MARCH - 20219The increased fraud requires a better response system. As clients reach out for help after falling victim to fraud schemes, a quick response with a clear resolution will ease the client's mind and further strengthen the relationship. There is an opportunity for banks to continue providing value-added services to help clients detect and deter potential fraud early on. Make clients part of your anti-fraud defense system. In the fight against fraud, banks and their clients are in this together. Timely and Actionable Intelligence Under the pandemic, the need to access key intelligence becomes more urgent. The quarterly or monthly rear-view reports became less relevant in a rapidly evolving environment. Insights from real-time data are essential to support timely decisions. The edge of an institution does not come from solely owning a large amount of data. It is the ability to use the data to drive timely and meaningful actions. To better satisfy such needs, the data environment needs to be configured to support the analytics mandate. A high degree of automation and deployment of AI should be pursued. One thing we learned in 2020 is that the workforce is subject to interruption by many events, such as social unrest, natural disasters, and the pandemic. The automated solution enabled by technologies would reduce such operational risk. Invest for the FutureBanks have demonstrated resilience during the pandemic. Now it is time to look forward and invest in the future. With the economic uncertainty in the midst of the pandemic, the decisions of investment might not come easy. However, the sooner the adoption of key technologies, the earlier a bank can reap the benefit of digitalization, capture the key data, act upon the derived insights, and accelerate the learning through positive feedback loops. Banks also need to invest in their employees, via various programs such as diversity, mental health, and technology training. There might be different paths before banks in the digital age, but the pandemic clearly set the direction for the industry BCWith increasingly interconnected systems, there are more entry points for cybercriminals. Third-party risk management needs to be an integral part of the bank's cyber strategy
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