IndusInd Bank has won the Celent Model Bank 2017 Global Award for Fraud Management and Cybersecurity for driving a unique initiative, namely how to leverage the investments in fraud management to pay for itself. In the innovation, IndusInd Bank not only implemented the real-time enterprise wide cross-channel fraud and AML management platform, but also began reusing in-memory data to offer simultaneous real-time cross-sell and upsell.
IndusInd Bank chose the new generation enterprise approach for fraud management as against the dated and easier channel silo based approach, as it enabled a 'segment of one' thinking for everything in the bank and connected 15 Real-time and 7 Batch systems. Clari5 implemented a 'central nervous system' that revolutionized IndusInd Bank's Fraud and AML Management in a very short period, which by itself is a commendable.
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