Digitalising operations has benefits for both finance and anti-financial crime across the industry in adding business value, increasing operational productivity, and improving accountability. With recent innovations in the Financial Services sector, customers now have several payment options which has led to an exponential increase in the number of digital transactions. This poses an ongoing risk to their personal information being hacked for identity theft through social engineering. In the current climate of Fraud Risk Management, identity theft, hacking and social engineering demonstrates the operational impact cyber-criminals can have when they have the right technology.
Whilst we have seen a plethora of intuitive systems that reduces the risk of fraud and streamlines business controls, cyber-criminals also find a way to keep up with the trends in risk management and technological advancements in the industry. It is imperative that organisations invest in automation for their operations to reduce risks and keep ahead of the curve, updating technology in this area helps to reduce the payment cycle, governs the financial policies, automates the approval process and saves payment records in a robust digital archive. A paperless process is not only seamless for the client experience, it also increases productivity for the business and makes the audit trail easier to retrieve for compliance purposes.
Providing a transparent and easily explainable framework that is user friendly is vital for payments and financial crime monitoring. Fundamentally, these activities must be auditable and readable to ensure that all outcomes are fully understood and can be justified if they were to be scrutinised. Fennech Financials’ platform, bridges business applications to the banking sector to digitalise finance operations. It generates and receives the global standard for payments and electronic bank statements allowing users to operate seamlessly by reducing the businesses workload.
Automating operations enables business owners and employees to focus on monitoring and the analysis of exceptional payment cases in real time. By automating the review process using technologies such as artificial intelligence and machine learning, the Fennech platform improves visibility and control, in turn, reducing the risk of errors and fraud. Whilst automation may never remove human error completely it is a brilliant method to ensure that there is a consistent approach to identifying small issues before they escalate into operational and reputational risks.
Written by Misha Liu