With the proliferation of cards, plastic fraud has again taken a renewed center-stage simply due to avenues multiplying with an increase in card products, transactions, and customer touchpoints. Merchant fraud is also a substantive issue. 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.
At Hexaware, we treat cards fraud management with greater acumen by applying AI / ML technologies, which work far beyond checks on hotlists and known patterns. Our approach considers a multitude of elemental and derived factors and looks beyond anomalies evident in the card industry to learn proactively from the peculiarities of the specific datasets of our clients and scans for anomalies against innovative fraudster methods.
Our data science capabilities here take an approach of supervised ensemble algorithms that comprises aspects of customer profile (e.g. retail products and services availed, location, particular card, amounts, limits, timings), merchant profile factors (e.g. merchant limits, type of business, POS location), transaction types (e.g. card at terminals, CNP or card-not-present, online transactions) , business profile (of the organization offering the product or service), network / routing specific factors and technical parameters of the physical card itself. With an approach of continually monitoring the algorithms for keeping them up-to-date, banks can achieve high levels of payment fraud prevention without an undue jump in false positives that would add to the operations burden and to a negative customer experience.
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.
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, thereby transforming and elevating customer experience in banking.
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 help banks share and mitigate risk by arriving at data science powered solutions before they commit to substantial technology investments in hitherto unexplored areas.
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:
As Cloud has become the biggest imperative for a business today, there are peculiar challenges that banks and financial institutions face as organizations, not only for 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.
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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