Case management is such an important part of how any anti-fraud or financial crime solution works as it is where the investigator evaluates the evidence and makes decisions. The look and feel and capabilities of case management can improve the speed and accuracy of a fraud department, or negatively affect the referral and investigation process.
Looking into the future, what can we expect to see from a fraud or financial crime solution?
First of all, the system should be simple. It should present relevant information to the user quickly and allow it to be consumed easily – and it should also allow an investigator to work at speed and remove cases not of interest.
A system should be able to learn. We are constantly looking at machine learning as a mechanism to reduce referrals, find more fraud and reduce false positives. It could also support the management and investigation of potential fraud cases. Below are seven key questions to consider for effective case management in the future:
Fundamentally, a case management solution needs to not simply be viewed as a mechanism to evaluate data or referrals associated with an applicant or transaction. It should be seen as a key element in financial crime capabilities. A system could generate the most predictive referrals and be best in class, but if the presentation does not allow the information to be interpreted or investigated easily it could mean a sub optimal solution.
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