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Financial institutions find themselves at a crossroads in how they ascertain identity in today’s digital world for account opening and onboarding. They must figure out how to prevent fraud and maintain regulatory compliance in an environment where the data elements that were once so central to both are no longer effective. These core data elements, the personally identifiable information of their customers and prospects, have nearly all been compromised. During this webinar, Javelin, Temenos (previously Avoka), and Mitek will explore this dynamic and the steps FIs and other financial service providers can take to effectively mitigate the impact of breaches on their ability to ascertain identity during the digital account opening process.
Key questions will be answered in the webinar:
- How frequently are consumers opening different types of financial accounts in digital channels?
- How have data breaches affected the value of consumer PII for ascertaining the identity of applicants?
- How has the rate of new account fraud changed with the adoption of digital account opening?
- Which regulations should FIs be concerned about when it comes to ascertaining identity in digital account opening?
- What are the necessary tools for breach-proofing the digital account opening process?
Contributing Editor – American Banker
Chief Experience Officer, Infinity – Temenos
Director, Product – Mitek
Al Pascual III
CFE Senior Vice President Research Director Head of Fraud & Security – Javelin
Temenos’ innovative solutions and cloud technology allow Varo to put products in the market very quickly and support its hyper efficient cost model to pass real value back to their consumers.
According to a global survey conducted by the Economist Intelligence Unit (EIU) on behalf of Temenos, two-thirds of banking executives believe that new technologies such as AI, machine learning will continue to have the greatest impact on the global banking sector in the next five years. AI can deliver huge benefits in financial services, particularly in the area of combatting financial crime and assisting with alert evaluation where it can deliver a significant return on investment. In acknowledgment of this, regulators are encouraging innovation, including harnessing new technologies, however, with caution that decisions need to be explainable and auditable. Join Professor in AI Hani Hagras, and Adam Gable in this session to learn why there does not need to be a trade-off between the accuracy of predictions and the ability to explain them. Find out how you can use Temenos Financial Crime Mitigation as a “plug in” service to offer real-time fraud, AML and sanctions screening to your payment and product offerings, helping you to better protect your organization in the digital age and reduce timely and costly overheads, powered by Temenos’ industry-leading Explainable AI platform.