Financial Crime Risk and Prevention

Financial Crime Risk & Prevention

Digital Solutions for Financial Crime Prevention

Banks and FIs have been offering a growing set of technology options for conducting daily transactions through different digital channels with the intention of garnering a bigger customer base. However, this has led to multi-fold increase in the venues or opportunities for financial crimes with fraudsters coming up with new ways to get around practically every anti-financial crime capability that banks and financial institutions build, either as part of their systems or those that they propagate to the customers for the safety of their data and identities. Beyond apprising customers on preventive methods of keeping their credentials safe (i.e. not falling prey to phishing or social engineering) and making multi-factor authentication mandatory, there is still a multitude of avenues where an avant-garde approach beyond traditional methods is imperative. Both Internal Fraud and External Fraud pose massive challenges in financial crime prevention.

Hexaware’s Unified Threat Management (UTM) and Threat Hunting solutions target such aspects with a framework that specifically addresses the vulnerabilities resulting from a banking omnichannel outreach with a multi-layered strategy. 

Apart from capabilities to combine application control, IDS / IPS, DLP and firewall-based strategies, we hold capabilities to leverage rules and data in real-time with cognitive capabilities like Machine Learning (ML). This helps address particular types of financial fraud or financial crime risks, such as those related to card transactions and loan applications, with a proactive approach by going beyond known patterns to reduce risk further, without an undue jump in false positives. We also carry an experience in building rule-based fraud detection and case management systems to coordinate and manage the investigation of fraud instances, from which the end-user actions can further act in a feedback loop to train machine learning algorithms. 



Banking & Financial Services Consulting

Strategic Consulting for Global Banks

Hexaware’s strategic consulting services for banking helps banks and financial institutions respond to particular problems emanating from the customer segment they address, the growth stage that they are in and the IT issues that may hamper a quick response to the market. We bring to the table specific tools that help measure how effectively business objectives are translated on-ground through IT for various services provided through all banking channels. Our holistic approach helps pinpoint and resolve the exact pain-points and bottlenecks that stifle operational efficiency of business systems behind the scenes (operations transformation), and those that create gaps in experience at the customer-facing end (CX transformation). Our assessment frameworks help derive strategic roadmaps for IT to help build sustainable assets that support business as both the market changes, and the organization grows.

Customer Experience

Enriching Banking Customer Experience

With highly commoditized services in the case of Consumer Banking and reducing margins in Corporate Banking, user experience goes a long way in retaining customers beyond tangible business value in the services delivered. Our dedicated Customer Experience (CX) capabilities help create a comprehensive experience that isn’t just limited to the digital applications we help build, but one that pervades the entire customer journey and gamut of operational processes, beginning from the point of on-boarding. Our transformative approach leverages disruptive technologies and smart service agents to bring radical and far-reaching performance breakthroughs across the touchpoint spectrum. Our offerings span contact center outsourcing, chatbots and conversational UI, AI-voice assisted business apps and voice of customer analytics, and thereby transforms and elevates customer experience in banking.

Data Science

Futuristic Data Science Solutions for Banks

The right data creates the foundation for responding to business challenges and for regulatory compliance. However, evolving it to the next level of leveraging for strategic advantage requires radical abilities hinged on AI / ML (Artificial Intelligence / Machine Learning). Today, more than ever before, the role played by analytics in banking spans diverse functions, processes and organizational structures. Our Business Intelligence & Analytics solutions driven by data science expertise combined with strong banking domain expertise helps derive insights that aid decision making at all three levels – strategic, tactical and operational. Our well-equipped data science community and innovation labs for solutions incubation helps banks share and mitigate risk by arriving at data science powered solutions before they commit on substantial technology investments in hitherto unexplored areas.

Banking Business Process Services

Business Process Services for NextGen Banks

Hexaware’s Business Process Services bring the unique proposition of automating everything, even at the cost of cannibalizing our own revenues. This comes with both the belief and conviction that automation in banking process management is inevitable. With our banking domain capabilities that span global processes, we help take over servicing of critical processes from our clients, with proven de-risking approaches and help transform and cost-optimize those processes through automation. The following are the three pillars underpinning our Business Process Services / Digital Managed Services:

  • Operate and continually learn to enhance intelligent automation
  • Deploy best in class platforms
  • Ensure strategic business benefits while assuming the risks involved in automation

Cloud Banking Solution

Cloudifying Global Banking Operations

As Cloud has become the biggest imperative for a business today, there are peculiar challenges that banks and financial institutions face as organizations for not only Cloud migration from a traditional ecosystem, but also while managing operations and developing applications. Key ones include ensuring zero business disruption, protecting customer data and meeting regulatory compliance. With industry leading partnerships and offerings of Cloud consulting, Cloud native development and Cloud enablement / migration, we bring a multitude of risk-free solution choices. These Cloud banking solutions not only transform operational efficiency and cost advantage, but also add competitive advantage, as banks leverage Domain Driven Design principles, Microservices architecture, Containerization, Agile, DevOps and Platform-as-a-Service to further evolve the core banking system

Intelligent Automation

Intelligent Automation for Optimized Banking Operations

Going further on our organizational strategy of delivering services underpinned on the highest levels of automation and passing back the entire cost advantage back to our clients, Hexaware continually drives the evolution of our clients’ operations by disrupting existing practices, implementing intelligent automation in banking, and transforming and optimizing current processes. This helps deliver an enhanced and elevated customer experience without inducing any additional risks. We move beyond RPA (Robotic Process Automation) to SPA (Smart Process Automation), which not only helps automate mundane, low complexity tasks of repeating nature, but leverages AI / ML technologies to figure out business activities that are the root causes of inefficiencies. The same can either be entirely eliminated with process corrections or be automated further for reducing costs. 

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