Greater Bank and SAS join forces to fight against fraud and money laundering


Newcastle-based Greater Bank, otherwise known as The Greater for locals, is working with analytics and AI leader SAS to protect its more than 270,000 customers and $8 billion in assets from fraud and money laundering.

Big Bank, founded in 1945 and serving the community as a customer-owned banking institution, has undertaken a significant digital transformation over the past three years to modernize and streamline its IT processes. In fact, no less than 65% of its existing technology has changed.

Supporting new anti-money laundering and anti-fraud capabilities is a SAS– Hosted managed service solution delivered on Microsoft Azure.

SAS research in collaboration with the Association of Certified Fraud Examiners (ACFE) identifies 60% of companies worldwide expect their anti-fraud technology budgets to skyrocket over the next few years, followed by an increase in fraud and crime that has been accelerated by the pandemic.

Greater Bank takes this seriously, as evidenced by its investments in fraud detection and prevention to ensure the safety and protection of its customers.

The bank and SAS have worked together since 2013, although this current project began in 2020. Greater Bank engaged external advisors and explored the market for on-premises and cloud solutions, which led it to SAS and the platform. -form Microsoft Azure hosted by SAS as the most suitable option to provide an effective, compliant and world-class cybercrime toolkit. In addition, this option pursues the bank’s objectives of simplifying and strengthening its IT operations and revolutionizing its customer experiences. This further continues to allow the bank to be a significant challenger to larger banking competitors.

Greater Bank Group General Counsel and Group Secretary Greg Nyman said: “Digital transformation comes in many different forms. It’s broad and comprehensive for us at Greater Bank – there are many streams of activity and various exciting changes happening. In this new bank, SAS offers anti-fraud and anti-money laundering solutions that support our entire business. There is no distinction between different channels or aspects of our bank. This is an enterprise solution by definition, and we entered into this relationship with SAS, selecting the partner that we felt could help us with a package for all of our organizational needs.

“In our quest to become a more nimble and nimble organization, SAS is helping us simplify our IT operations by eliminating the need to manage our own on-premises infrastructure. Not only does this align with our own cloud journey and strategy, but it will allow us to invest more time in creating a safe, secure and reliable environment for our customers, which will ultimately allow us to focus on the growth, building on a really solid base. of the trust established. SAS’s AML and anti-fraud solution is built on ease of use, real-time data analysis and automation, allowing us to act faster than ever to remediate any potential threat,” said Nyman.

SAS ANZ Chief Financial Officer, Neil Vasey, said: “As we navigate the changing commercial landscape over the past 12 months, we have seen an increase in fraud reports and the evolution of money laundering threats. silver. This is a trend that we unfortunately do not expect to slow down. It is now crucial for banks to have intelligent data and analytics systems that reduce the threat and ensure agile and rapid resolution.

“Greater Bank is now well ahead of the curve with its new AML and anti-fraud solution in place. When we were initially talking to Greater Bank, we discussed an on-premises system, but ultimately we provide a managed service hosted on Microsoft Azure that allows the Bank to focus resources on the customer with the certainty that the technology it uses has enterprise-grade support capability, backed by SLAs and SLTs.

“The partnership with SAS has been exemplary,” said Nyman. “A real shared vision. SAS did a great job of getting us out of the starting blocks quickly. Being a customer-owned bank means we are not beholden to shareholders. This allows us to more easily pivot and meet regulatory guidelines to the best of our abilities. We believe that our members and customers who ultimately own this organization are very aware of the risks. So when it comes to fraud and AML, they care.

For readers’ delight, enjoy this throwback to one of the Greater’s most famous ad campaigns among locals, starring none other than Jerry Seinfeld on the streets of Newcastle (back when it was the Greater Building Society).


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