Nedbank Tackles Financial Crime with FICO Technology: South Africa’s Largest Bank Unveils Risk Intelligence Centre
Nedbank, one of South Africa’s leading financial institutions, has partnered with global analytics software leader FICO to launch a new Risk Intelligence Centre (RIC). This new initiative bolsters Nedbank’s efforts to combat financial crime, money laundering, and fraud.
Collaboration with FICO to Prevent Financial Crimes
- Nedbank and FICO have formed a partnership
- Aims to prevent financial crimes and manage related reputational and credit risks
Quote from Riana Horn, Head of Nedbank’s Risk Intelligence Centre:
Nedbank’s collaboration with FICO demonstrates our commitment to staying one step ahead of financial crime threats, ensuring our customers’ assets are secure, and maintaining the highest standards of integrity.
Simplifying Processes and Enhancing Decision Making
- Consolidates data from multiple systems and committees
- Improves processes such as offboarding relationships and closing accounts
- Integrates advanced technology to make crucial information accessible
Technological Partnership and Innovation
- Required a robust technological partner for a comprehensive system
- FICO’s technology offers powerful identity resolution and decision services
Technology Solutions Provided by FICO
- Decision services: harmonizes risk information for informed decisions
- Application studios: enhances existing systems
- FICO Identity Resolution Engine: essential identity resolution capability
Quote from Nikihl Behl, FICO’s Chief Marketing Officer:
Through the Risk Intelligence Centre, Nedbank takes the mantle of innovation in financial crime risk management, reinforcing its dedication to safeguarding its clients’ interests in an ever-evolving financial landscape. We’re proud to be part of Nedbank’s cutting-edge approach to tackling financial crime and safeguarding its reputation.
About Nedbank
- South African bank holding company
- Market capitalization of R109 billion as of December 2022
- Operations in South Africa, Namibia, Eswatini, Mozambique, Lesotho, and Zimbabwe
- Offshore operations in the Isle of Man and Jersey
- Representation offices in Africa and global financial centres
- Provides a diverse range of financial services: wholesale and retail banking, insurance, asset management, and wealth management solutions.
[Source: FICO Website, Nedbank Press Release]