Banks to Spend an Additional $US31 Billion on AI and fraud prevention

Financial institutions’ country-specific challenges in Asia/Pacific

Banks worldwide are expected to spend an additional $US31 billion on AI embedded in existing systems by 2025. Similarly, in a recent IDC survey of banking executives worldwide, fraud management featured strongly as a priority.

“In the process of coming up with digital products and services, new channels, and new payments methods, businesses might be overestimating the adequacy of their current defense mechanisms against fraud. What worked well before simply would not be enough now in the more digital world of business. There needs to be a constant upgrade of fraud management capabilities,” says Michael Araneta, Associate Vice President, IDC Financial Insights.

The upcoming IDC Conference: Financial Insights from 16 August – 8 September 2022, will keep financial institutions (FIs) ahead of fraud trends by following key principles on how FIs can prevent and manage fraud risks without piling up solutions only to stay current on fraud trends.

DC Asia/Pacific’s Financial Insights Analysts and industry expert from Maybank, Standard Chartered Bank, HSBC Bank, DBS Bank, TMBThanachart Bank, Kyndryl Hong Kong, Callsign, ServiceNow, and many more as they dive deeper into country-specific challenges faced by FIs and the new capabilities that they must master to position themselves as the orchestrator for industry ecosystems.

“This is a unique time in financial services. The industry is amid two crisis scenarios, each side requiring solutions that can run counter to each other. Government policy has to maneuver, and financial services institutions – banks, insurers, capital market firms – must balance between the chase for revenue and risk management,” says Araneta.

IDC Conference: Financial Insights will engage over 7,000 users from the banking, financial services, and insurance industry (BFSI) across 10 countries in Asia/Pacific, focusing on themes and topics such as:

  • Data-Driven Digital Innovation
  • Core Transformation: Multi-Core Approach
  • Cloud Management: Right Sizing, Optimizing and Refining
  • Trust: Data Security & Customer Data Privacy
  • Green and Sustainable Finance

“By 2023, the industry will also be into platform-building, which allows financial services to be externalized and extended to third parties. We see earlier efforts in open banking bearing fruit, but we also note the industry is progressing further into platforms and pursuing new collaborations like banking as a service (BaaS) and digital lifestyle ecosystems. What is very clear is that being digital-first means being attuned to the unique moment in the recovery of financial services,” ends Araneta.

 

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