SINGAPORE – Media outreach – 27 September 2022 – Rizal Commercial Banking Corporation (RCBC) and its technology partner, GBG (AIM:GBG), experts in digital tracking, identity verification and fraud software, have been awarded Initiative of the Year in AI and Machine Learning – Philippines and Fraud Initiative of the Year – Philippines at the Asian Banking & Finance (ABF) Retail Banking Awards 2022. The ABF Retail Banking Awards is an annual event that recognizes outstanding banks and financial companies across the Asia-Pacific region for their innovative retail products, services and strategies that have had a positive impact on customers and industries in the region.
Bernardi Susastyo, Managing Director of Asia, GBG, said, “We are deeply honored to be recognized for our work in AI, Machine Learning and the Philippines Anti-Fraud Initiative at the ABF Awards. At GBG, we strive to innovate and Continually expanding our fraud prevention capabilities to help customers like RCBC achieve the highest levels of security and compliance while building digital trust and minimizing risk.
“We thank RCBC for its partnership and collaboration in building its corporate financial crime management systems. The impressive results we have achieved together have been essential in preparing RCBC to effectively fight financial crime, and these ABF awards are testament to our leadership and innovation in the industry.
As 2022 promises to be a year of fine-tuning digital strategies, 71% of technology decision makers acknowledge that the pandemic has resulted in an acceleration of digital transformation efforts in their organizations. As more and more technologies are adopted in the era of Industry 4.0, it is even more crucial for financial institutions (FIs) to understand how to combat the increased sophistication of fraud management.. Machine learning (ML) and artificial intelligence (AI) will remain crucial in the fight against fraud and financial crimes like money laundering.
According to a study commissioned by GBG by IDC, Next Generation Financial Crime Management Solution48.9% of banks and FIs consider unsupervised ML an important feature, and 76.8% indicate their preference for purchasing a financial crime management solution or using managed services from a solution provider.
As regulators urge industry institutions to digitally transform, improve their security profile and protect their risk and compliance management capabilities, RCBC has capitalized on the opportunity and deployed the strong portfolio of management technologies GBG’s Enterprise Risk Management to integrate its risk management capabilities and coordination efforts. RCBC’s primary goal was to effectively address fraud investigations through automation while improving the customer experience across all channels.
With GBG on board, RCBC was able to leverage the platform’s user-friendly web-based client interface and the latest technologies and ML models to perform multi-channel monitoring of client transactions to detect fraud and other complex financial crimes. , as well as ensuring the fight against money. anti-money laundering (AML) compliance in one platform. By delivering these solutions on a single omnichannel platform for a more holistic fraud management strategyRCBC was able to switch from post-trade monitoring to real-time trade monitoring and increasing resources as financial crime typologies evolve.
“We have partnered with GBG to transform our fraud risk management system, which has improved our real-time anti-money laundering monitoring capabilities,” said Nilo Zantua, Senior Vice President and Chief Technology Officer, RCBC. “Machine learning and AI continue to be an important feature as we rely on this form of analytics to predict what new types and campaigns of fraud might look like and proactively defend against them.
“This is especially important because traditional rules-based solutions have high false positive rates, which contribute significantly to alert fatigue and an inefficient approach to resource management.”
Bernardi Susastyo, Managing Director of Asia, GBG, said, “As a leader in this field, GBG aims to focus on fraud management systems with deep expertise and insight into the evolution of fraud crimes and the types of solutions and innovations best suited to defend against them. We are also very much in step with changing regulatory standards coming into force in different markets, allowing us to improve our systems to help customers stay compliant as legislation changes.
“At GBG, we continue to strive not only to be a reputable partner in helping banks and financial institutions at risk from fraudsters and financial criminals, but also to help them provide a high quality service and solution. without compromising security and customer confidence in their brand.Our goal is to work with these organizations to improve their customer experience by fostering trust in the digital world, mitigating financial crime risks and ensuring compliance with regulatory requirements. in our diverse and complex region.
GBG currently serves over 20,000 clients in 70 countries, including leading banks and fintechs in the region.
We are the experts in digital location, identity, and fraud and compliance risk management. Helping organizations around the world eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses worldwide.
Through the combination of the latest technology, the most accurate data and our unparalleled expertise, GBG helps organizations ranging from start-ups to the world’s leading consumer and tech brands to deliver seamless experiences, so their customers can transact online with greater confidence.