Celent x Hawk Report

Trends in Fraud & AML Convergence at US Mid-Market Banks & Credit Unions

A comprehensive overview of how mid-market banks and credit unions in the United States are perceiving and approaching the convergence of fraud and AML

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More than half of US mid-market banks and credit unions see the practical and economic value of a FRAML approach and have already taken steps in the direction of fraud and AML convergence

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60%
 
Have implemented some degree of integration between fraud and AML processes
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77%
 
Expect to save over $1M within the first 5 years of convergence, and over a third of responders expect the savings to exceed $5M 
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53%
 
Have merged at least some of their technology/systems

Why is a FRAML approach becoming necessary?

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Pros of adopting a FRAML approach

  • Increased operational efficiencies

 

Learn about the current state of FRAML in US mid-market banks and credit unions

Despite growing interest, most financial institutions struggle with consolidating their fraud and AML efforts, the main challenges being:

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Siloed data & fragmented insight
 
30% of banks report difficulties in consolidating their data
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Bolting fraud & AML systems together
 
37% of banks are challenged with integrating their separate AML and fraud systems
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Integrating real-time & batch processes
 
43% of banks are challeneged with unifying the mechanics of AML and Fraud
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Building a compelling business case
 
83% of responders struggle with proving the business value of a FRAML approach

In order for mid-market financial institutions to reap the benefits of fraud and AML convergence, they need a solution built to enable a true FRAML approach

The Unsustainable Way

Siloed data storing and processing
Fragmented insights that are hard to interpret
Limited investigator clarity and black-box alerting based on partial information
Lack of agility and lag in adapting to regulatory changes 
Operational inefficiencies and inefficient distribution of resources across teams

The Hawk Way

Shared data, used across use cases
Consolidated insights for faster, informed decisions
White-box, explainable AI for quick, substantiated decision-making
Agile and versatile system, with real-time, on-demand, and batch optionality
Optimized, consolidated resources across fraud and AML teams 
3-5x
 
Higher Precision
70%
 
False Positive Reduction
$1-5M
 
Estimated cost savings in the first 5 years
Address risks at speed

Address risks at speed

​Hawk blocks suspicious transactions in true real-time (200ms), allowing you to optimize rule coverage with self-serve rule configuration and sandbox testing. ​

Strengthen defenses without adding complexity

​Sharpen threat detection and slash false positives with AI. The clarity of the explanations simplifies investigations and significantly improves decision-making. ​

Strengthen defenses without adding complexity
streamline operations

Streamline Operations

Reduce maintenance and accelerate investigations with a single, consolidated system.​

 

Celent x Hawk Report

Trends in Fraud & AML Convergence at US Mid-Market Banks & Credit Unions

Discover:

> How US mid-market banks and credit unions view and approach the convergence of fraud and AML

> The estimated ROI of a FRAML approach

> Pros & cons of consolidating your fraud and AML processes

> How to leverage AI for Fraud and AML