Industry Challenges

Banking industry is facing significant challenges: increasing demand for real-time operations, increasing volume of online channel transactions, increasing security & fraud challenges, increased regulatory demand for better credit risk management, pressure for operational cost reduction, and revenue generation are on top of the list of any retail bank. ReadiMinds is able to cost-effectively help retail banks address these challenges, as follows:

• Online Security & Financial Frauds: ReadiONE takes a holistic view of online security & fraud prevention. It uses multiple security & fraud prevention layers to achieve this objective. Together, they first provide transaction security - phishing and identity protection. System then undertakes monitoring activity across channels, accounts and transaction types in real-time: correlating & detecting fraud scenarios, and reducing false-positives. System then mitigates any loss event at the right-time, irrespective of the method or channel used for attack.
• Strengthen Credit Risk Management: ReadiSCORE learns from existing customer profiles and historical contextual transaction data, and "predicts" the future outcome for a given new credit application, thereby significantly reducing chances of asset's non-performance. Based on artificial intelligence techniques, system self-learns with each new transaction, providing objectivity, reducing domain dependence, and improving decision making, for significantly improved credit risk management.
• Regulatory Compliance: ReadiONE actively monitors for compliance scenarios across online systems and helps meet them at the right-time, thereby mitigating the risk of non-compliance.
• Operational Cost Reduction & Revenue Generation: In today's budget constrained environment, ReadiONE: a fully-configurable zero-code system designed for Business Analysts, results in faster implementation and significantly reduced total cost of ownership. System also provides additional revenue generation capability with real-time cross/up-sell functionality.
• Improve Return on Investment:
For better ROI, progressive banks are increasingly opting for a multi-purpose solution platform, as opposed to multiple point/piece-meal solutions. This enables bank to roll-out transaction security, comprehensive fraud and risk management, real-time AML, meet compliance guidelines, or generate revenue by cross/up-sell on the same platform, as the requirements grow.

ReadiMinds Solutions for the Retail Banking Industry

ReadiMinds offers a single cost-effective software platform for retails banks to manage financial crime, security, risk & compliance challenges.

• Transaction Security: Single hassle-free "software" solution comprising of "Software 2FA" and "Site Authentication", providing protection against identity frauds and phishing/pharming attacks.
• Cross-Channel Fraud Prevention: Helps prevent financial frauds across various remote banking channels like Internet, Mobile, ATM, Phone, etc. Provides holistic, real-time, multi-layered approach to counter increasingly complex and sophisticated fraud attacks! Banks can also take layer-by-layer implementation approach – as volumes and requirements grow – future proofing the investment.
• Real-Time Anti-Money Laundering: Helps prevent money laundering in real-time.
• Credit Risk Management: Provides artificial intelligence based “Predictive” Risk Scoring to identify potential credit risk well in advance, so as to minimize losses and maximize opportunities.
• Real-Time Enterprise Risk Monitoring & Mitigation: Monitors key risk events and indicators in real-time - within the organization and outside - across systems and channels – across business units and risk types - correlates them - detects risk patterns- scores severity – and provides a real-time business insight with dashboard, and alerts when so required and either automatically mitigates the risk or allows you to manually resolve incidents / respond to it.