Commentaries and insightful analyses on the world of finance, technology and IT.

« August 2020 | Main | February 2021 »

December 22, 2020

Excavate opportunities around Disparate FinCrime case management systems!

Alert and Case management is the spine of any Financial Institution to effectively tackle financial crime activities such as fraud and money laundering. It is vital for FI to be compliant with regulatory requirements and avoid any reputational damage. I happened to deep dive into the FinCrime case management landscape recently and thought of sharing my view with this blog.

When drilling down to FinCrime case management solutions, one of the major bottlenecks for the effective and efficient decision-making process for investigators is

  • Disparate IT systems for each LOB or departments causing unavailability of required data for investigation in one place

While there are many challenges around case management solutions, I would like to focus in this blog primarily on disparate IT systems.

I think even top financial institutions struggle to overcome this challenge as

  • mostly it requires an IT transformation of their much-acquainted legacy systems where reluctances from the business for the change
  • political challenges for aligning all required stakeholders across LOB
  • budgeting constraints and so on

However, FIs must integrate their siloed systems and create unified enterprise-level case management and investigation platform. This could be an adventurous move, but to stay relevant in the industry among competitors and tackle ever-growing financial crimes, this transformation journey is vital.  

To address this challenge, I have seen some FIs decide to build their in-house solutions. The advantage of an in-house solution is that the expense is limited to building the own solution from scratch and subsequent maintenance. But the challenge is on continuously scaling the solution to the latest regulatory needs, keeping in par with the latest technology advancements and R&D spent.

Alternatively, there are multiple market leaders ready with apt industry-proven out of box solutions leveraging cutting edge technologies, automation, AI/ML solutions features, and easier system integration through APIs. The advantages are no investment required from FIs on R&D, continuous scaling of the solution aligning latest technological advancement. However, the challenges are the dependency on the third-party vendor for of out of box product-related fixes and limitations, EOL related issues, and in some cases hefty licensing cost.

Largely, considering the pros and cons, I feel, most of the FIs inclined to go with third-party solutions with proven market leaders. 

NICE Actimize is one such market leader in fraud and AML case management solutions. They are providing unified case management solutions that can be quickly and easily integrated with interfacing systems. They have elevated their RCM/ECRM solutions by augmenting RPA, AI/ML capabilities to further bolster and provide a unified alert and case management solution which is called NICE Actimize ActOne.

Some of the ActOne features such as Automated Entity Resolution, advanced automated work allocation to eliminate manual work allocation, productivity studio to measure operational efficiencies, RPAs for advanced automation, and process consistency are some of the key differentiators that will help address operational inefficiencies resulting in significant productivity improvement and cost savings.


Needless to say, a variety of products and solutions such as Pega, Appian are available and FIs can choose the right one that is most suitable for their environments by doing specific market research.


While some of the customers, already leading their journey towards advanced unified case management systems, there are still many customers at the early stages where there are opportunities to pitch in proactively and recommend solutions. And it's the right time to excavate for such opportunities with your customer landscape!


Feel free to share your view and experience on similar case management products and solutions.