Banks Need More Technology to Stay Ahead of Fraudsters

As more financial institutions warm up to banking platforms for risk mitigation and fraud prevention, true digital transformation may take longer for some players.

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Sabyasachi Goswami, CEO of Perfios Software Solutions, tells Anirban Bera. Excerpts:

What is the outlook for your international business?

The outlook is definitely one of steady growth. Financial crime is growing at an alarming pace, and traditional approaches are no longer good enough. Banks and financial institutions need more AI-driven real-time intelligence to stay ahead of fraudsters. We have sensed a real opportunity in the risk mitigation and financial crime management space. We believe our solutions have the right fitment for global problems.

What was the rationale behind the Clari5 acquisition?

Clari5 has a product that complements what we have built, and it is a category creator in its own financial crime management space. If we integrate that with Perfios’ deep expertise in financial data aggregation analytics, we can build a comprehensive fraud and risk mitigation ecosystem. We are trying to create an AI-powered solution that will enable financial institutions globally, not only in India, to detect, investigate, and mitigate frauds in real time.

How do Clari5’s solutions fit into your products?