IndusInd Bank: Growing Revenue While Managing Fraud
Celent Model Bank Award: IndusInd Bank: Growing Revenue While Managing Fraud
Winner of Celent Model Bank 2017 award for Fraud Management and Cybersecurity. IndusInd bank implemented a real-time enterprisewide cross-channel fraud and AML management platform. Then began reusing in-memory data to offer simultaneous real-time cross-sell and upsell.
A bank in India demonstrates the “yin and yang” of fraud management and cross-sell.
In today’s connected global world, managing fraud via disparate product and channel systems is no longer effective. Fraud management systems must be enterprisewide and operate in real time across:
- Products: cards, current accounts, loans, etc.
- Channels: ATM, POS, branch, mobile, etc.
- Customers, employees and third parties.
At IndusInd, a bank in India, CustomerXPs’ Clari5 solution has been integrated with 15 real-time and seven batch systems and has revolutionized fraud and AML management within the bank. In addition, the bank began reusing in-memory data to offer simultaneous real-time cross-sell and upsell.
"IndusInd Bank's implementation of an enterprisewide fraud and AML management platform is impressive in its own right. However, what really caught our eye is the bank's innovation to enable simultaneous real-time cross-sell and upsell to customers using the same computed memory of its fraud management platform," commented Zilvinas Bareisis, Senior Analyst in Celent's Banking practice. "We are convinced that other banks can learn from IndusInd about the 'yin and yang' of fraud management and cross-sell."
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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