsters frequently use faceless contact to commit fraud across the digital journey, the bank needed to balance fraud management while protecting the customer experience. It turned to LexisNexis® ThreatMetrix® and began a five-step process to a safe, effective digital transformation. ThreatMetrix combines digital insights, analytic technology and embedded machine learning to detect and prevent more fraud, reduce false positives and ensure a positive customer experience.

LexisNexis Risk Solutions conducted a “health check” on the bank and utilized the findings to create rules bolstering the bank’s fraud defense. By implementing ThreatMetrix, the bank continually improves the digital and mobile experiences for their customers, providing them with a seamless personalized, brand-building experience while tackling fraud.

Want to know more? View the 5 Steps to Digital Transformation.