EXPERION Technologies: Bringing Radical Change to the Retail Domain
Suresh VP, COO & Head, Product Engineering ServicesBased in India, Experion provides much-needed relief to such retail organizations. The Experion partnership with retail operations helps re-engineer IT solutions, and derives much higher value for the costs incurred. Pertaining to variance in the industry, Experion assists organizations by increasing operational efficiency and leveraging data to provide better predictions. Consumers expect a seamless experience inside the store and on digital platforms. Experion studies customer business problems and works closely with retailers to drive a holistic solution that suits their budget, addresses their security concerns and helps them transition to new systems quickly, deriving swift ROI.
The firm helps businesses save time and money with state-of-the art products, as well as partner's products in the retail domain. These are new generation and Cloud-hosted Web and Mobile-based software that manages retail stores and helps manage stock, inventory, promotions and offers, POS, scale, printers, label generation management, automatic order generation, supplier invoice processing, customer management, loyalty program, e-Commerce and m-Commerce, Business Intelligence (BI) and Data Warehousing.
We speak the client’s language, understand their concerns, and make their problems our own. We are mindful of the cost concerns and know the value of every cent spent on the project
This retail-specific integrated solution provides cost advantage and real-time information to stakeholders.
Re-delivering innovative solutions, Experion's flagship product, FieldMax, is a Cloud-hosted, digital product that empowers any field sales staff. The tool helps gain insights to retailer sentiments in real-time, thereby allowing steps to counter competition, while sensitizing salesforce to be proactive to retailer aspirations. Field sales staff are so empowered as to respond to market conditions with micro strategies, assisting them to sell more. The solution packs enterprise Web and Mobile widgets and IoT into one integrated system for maximum productivity, and combines Business Intelligence that provides better business insights. FieldMax has been implemented by 160 customers across 7 countries in the APAC and MENA regions.
"We speak the client’s language, understand their concerns, and make their problems our own. We are mindful of the cost concerns and know the value of every cent spent on the project," says Suresh. Recently, Experion worked closely with a retail consulting and solutions company in Australia whose products are being used by 70 percent of independent grocery retail businesses in the region. Experion re-engineered their software products and has been involved in the implementation process. The retail solution provided a centralized system for inventory and stock management, pricing, promotions, automatic ordering and performed a wide range of analytics and reporting. Artificial Intelligence and Machine Learning have been built into the software to make it smart and independent. This suite of solutions comes with its Finance Manager, Loyalty system, and ecommerce as well as m-Commerce.
Experion has grown to become a trusted partner for many software product companies. Their solutions are well-thought out and customized for the satisfaction of retailers and retail houses. There is also significant planning that goes into phased roll-out in a large organisation coupled with gamification to motivate people to adopt faster than their peer groups. Leveraging domain knowledge, Experion desires to work closely with business experts in project implementations, and develop into a global technology and domain consulting leader.
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Experion Technologies Among America's Fastest Growing Companies for Seven Consecutive Years with 111% Growth, Reinforcing Leadership in Digital Product Engineering
What is Financial Crime and the Effective Solutions to Combat It
Experion Technologies
Financial crime, a pervasive threat to the global financial sector, continues to evolve in complexity and scale. In 2022, financial institutions were slapped with a staggering $5 billion in fines, marking a dramatic 50% year-on-year surge, as th... hey struggled to thwart the increasingly sophisticated tactics employed by criminals. These illicit activities inflict substantial damage on organizations, with financial losses equivalent to a significant percentage of their turnovers. In 2022 alone, financial crime compliance costs reached a staggering $274 billion, up from $214 billion in 2020. This paints a stark picture of the pressing need to combat financial crime effectively.
The Unfolding Challenge of Financial Crime
Disparate Systems – Many banking and financial services institutions grapple with redundant processes, especially during customer onboarding, customer due diligence (CDD), and risk assessments. These inefficiencies not only slow down operations but also create vulnerabilities. Manual handovers and interventions further compound these challenges, leading to operational bottlenecks.
Operational Silos – The fragmentation of financial crime functions across various operations results in decentralized and partial coverage. Additionally, data is often distributed across disparate systems, making cohesive efforts difficult to achieve.
Dependencies on Third-Party Systems – Financial institutions rely on external databases for essential checks, such as Know Your Customer (KYC) and Politically Exposed Person (PEP) screenings. However, this reliance comes at a high cost per transaction. Challenges also arise when aggregating information for Counter-Financing of Terrorism (CFT) and Money Service High-Threat (MSHT) checks.
Change Management – The financial crime landscape is in a state of constant flux. Regulations evolve, cybercrime patterns shift, and geopolitical dynamics impact sanctions management. Financial institutions must continuously adapt to these changes.
Transaction Monitoring, Reporting, and Remediating – The lack of a centralized transaction monitoring infrastructure makes it challenging to detect and address suspicious activities promptly. Furthermore, staying compliant with evolving regulatory reporting requirements adds complexity to the process.
Exposure to Regulatory Fines – Financial institutions face the grim reality of regulatory fines due to customer frauds resulting from inadequate internal controls and risk management frameworks. Training employees in Anti-Money Laundering (AML) and financial fraud prevention is crucial, as is addressing irregularities in Identity and Access Management (IAM) solutions to combat cybercrimes.
Harnessing Advanced Solutions for Financial Crime Prevention
Financial institutions are not merely passive victims in the fight against financial crime; they are adopting proactive measures to address these challenges head-on:
AI and Data Analytics (D&A) Led Approach – Leveraging AI and advanced data analytics to perform the first and second lines of defense against financial crimes.
Centralizing Financial Crime Prevention Operations – A centralized approach streamlines financial crime prevention functions, dismantling operational silos that impede efficient risk mitigation.
Platform Approach – Banks are embracing platform solutions that centralize various financial crime prevention functions. This approach enables efficient monitoring and risk mitigation.
Effective Solutions for Combating Financial Crime
1. Enhanced Customer Due Diligence (CDD):
Financial institutions are ramping up their Customer Due Diligence (CDD) processes as a critical line of defense against financial crime. This involves a comprehensive examination of customer identities and the assessment of risks associated with each customer. Here’s a closer look:
o Thorough Verification: Enhanced CDD involves verifying customer identities rigorously. This means not only confirming their identity but also scrutinizing the documentation provided for authenticity. It may include verifying documents such as passports, driver’s licenses, and utility bills.
o Risk Assessment: Beyond mere identity verification, financial institutions assess the risk associated with each customer. This involves categorizing customers into various risk profiles, such as low, medium, or high risk. Factors considered may include the customer’s geographic location, the nature of their business, and their transaction history.
o Ongoing Monitoring: Enhanced CDD isn’t a one-time process. Financial institutions conduct ongoing monitoring of customer accounts to detect any unusual or suspicious activities. This ensures that any deviations from the established risk profiles are promptly identified and investigated.
2. Real-Time Transaction Monitoring:
AI-driven solutions have revolutionized the way financial institutions monitor transactions in real-time. This proactive approach allows banks to detect suspicious activities as they happen. Here’s how it works:
o Pattern Recognition: AI algorithms analyze transaction patterns in real-time. They establish a baseline of normal transaction behavior for each customer and account. When a transaction deviates significantly from this baseline, it triggers an alert for further investigation.
o Immediate Response: Real-time monitoring enables immediate response to suspicious activities. Banks can halt or flag transactions that appear suspicious, preventing potential financial crimes such as fraudulent wire transfers or money laundering.
o Reducing False Positives: AI-driven systems are designed to minimize false positives. By analyzing vast amounts of data swiftly, these systems can distinguish between legitimate transactions and genuinely suspicious ones, reducing the burden of manual review.
3. Automation of Compliance Tasks:
Automation is a game-changer in the realm of compliance. Here’s how it aids financial institutions in their fight against financial crime:
o Customer Onboarding: Automating customer onboarding processes streamlines the collection of necessary information and documentation. It ensures that all required data is collected accurately and consistently.
o Document Verification: Automation verifies the authenticity of customer-provided documents. Advanced algorithms can detect counterfeit documents or discrepancies, reducing the risk of fraudulent account creation.
o Reporting: Compliance with regulatory reporting requirements is a labor-intensive task. Automation of these processes ensures that reports are generated accurately, consistently, and in compliance with regulations.
4. Behavioral Analytics:
Behavioral analytics is a sophisticated tool for identifying unusual patterns and behaviors that may indicate fraudulent activities. Here’s how it contributes to financial crime prevention:
o User Behavior Profiling: Behavioral analytics builds profiles of user behaviors over time. This includes typical transaction volumes, locations, and timing. Deviations from these patterns trigger alerts.
o Anomaly Detection: Advanced algorithms identify anomalies or outliers in transaction data. These anomalies could signify potential fraud, such as account takeovers or unauthorized access.
o Continuous Learning: Behavioral analytics systems continuously adapt and learn from new data. This ensures that they become more accurate in distinguishing normal behavior from fraudulent activity over time.
5. Collaboration and Information Sharing:
Financial institutions recognize the value of collaboration and information sharing in combating financial crime. Here’s how it works:
o Peer Collaboration: Banks increasingly cooperate with other institutions within the industry. They share information and insights about emerging financial crime threats. By pooling their collective knowledge, they can identify trends and potential risks more effectively.
o Regulator Engagement: Collaboration extends to regulatory authorities. Banks engage with regulators to stay abreast of evolving compliance requirements and to provide feedback on challenges faced in implementing these regulations.
o Threat Intelligence Sharing: The sharing of threat intelligence, including indicators of compromise (IoCs) and tactics, techniques, and procedures (TTPs), helps banks proactively defend against known and emerging threats.
6. Training and Awareness:
Investing in training programs is critical to educating employees about financial crime risks and prevention measures:
o AML and Financial Fraud Awareness: Employees receive training on Anti-Money Laundering (AML) regulations and financial fraud prevention. They learn to recognize red flags and suspicious activities.
o Cybersecurity Awareness: Employees are educated about cybersecurity best practices, including the importance of strong passwords, secure email practices, and safe web browsing.
o Reporting Procedures: Training ensures that employees know how to report any suspicious activities or potential financial crimes promptly.
These effective solutions are part of a multifaceted approach that financial institutions employ to combat the ever-evolving landscape of financial crime. By embracing technology, fostering collaboration, and maintaining a vigilant workforce, banks aim to protect their assets, customers, and the integrity of the financial system.
Conclusion: Rising to the Challenge
Financial crime remains a formidable challenge for financial institutions worldwide, posing substantial financial and reputational risks. However, the financial industry is actively addressing these challenges by harnessing advanced technologies, centralizing operations, and fostering collaboration. By implementing effective solutions, financial institutions aim to mitigate the risks associated with financial crime, ensuring the integrity of the global financial system and protecting the interests of stakeholders worldwide.
Read more
Financial crime, a pervasive threat to the global financial sector, continues to evolve in complexity and scale. In 2022, financial institutions were slapped with a staggering $5 billion in fines, marking a dramatic 50% year-on-year surge, as th... hey struggled to thwart the increasingly sophisticated tactics employed by criminals. These illicit activities inflict substantial damage on organizations, with financial losses equivalent to a significant percentage of their turnovers. In 2022 alone, financial crime compliance costs reached a staggering $274 billion, up from $214 billion in 2020. This paints a stark picture of the pressing need to combat financial crime effectively.
The Unfolding Challenge of Financial Crime
Disparate Systems – Many banking and financial services institutions grapple with redundant processes, especially during customer onboarding, customer due diligence (CDD), and risk assessments. These inefficiencies not only slow down operations but also create vulnerabilities. Manual handovers and interventions further compound these challenges, leading to operational bottlenecks.
Operational Silos – The fragmentation of financial crime functions across various operations results in decentralized and partial coverage. Additionally, data is often distributed across disparate systems, making cohesive efforts difficult to achieve.
Dependencies on Third-Party Systems – Financial institutions rely on external databases for essential checks, such as Know Your Customer (KYC) and Politically Exposed Person (PEP) screenings. However, this reliance comes at a high cost per transaction. Challenges also arise when aggregating information for Counter-Financing of Terrorism (CFT) and Money Service High-Threat (MSHT) checks.
Change Management – The financial crime landscape is in a state of constant flux. Regulations evolve, cybercrime patterns shift, and geopolitical dynamics impact sanctions management. Financial institutions must continuously adapt to these changes.
Transaction Monitoring, Reporting, and Remediating – The lack of a centralized transaction monitoring infrastructure makes it challenging to detect and address suspicious activities promptly. Furthermore, staying compliant with evolving regulatory reporting requirements adds complexity to the process.
Exposure to Regulatory Fines – Financial institutions face the grim reality of regulatory fines due to customer frauds resulting from inadequate internal controls and risk management frameworks. Training employees in Anti-Money Laundering (AML) and financial fraud prevention is crucial, as is addressing irregularities in Identity and Access Management (IAM) solutions to combat cybercrimes.
Harnessing Advanced Solutions for Financial Crime Prevention
Financial institutions are not merely passive victims in the fight against financial crime; they are adopting proactive measures to address these challenges head-on:
AI and Data Analytics (D&A) Led Approach – Leveraging AI and advanced data analytics to perform the first and second lines of defense against financial crimes.
Centralizing Financial Crime Prevention Operations – A centralized approach streamlines financial crime prevention functions, dismantling operational silos that impede efficient risk mitigation.
Platform Approach – Banks are embracing platform solutions that centralize various financial crime prevention functions. This approach enables efficient monitoring and risk mitigation.
Effective Solutions for Combating Financial Crime
1. Enhanced Customer Due Diligence (CDD):
Financial institutions are ramping up their Customer Due Diligence (CDD) processes as a critical line of defense against financial crime. This involves a comprehensive examination of customer identities and the assessment of risks associated with each customer. Here’s a closer look:
o Thorough Verification: Enhanced CDD involves verifying customer identities rigorously. This means not only confirming their identity but also scrutinizing the documentation provided for authenticity. It may include verifying documents such as passports, driver’s licenses, and utility bills.
o Risk Assessment: Beyond mere identity verification, financial institutions assess the risk associated with each customer. This involves categorizing customers into various risk profiles, such as low, medium, or high risk. Factors considered may include the customer’s geographic location, the nature of their business, and their transaction history.
o Ongoing Monitoring: Enhanced CDD isn’t a one-time process. Financial institutions conduct ongoing monitoring of customer accounts to detect any unusual or suspicious activities. This ensures that any deviations from the established risk profiles are promptly identified and investigated.
2. Real-Time Transaction Monitoring:
AI-driven solutions have revolutionized the way financial institutions monitor transactions in real-time. This proactive approach allows banks to detect suspicious activities as they happen. Here’s how it works:
o Pattern Recognition: AI algorithms analyze transaction patterns in real-time. They establish a baseline of normal transaction behavior for each customer and account. When a transaction deviates significantly from this baseline, it triggers an alert for further investigation.
o Immediate Response: Real-time monitoring enables immediate response to suspicious activities. Banks can halt or flag transactions that appear suspicious, preventing potential financial crimes such as fraudulent wire transfers or money laundering.
o Reducing False Positives: AI-driven systems are designed to minimize false positives. By analyzing vast amounts of data swiftly, these systems can distinguish between legitimate transactions and genuinely suspicious ones, reducing the burden of manual review.
3. Automation of Compliance Tasks:
Automation is a game-changer in the realm of compliance. Here’s how it aids financial institutions in their fight against financial crime:
o Customer Onboarding: Automating customer onboarding processes streamlines the collection of necessary information and documentation. It ensures that all required data is collected accurately and consistently.
o Document Verification: Automation verifies the authenticity of customer-provided documents. Advanced algorithms can detect counterfeit documents or discrepancies, reducing the risk of fraudulent account creation.
o Reporting: Compliance with regulatory reporting requirements is a labor-intensive task. Automation of these processes ensures that reports are generated accurately, consistently, and in compliance with regulations.
4. Behavioral Analytics:
Behavioral analytics is a sophisticated tool for identifying unusual patterns and behaviors that may indicate fraudulent activities. Here’s how it contributes to financial crime prevention:
o User Behavior Profiling: Behavioral analytics builds profiles of user behaviors over time. This includes typical transaction volumes, locations, and timing. Deviations from these patterns trigger alerts.
o Anomaly Detection: Advanced algorithms identify anomalies or outliers in transaction data. These anomalies could signify potential fraud, such as account takeovers or unauthorized access.
o Continuous Learning: Behavioral analytics systems continuously adapt and learn from new data. This ensures that they become more accurate in distinguishing normal behavior from fraudulent activity over time.
5. Collaboration and Information Sharing:
Financial institutions recognize the value of collaboration and information sharing in combating financial crime. Here’s how it works:
o Peer Collaboration: Banks increasingly cooperate with other institutions within the industry. They share information and insights about emerging financial crime threats. By pooling their collective knowledge, they can identify trends and potential risks more effectively.
o Regulator Engagement: Collaboration extends to regulatory authorities. Banks engage with regulators to stay abreast of evolving compliance requirements and to provide feedback on challenges faced in implementing these regulations.
o Threat Intelligence Sharing: The sharing of threat intelligence, including indicators of compromise (IoCs) and tactics, techniques, and procedures (TTPs), helps banks proactively defend against known and emerging threats.
6. Training and Awareness:
Investing in training programs is critical to educating employees about financial crime risks and prevention measures:
o AML and Financial Fraud Awareness: Employees receive training on Anti-Money Laundering (AML) regulations and financial fraud prevention. They learn to recognize red flags and suspicious activities.
o Cybersecurity Awareness: Employees are educated about cybersecurity best practices, including the importance of strong passwords, secure email practices, and safe web browsing.
o Reporting Procedures: Training ensures that employees know how to report any suspicious activities or potential financial crimes promptly.
These effective solutions are part of a multifaceted approach that financial institutions employ to combat the ever-evolving landscape of financial crime. By embracing technology, fostering collaboration, and maintaining a vigilant workforce, banks aim to protect their assets, customers, and the integrity of the financial system.
Conclusion: Rising to the Challenge
Financial crime remains a formidable challenge for financial institutions worldwide, posing substantial financial and reputational risks. However, the financial industry is actively addressing these challenges by harnessing advanced technologies, centralizing operations, and fostering collaboration. By implementing effective solutions, financial institutions aim to mitigate the risks associated with financial crime, ensuring the integrity of the global financial system and protecting the interests of stakeholders worldwide.
Read more
DALLAS, -- Inc. revealed today that Experion Technologies has ma... ade it to the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America, for the seventh year in a row, with 111% growth in the last three years. The prestigious ranking provides a data-driven look at the most successful companies within the economy's most dynamic segment—its independent, entrepreneurial businesses.
Manoj Balraj, President, and Co-Founder of Experion Technologies said, "Being recognized among the fastest growing companies for seven consecutive years makes us want to do even more, and better. Digital product engineering is our passion, and it's been a privilege to build something we truly love working on for the last seventeen years. We have grown because our customers trust us to deliver exceptional experiences, and we earned that trust through persistence and hard work. This honor reflects all the inspiring and creative work our team members put in to excel in digital product engineering."
The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. In all, this year's Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.
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