Cambridge & Counties Bank invests in fighting financial crime
Leicester-based Cambridge & Counties Bank, one of the UK’s leading niche banks for SMEs and professional property investors, has launched an enhanced financial crime solution in cooperation with ieDigital, the specialist financial technology provider for the financial services sector.
The initiative comes against the concerning backdrop reported in PwC’s Global Economic Crime Survey 2020 which reveals economic crime reached its highest level in the previous 24 months with 56% of UK businesses surveyed stating that they were impacted by fraud, corruption or other economic crime. This 2020 figure was the highest in the history of PwC’s Global Economic Crime Survey, and is well above the global finding of 47%.
The brand-new, cutting-edge financial crime-fighting technology delivers a robust solution to mitigating risk around financial crime for Cambridge & Counties Bank and protect its small and medium business clients by keeping their data fully secure. The new solution, developed in tandem with the bank, represents the next step in Cambridge & Counties Bank’s digital transformation programme and is a key element of its dedicated approach to managing risk for its business and property investment clients.
ieDigital’s solution, developed using the specialist OutSystems low-code platform, will enable a more robust monitoring of Cambridge & Counties Bank’s existing customer base. It will allow the bank to leverage integrations it already has in place across its financial crime systems, as well as provide end users with a simple onboarding journey.
In turn, the implementation, together with the ieDigital partnership, will influence the internal development of future applications. ieDigital provided support and training in this area, so Cambridge & Counties Bank can further reduce costs, complexity, and time to market by improving its in-house development capabilities.
Jerry Young, CEO of ieDigital, said: “At a time when the globe was suffering from the Covid-19 pandemic, the business community was suffering its own pandemic – that of financial crime. When Cambridge & Counties Bank decided to fight this outbreak, we were delighted to play an integral part in delivering their online transformation journey to protect the Bank itself, and ensure the data and information of its clients remains secure.
“We delivered a modern, low-code solution via OutSystems for financial crime onboarding and monitoring – something that can be developed further as needed, and we are certainly looking forward to continuing a productive partnership together.”
Phil Baker, director of IT & BI at Cambridge & Counties Bank, said: “When we were looking for a partner, it became clear that ieDigital would provide the strength of knowledge in the financial services arena, and the power of technology that came with using a low-code platform.
“Not only have we collectively implemented a fantastic financial crime solution, we’ve up-skilled internally, which will enable us to hasten our digital transformation with in-house development capabilities.”
