Virtual Expert Panel

The ultimate digital transformation: AI and cloud for new age fraud management

The recent IDC survey commissioned by GBG found that FIs in APAC ranked scalability and machine learning as the two most important future capabilities necessary to enrich their fraud prevention solution and to help their organisation stay at the forefront of technology. The evolution of modern financial crime is presenting financial institutions with not only a growing volume of fraud instances to manage, but of greater concern is the creativity and sophistication with which fraud attacks are being executed.

Many FIs are employing a new digital transformation strategy via machine learning and the cloud to drive intelligent workflows and real-time fraud detection. The cloud makes it easy for enterprises to experiment with machine learning capabilities and scale up, as projects go into production and demand increases.

Key insights from the experts

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AI/machine learning and cloud technology are important, but the quality and depth of data will be the key. FIs should enrich the data within their country and organisation, geography, and even third-party data.

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AI and cloud unlock resources and cost constraints. It can help fraud and risk teams react rapidly to changes in the external environment and dive deeper into the analytics life cycle (exhibit) to better understand the drivers of risk, all without major capital expenditures.

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FIs must integrate internal and external data to process insight and develop a complete and unified view of risks.

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AI/ machine learning enabled FIs typically make quicker decisions according to their data analytics. It also helped FIs anticipate the behaviour of the customer and identify fraudulent activities more effectively.

Expert panellists

Moderator - Mr. Rey Lugtu, Founder and CEO of Hungry Workhorse Consulting

Mr. Somit Chitrey

Group Director: Global Fraud Risk Management | Standard Chartered Bank Group

Ms. Deepti Gupta

Vice President - Assurance & Risk Management | HSBC

Mr. Steven Low Weng Haw

Chief Risk Officer | Prince Bank Cambodia

Dev Dhiman

Managing Director APAC | GBG

Expert Panel Highlights

Cloud technology enables rapid development, easy build and test, automatic software updates, disaster recovery and elastic capacity.

FIs could innovate without setting up complex infrastructure and focusing on discovering newer channels to increase customer outreach.

Enabling cross-department collaboration to access and respond to the information anytime and anywhere.

Watch now

Somit Chitrey, Group Director, Global Fraud Risk Management of Standard Chartered Bank Group; Deepti Gupta, Vice President, Assurance & Risk Management of HSBC; Steven Low Weng Haw, Chief Risk Officer of Prince Bank Cambodia and Dev Dhiman, Managing Director APAC, GBG discuss the new age of fraud management and how professionals in the financial crime space leverage cloud and AI/ machine learning technology to innovate and create a better customer journey.