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IDC: Banks to Spend an Additional USD $31 Billion on Embedded AI on Existing Software, Fraud Management a Priority
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August 5, 2022 News

 

In its recent report “Staying Ahead of Fraud in 2022 and Beyond: A Principles-Based Guide for Asia/Pacific Financial Institutions,” IDC found that banks worldwide are expected to spend an additional USD $31 billion on Artificial Intelligence (AI) embedded in existing systems by 2025. Similarly, in a recent IDC survey of banking executives worldwide, fraud management featured strongly as a priority.

“In the process of coming up with digital products and services, new channels and new payments methods, businesses might be overestimating the adequacy of their current defense mechanisms against fraud. What worked well before simply would not be enough now in the more digital world of business. There needs to be a constant upgrade of fraud management capabilities,” says Michael Araneta, Associate Vice President at IDC Financial Insights.

The upcoming IDC Conference: Financial Insights from the 16th of August to the 8th of September 2022, will keep financial institutions (FIs) ahead of fraud trends by following key principles on how FIs can prevent and manage fraud risks without piling up solutions only to stay current on fraud trends. Join IDC Asia/Pacific’s Financial Insights Analysts and industry experts from Maybank, Standard Chartered Bank, HSBC Bank, DBS Bank, TMBThanachart Bank, Kyndryl Hong Kong, Callsign, ServiceNow and many more as they dive deeper into country-specific challenges faced by FIs and the new capabilities that they have to master to position themselves as the orchestrator for industry ecosystems.

“This is a unique time in financial services. The industry is amid two crisis scenarios, each side requiring solutions that can run counter to each other. Government policy has to manoeuver, and financial services institutions—banks, insurers, capital market firms—must balance between the chase for revenue and risk management,” says Araneta.

IDC Conference: Financial Insights will engage over 7,000 users from the banking, financial services, and insurance industry (BFSI) across 10 countries in Asia/Pacific, focusing on themes and topics such as:

  • Data-Driven Digital Innovation
  • Core Transformation: Multi-Core Approach
  • Cloud Management: Right Sizing, Optimising and Refining
  • Trust: Data Security and Customer Data Privacy
  • Green and Sustainable Finance

“By 2023, the industry will also be into platform-building, which allows financial services to be externalized and extended to third parties. We see earlier efforts in open banking bearing fruit, but we also note the industry is progressing further into platforms and pursuing new collaborations like banking as a service (BaaS) and digital lifestyle ecosystems. What is very clear is that being digital-first means being attuned to the unique moment in the recovery of financial services,” Araneta adds.

Register today and be part of this year’s IDC Conference: Financial Insights. Join the BFSI industry in discussing new capabilities financial institutions need to master to build data-driven businesses and innovate through data and technology platforms.

For more information on this event, please contact Sok Yee Tham at sytham@idc.com. For media queries, please contact Tessa Rago at trago@idc.com or Michael De La Cruz at mdelacruz@idc.com.

 

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