Stringent regulatory reforms, customers utilising online and mobile banking, and a need for better security and control over online fraud have encouraged banks to update their IT systems. In June 2013, leading US bank Capital Bank implemented the SAS Anti-Money Laundering solution, part of the SAS Financial Crimes Suite. The technology infrastructure enables the bank to prevent and manage financial crimes. It automatically alerts the bank of any suspicious or illegal transactions, helping it to initiate investigations and control risks.
Importance of Customer Relationship Management Systems
Increasingly, Retail banks are utilising customer relationship management systems and consumer analytics to identify new customer groups and offer customised products and services to targeted customers. Moving away from the former one size fits all method of marketing.
Technology is viewed as the primary driver for increasing revenues through targeted product offerings, identifying new customer segments, and offering customised reward programs. It is also being used to reduce costs through process enhancements and offering superior services through low-cost channels such as online, social media, and mobile.
The Timetric report: ‘2020 Foresight: Maximizing Retail Banking Cost Efficiencies’ was published in September 2013
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