GBG-commissioned IDC InfoBrief designed as consultative guide assisting financial institutions

KUALA LUMPUR, Nov 3 -- GBG, the global experts in digital identity, helping businesses prevent fraud and meet complex compliance requirements, has 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 Managing Director, APAC, Dev Dhiman in a statement said: “Financial institutions need to carefully consider their financial crime management investment strategy.”

“Fundamentally, their approach needs to be sustainable in terms of IT resourcing, quickly scalable to grow new channels and business models, have the longevity in managing the complexities in existing and emerging fraud typologies, and provide a balance to better customer experience.”

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 eight key markets in APAC including Singapore, Malaysia, Indonesia, Vietnam, Thailand, Hong Kong, Australia, and the 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.

GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.

-- BERNAMA