For a financial services organisation, the customer experience shift to digital channels piled more pressure on their already-strained customer support resources. Simultaneously, the time and cost of investigating suspicious incidents continue to increase. It was time for a change.

Challenges to solve

In addition to reducing investigation time and costs along with easing the burden on customer support, there were other challenges that needed to be addressed. With their existing system, when this company was investigating an alert, they were unable to tell if the issue was an internal fraud problem or had come from an external source. Verifiable proof of certain actions—or lack of action— was also a huge issue regarding both disputes and customer protection. For example, in case of a service dispute, a local branch might claim that no one from their location used their system, and the company had no way to prove or disprove this assertion. If an employee of that branch abuses the company services to access private information on an ex-spouse or a friend, they could not identify this behavior or who had accessed records after hours.

Finally, the financial services industry is heavily regulated. This organisation needed to stay compliant with a huge list of privacy of data regulations, such as FCRA, CCPA and GLBA.

Solution choice

This financial services customer had a longstanding relationship with Bottomline. The company performed their due diligence, and confirmed that no other vendor offered as robust as solution as Bottomline Technologies did. This conclusion was independently validated by industry analyst reports, so they chose Bottomline’s leading solution that addressed all of their business challenges: Record and Replay.

With Record and Replay, organisations are given the tools to not only investigate internal and external fraud, but also to increase their ability to prevent it. Hosted in the cloud, the system helps investigators by monitoring internal and external applications and data in the cloud. A consolidated view of multiple systems gives users the ability to quickly pinpoint the source of fraud – whether it was an external source like account takeover or an employee acting fraudulently. And, because the company can play back the exact actions of a person, screen by screen as they follow the audit trail, they have the historical evidence and concrete proof needed to support their conclusions.

Results and outcomes

The financial services firm uses a managed service from Bottomline for Record and Replay in the cloud. Today, the solution monitors more than 20,000,000 transactions per day. In addition, being able to access the transaction forensics and supply irrefutable evidence has eased the burden on both fraud investigators and customer support specialists.

This institution uses Record and Replay to monitor and reward customer service representatives, as well as detect employees who break company policy. It also uses Record and Replay as an opportunity to socialise that a program exists and “you are being monitored”.

Conclusion

Whether a transition to the cloud is a compelling event, as it was for this customer, or whether an organisation’s existing solutions have outgrown their evolving needs, Bottomline has the skill, expertise, and advanced technology to meet even the most complex of financial services companies’ needs.

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