CustomerXPs announced the launch of Clari5 Sherlock, which smartly fights multi-channel banking frauds, by using a combination of extreme big-data analytics and leveraging the location of customers’ mobile in real-time. The product was launched in the recently concluded Arabian Banking Technology Exhibition and Conference (ABTEC) 2014 in Bahrain. CustomerXPs is the leading provider of real-time multi-channel fraud management products for global tier1 banks.
As per IBM, global banking fraud losses amount to 3.5 billion dollars each year. Fighting this menace requires the convergence of massive real-time big data analytics and mobility – Clari5 Sherlock is the innovation in this space. Clari5 Sherlock detects change in the location by using customers’ telephone networks, GPS, Internet login behavior, credit/debit card spend locations, engages in adaptive learning & behavior analytics thereby effectively closing the loop with the customer.
“Banking is the only industry where the entire life of a customer passes through it and banks should use this unified intelligence to fight fraud and manage relationships. However it is surprising that very few banks have the capability to leverage this unified intelligence, as they have deployed silo based legacy solutions for each channel individually and oftentimes solutions created for other industries. The need of the hour is a banking solution designed and created specifically for banks – which brings a unified real-time fraud intelligence across all channels and core banking, to fight frauds differently, using the power which only a bank has. Clari5 Suite of products in general and Clari5 Sherlock in particular address this burning need” said Rivi Varghese, CEO, CustomerXPs.
CustomerXPs is the leading provider of real-time multi-channel enterprise fraud and customer experience management products for global tier1 banks. CustomerXP’s differentiated approach to extreme real time analytics ensures that the bank can bring to bear the entire collective intelligence within the short transaction window itself to modify, stop, value add to the transaction in real-time across all systems in the bank. This bestows the bank with hitherto unavailable capability to prevent fraud, cross-sell/up-sell, manage customer experience, increase productivity, cross-sell etc. CustomerXPs is live with the worlds largest such implementation(s), wherein every transaction on each of the 80Million account of a bank is interpreted in real-time and checked for fraud, cross-sell, customer experience during the transaction window itself – all this running on horizontally scalable commodity hardware.
Sheetal Sharma: firstname.lastname@example.org