Unique Data Challenges for Banks

Banks face unique challenges when it comes to data management and fraud detection, especially in new client onboarding and account opening processes. Key events such as bank losses from the 2008 global financial crisis and repetitive breaches in customer security have driven banks to seek ways to quickly and efficiently identify fraudulent activity.
Recent trends show that banks are benefiting from taking a more centralized approach when it comes to accessing and utilizing data. Streamlined data helps to eliminate the “swivel-chair” approach—processing basic client information using multiple systems spread across multiple screens. As a result, banks are able to scale fraud best practices enterprise-wide.
While traditional credit bureaus and consumer reporting agencies perform due diligence on credit stability, they fail to identify fraud signals that plague banks and customers from the very beginning of the onboarding process. Ekata offers non-personal identifiable consumer data that exists outside of FCRA regulations. This data can be leveraged at the top of new account workflows to accelerate legitimate applications and to filter possible fraudulent ones for further assessment.
Ekata helps banks simplify and accelerate legitimate account openings while enabling the identification and prevention of fraudulent accounts from entering the banking system. Pro establishes over 1,000,000 linkages daily across our data attributes to provide a bank with a 360-degree view incorporating a customer’s name, phone number (fixed and cellular), physical address, internet proxy and email address.
We help banks meet the customer demands of speed and ease while also protecting the institution from the new fraud pathways online banking exposes.
Click here to learn more about how Ekata can help banks quickly and accurately verify new accounts with real-time data.

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