Tag Archives: Finance Sector

BAE Systems launches “major update” to NetReveal platform for financial institutions

The latest version of BAE Systems’ NetReveal platform combines the best of advanced analytics and human expertise to enable financial institutions to effectively combat financial crime and fraud in an environment of rapidly evolving regulatory requirements and changing financial crime patterns.

Faced with increasing transactions, evolving regulations, a growing number of payment channels, customer friction, investigation challenges and strengthening privacy regimes, financial crime and fraud investigators are under pressure to make more confident and intelligence-led decisions and do so at an unprecedented pace.

Built on modernised modular technology, NetReveal addresses these challenges by working smarter and faster and supporting an intelligence-led approach:

Smarter: Profiling and detection against transactional data that commonly takes hours to process is now processed within 30 minutes (on average)

Faster: Advanced analytics with machine learning techniques improve operational performance by driving fewer false positives. Integrated Robotic Process Automation (RPA) means that routine tasks are automated, enabling investigators to focus more on high value strategic investigative work. The Real-Time Detection Engine helps institutions to keep pace with sophisticated criminals across growing digital channels

Intelligence-Led: Entity-based investigations deliver efficiency improvements of 20-30% on average by streamlining multiple detections into a single combined alert dashboard. Interactive lists also provide actionable information to adjudicate alerts effectively

BAESystems

Culmination of major investment

Rob Harrison, head of product and solutions for the financial services sector at BAE Systems Applied Intelligence, said: “This release is the culmination of major investment and engineering development of our financial crime platform and suite of solutions. We’ve focused on providing compliance and fraud teams with the latest advanced analytics, technology advancements and productivity improvements.”

Harrison added: “The latest version of NetReveal combines the best of human expertise and advanced analytics which we believe puts financial institutions in the strongest position possible to address the major market challenges of today, namely regulatory complexity and change, evolving fraud patterns, productivity and efficiency pressures and new risk management approaches.”

Julie Conroy, research director for the Aite Group’s Retail Banking practice, commented: “The use of RPA to improve financial crime operations significantly increases accuracy, reduces operational costs and enhances productivity. Given the growing data challenge, having the ability to advance investigator efficiency by reducing repetitive manual tasks, human error and, by extension, the number of false positives ultimately frees up time to focus on more strategic tasks.”

NetReveal is a single integrated platform for money laundering compliance and fraud prevention, enabling financial institutions to benefit from lower total cost of ownership across their compliance and fraud teams thanks to a single solution.

A comprehensive range of compliance and counter-fraud solutions can be deployed either individually or collectively.

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Michael Cole-Fontayn formally elected chairman of Chartered Institute for Securities & Investment

The Board of Directors of the Chartered Institute for Securities & Investment (CISI) has announced that Michael Cole-Fontayn MCSI was elected chairman at the organisation’s Annual General Meeting (AGM) held on Wednesday 10 October.

The term of office is initially for three years, with Cole-Fontayn succeeding Sir Alan Yarrow Chartered FCSI (Hon), who has not sought re-election having completed nine years in post.

Following a 35-year career in financial services at BNY Mellon, Cole-Fontayn is chairman of the Association of Financial Markets in Europe. He’s also founding director and Advisory Council member of the Financial Markets Standards Board, Trustee of the Charlie Waller Memorial Trust (a Mental Health Charity) and a founding chairman of the 30% Club. Cole-Fontayn is a Patron of Women in Banking and Finance.

MichaelColeFontaynCISI

Michael Cole-Fontayn

Speaking about his appointment, Cole-Fontayn said: “I am extremely pleased to be officially working with the Institute as its chairman. I’m particularly delighted to support CISI’s commitment to raising standards, conduct and professional behaviour, both in the UK’s finance sector and globally. I look forward to helping to encourage the next generation’s enthusiasm for a career in the finance world.”

Simon Culhane, Chartered FCSI and CISI CEO, added: “I’m delighted to welcome Michael as our chairman. I very much look forward to working with him strategically so that we can remain adaptable and responsive as we grow our membership and professional qualifications both here in the UK and in global markets.”

At the AGM, two directors were elected to the CISI Board: Martin Ruskin CFP Chartered MCSI and Chris Allen MCSI. Ruskin is head of business development at Paradigm Norton Financial Planning and chairman of CISI’s Financial Planning Professional Forum.

Allen was appointed HSBC’s regional head for global private banking (EMEA) in April, having previously served as CEO of HSBC Private Bank in the UK with oversight of HSBC Private Banking’s businesses in the Channel Islands, France and Germany.

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March Networks delivers insights on “superior surveillance” in banking with video-driven business intelligence

March Networks, the global provider of intelligent IP video solutions, is helping banking organisations understand how they can use business intelligence drawn from video, analytics and transaction reporting to implement strategy, gain tactical and operational insight and facilitate effective decision-making. 

In a topical webinar, now available for replay on the Banking Technology website, Ely Maspero (March Networks’ IP video management solutions product manager) highlights the growing relevance and popularity of analytics and industry-oriented reporting tools. They’ve become so useful to banks, in fact, that an investment of just $1 in analytics resulted in an RoI of $13 in 2014, representing a growth rate of 18% since 2011[1].

Video and analytics are increasingly being used together, not only to provide data on specific ATM-related fraud, but also to deliver meaningful insights into bank branch performance and help improve customer relations, reduce waiting times and increase the effectiveness of in-branch marketing activities.

According to 61% of those individuals surveyed by Technology Business Research at the end of last year, the main driver of business intelligence software market growth is operational efficiency.

Ely Maspero of March Networks

Ely Maspero of March Networks

Financial institutions can be vulnerable to different types of fraud, from cash trapping and card skimming through to the more extreme use of explosives. While ATM fraud incidents fell by 26% last year, related losses did increase by 13%.

The combination of video and analytics can speed investigation times and identify at-risk ATMs to help reduce prevent fraud.

Video, analytics and transaction data

From a marketing perspective, video and analytics may be used to help banks maximise their up-selling and cross-selling opportunities by analysing staff and customer behaviour. Multiple banking departments can use the powerful combination across all aspects of client relations in order to help them move from a product-oriented business model to one that’s more customer-oriented.

“Today, most banks are using video surveillance to help reduce losses and better protect their customers’ assets,” said Ely Maspero, “but the combination of video, analytics and transaction data can target more than loss prevention. Video-driven business intelligence can provide banks with valuable information on the behaviours and habits of customers and staff, helping banks refine and improve their in-branch services.”

Talking specifically about the webinar, Maspero added: “This webcast highlights the many opportunities that today’s video analytics can provide, including the reduction of vulnerabilities and improving customer experience to help build brand loyalty and increase revenues.”

Reference

[1] Nucleus Search, September 2014

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PEL Services’ maintenance web portal provides instant account details for customers

As part of an ongoing commitment to customer care, PEL Services – one of the UK’s specialist providers of commercial fire, security and communication systems – is now offering an online Customer Maintenance web portal to complement its Service and Maintenance Agreements.

The portal enables customers to access unedited information on their accounts from anywhere in the world in real-time on a 24/7 basis, in turn allowing them to gain invaluable information about products installed, service call reports, maintenance schedules and site attendance details at a glance.

By simply logging into their account via PEL’s website Home Page, customers can also view other important documents – such as contract information and recent Test Certificates – which are uploaded by PEL as soon as they’ve been completed.

Extremely convenient, quick and simple to use, the online facility greatly reduces administration work and offers valuable time and cost saving benefits.

PEL Services' Maintenance web portal for customers

PEL Services’ Maintenance web portal for customers

The service is a particularly useful tool for facilities managers and managing agents who may have multiple sites to operate.

PEL offers a range of Service and Maintenance Agreements for sound, fire, security and audiovisual systems, including Routine Maintenance and Fully Comprehensive cover on Third Party as well as PEL installations.

Both single site and group customers benefit from high quality response thanks to PEL’s experienced engineers.

PEL Services operates throughout the UK and overseas, supporting markets as diverse as local authorities, public utilities, the finance sector, healthcare, education, retail and leisure.

*Further information is available by contacting PEL Services on (telephone) 0333 123 2100 or visit: www.pel.co.uk

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