Celent Model Bank 2016, Part VI: Case Studies in Security, Fraud, and Risk Management

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12 April 2016


The vision for Celent’s Model Bank research, now in its ninth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer three questions below.

Every year we suggest five to eight categories and invite banks to nominate their technology initiatives. We review all nominations and recognize a number of them — up to four per category — with a Model Bank award.

In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:

  1. Digital Banking Transformation
  2. Omnichannel Banking
  3. Digital Payments and Cards
  4. Corporate Payments and Infrastructure Modernization
  5. Cash Management and Trade Finance
  6. Security, Fraud, and Risk Management
  7. Legacy and Ecosystem Transformation

In Part 6, Celent profiles two award-winning initiatives in security, fraud and risk management.

  • Alfa-Bank – Central default platform for Basel II and III requirements
  • USAA – Multi-factor biometrics authentication options

Security, fraud and risk management across banks are very broad and deep areas. Banks have worked hard to manage the different risks across their institutions. It has been and will remain costly, time consuming and a top priority. Fortunately, data technologies and advanced analytics are enabling risk management techniques that will help risk managers make informed and holistic choices about risks.

“It is clear that the leading banks are starting to take tighter control of the different risks they face across their organizations. Banks are becoming more flexible, streamlined and holistic in their approach to managing risk and compliance,” says Joan McGowan, Senior Analyst with Celent’s Banking Group and author of the report. “It was particularly notable in several of the submissions that banks are actively beginning to develop digital risk frameworks and appropriate tools and techniques for access to and use of new banking products and channels.”

Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.

This 26-page report contains two Celent Model Bank case studies, five tables and six figures.