IDC InfoBrief, commissioned by GBG, outlines critical parameters to consider when deciding to build, buy, or rent
SINGAPORE, Nov 3 (Bernama-BUSINESS WIRE) -- GBG (AIM: GBG), the global experts in digital identity, helping businesses prevent fraud and meet complex compliance requirements, today announced the release of the IDC InfoBrief “Build, Buy or Rent: Evaluating an Effective Strategy to Fight Rising Financial Crime and Fraud in Asia/Pacific." Financial institutions (FIs) across APAC continue to grapple with financial crime management strategy and investment— to take full ownership and build in-house systems, buy a solution, or utilise managed services from a solution provider. This IDC InfoBrief, commissioned by GBG, is designed as a consultative guide to help financial institutions (FIs) perform due diligence in evaluating critical parameters and triangulate to a decision for their next-generation (next-gen) anti-fraud solution.GBG has recently commissioned IDC to conduct market research on “Next-Gen Financial Crime Management: APAC Finance, Banking, and Ecommerce” with over 800 respondents across 8 key markets in APAC including Singapore, Malaysia, Indonesia, Vietnam, Thailand, Hong Kong, Australia, and Philippines. The research finds that more than one in four (26 per cent) FIs in APAC is currently using a self-built origination/application fraud management system. However, the preference for internally built anti-fraud solutions is expected to decline, where only 21 per cent is choosing a build strategy to deploy their next-gen origination fraud system.
This downward trend in preference for internally built solutions is also seen for next-gen transaction fraud systems, end-to-end financial crime management platforms, anti-money laundering (AML)/compliance solutions, Know Your Customer (KYC)/identity verification solutions, machine learning/AI, and orchestration solutions.
Dev Dhiman, Managing Director, APAC, GBG said, “Build, buy, or rent is an age-old dilemma that start-ups and established financial institutions contend with. This conundrum has come under even more debate with the pandemic accelerating digitalisation and transforming fraud risk management processes. We are now in an era of smart technology and hyperconnectivity, which enables fraud and financial crime to escalate in complexity and sophistication. As access to technology gets democratised and time spent on mobile devices increases, fraudsters can more easily harness innovative and orchestrated tactics to compromise consumers and organisations.”
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