DIGITAL BANKING
That model creates what Ivan describes as“ a huge mishmash of different tools, functions, and departments”. The unified platform approach means organisations avoid duplicating infrastructure. They implement once and access all features through the same integration points, rather than maintaining multiple vendor relationships and technical integrations.
Balancing security and customer experience False positives represent a major pain point for financial institutions. Legitimate customers get blocked whilst fraudulent transactions sometimes slip through, creating both security risks and poor customer experiences.
However, Ivan notes that the problem is not always well measured or understood. Organisations looking at large volumes of customer sign-ups and transactions can easily overestimate the scale of the issue.
“ Everything has to start with proper reporting and management information to understand the size and the scale and the origin of the problem,” Ivan explains.
“ Are you losing them at the initial stage of onboarding? Are you losing them at the first transaction? Is it a recurring problem that is happening through some of your transfer channels?” NOTO’ s approach enables customers to pinpoint problems through flexible reporting. They can track the performance of their rules at any stage where they monitor and apply real-time decisions.
The platform provides tools, including simulations on historical and live data. Customers can retrain models themselves and monitor expected versus actual performance, enabling quick course corrections.
“ This is the second stage: your reaction time to changes, which also allows you to be nimble and quick in responding to new fraud patterns,” Ivan says. This agility also helps when false positive rates increase, allowing organisations to maintain acceptable levels without hurting business performance.
Having all functionality within a single platform provides end-to-end visibility of customers. Different financial crime prevention teams can see relevant activity within acceptable policy boundaries.
Compliance teams can be aware of what fraud teams are flagging and vice versa. This integrated approach contrasts sharply with organisations where different teams communicate about the same customers through email or chat.
“ If you’ re doing things offline through email and chat, then you’ re in a world of pain,” Ivan notes.
The cost question For smaller fintech companies, cost represents a significant consideration when selecting fraud prevention tools. Yet as Ivan points out, this concern isn’ t limited to emerging players alone.
“ The cost is always a consideration, big or small- the only difference is the ticket size," he says.“ By unifying fraud and AML in a single platform, NOTO reduces total cost of ownership-
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