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Fight Financial Crime Twitter Chat

Refinitiv’s Innovation and the Fight against Financial Crime Report revealed that ‘97% of respondents believe that technology can significantly help with financial crime prevention’.


  1. 73% of respondents are struggling to harness technological advancements when embracing innovation in the fight against financial crime.
  2. 72% of respondents say that they are aware of financial crime taking place within their global operations.
  3. It is thought that 51% of budget will be allocated across the industry to fight financial crime.

Through a Twitter chat, we wanted to explore more and find out how innovation and technology is helping to #FightFinancialCrime from experts within the field themselves. It revealed that whilst in many cases it is helping, there is more to be done before we can truly fight financial crime.

Q1.

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Many experts agreed the obstacles centered around employees fearing change and lacking education.

Not only that, but other experts noted the issue of data quality, unwieldy bureaucracies and old IT systems.

Q2.

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The main response to question 2 was that technology can help in detecting fraud. It was also suggested that it can help to find solutions to Financial Crime by filtering out the noise in adverse media and identifying relevant signals.

Q3.

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The answer from the experts for question 3 suggested technology would only help to tackle third-party transparency if combined with accurate data.

However, it was also noted that whilst technology would be massive in terms of process efficiency, the key to transparency is data availability and this requires policy makers to take transparency more seriously.

Q4.

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Some experts did agree that technology used to help detect financial crime could also enhance CX.

However, Spiros Margaris disagreed! Saying CX would suffer due to the measures required to help fight financial crime effectively.

Xavier was quick to argue however and explained that it can help with the onboarding process.

Q5.

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Our experts felt that the main way innovation can improve the due diligence process is by simplifying it and making it easier to conduct.

Additionally, Xavier argued it helped improve the quality of due diligence.

Q6.

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Spiros and Xavier agreed that more education and training are key to better fighting financial crime.

Not only this, but James Mirfin also suggested that there was a need for firms to work alongside regulators, to ensure that financial crime is tackled.

Q7.

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For our final question, our experts all thought that innovation and technology was having a massive impact on the financial services industry. 

Xavier suggested it will contribute to the biggest reduction in headcount across the industry.

Spiros also suggested the industry was being enriched by technology, helping to improve the banking experience.

However, James Mirfin reminded us all that whilst the financial industry is benefiting from innovation and technology, so are the bad actors.

Access the Innovation and the Fight against Financial Crime Report and uncover the importance of data, collaboration and technology to help fight financial crime.

Find out who else in our #RefinitivSocial100 is driving social media conversations around disruptive innovation in the finance sector.  Visit our microsite: refinitiv.com/social100