Authentication & Security

Enhancing Risk Management with Machine Intelligence

MEDICIGlobal Head of Content

Risk management remains one of the most critical areas of development for financial institutions: even though the average support center call is estimated to cost $4.00 in the US, adding up to a significant expense if a support center receives hundreds or thousands of calls per day – it does not compare to the cost and a damage of various forms of fraud to banks, consumers, and merchants. The Ingenico Group estimates that merchants lose on average 1.5% of their annual revenue to fraud attacks, which represents product and service losses, chargeback fees, and potential scheme programs. Meanwhile, identity theft and fraud cost consumers more than $16 billion.

Risk management practices have evolved over the decades of stumbling upon emerging and traditional risks in banking, changing the bank-FinTech narrative from competition towards a hybrid strategy. Estimates suggest that 8 out of 10 institutions foresee making strategic partnerships with P2P lenders, digital money transfer platforms, and myriad other firms that are reshaping the business of money. About 50% of the world’s financial services firms are planning to acquire FinTech startups in the next several years.

Heavy focus on the adoption of advanced technologies in...

Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.