IDC Financial Insights MarketScape Evaluates Financial Crimes Management Market Vendors

A newly published IDC MarketScape report from IDC Financial Insights examines the trends in financial crimes management and how they are impacting the ability of leading vendors to increase their market share. This comprehensive study, IDC MarketScape: Financial Crimes Management 2012 Vendor Assessment (Document #FIN232994), was designed to assess vendors relative to one another and to those factors expected to be most conducive to success in a given market. Financial crimes management includes the IT solutions that anticipate, detect, analyze, and prevent fraudulent transactions, money laundering, and employee financial misconduct (EFM) through the use of one or more of the following: decision trees, neural networks, predictive scoring models, network link analysis, scenario matching, data mining, case management, and entity and device profiling. Key vendors featured include: ACI Worldwide, BAE Systems, FICO, Fidelity National Insurance Services (FIS), Fiserv, IBM, Memento, NICE Actimize, Oracle, and SAS.

"Strategies and investments for managing financial crime must continue as a number 1 priority for risk and compliance executives in all financial sectors," says Michael Versace, IDC Financial Insights research director. "The business imperatives for this top priority are almost too long to list. Whether driven by the increased awareness of terrorist financing post 9/11, the increased insensitivity to fraud activities from outside and inside the financial enterprise, or the reduced tolerance for loss and the need to modernize legacy platforms to incorporate the latest in intelligence, analytics, and workflow, financial crimes management is a line item that cannot afford to be reduced for the foreseeable future given these trends."

In 2010, the financial industry as a whole spent $2.9 billion on financial crimes management solutions and products from all marketplace vendors, which represents 5.1% of the total spent on all risk management solutions products. Spending on these solutions is expected to increase at a compound average growth rate (CAGR) of 8.3% through 2015. The methodology used in this report was developed in response to changing competitive dynamics and a demand from IDC customers calling for a vendor assessment tool that is transparent, consistent, and rigorous.

IDC MarketScape criteria selection, weightings, and vendor scores represent well-researched IDC judgment about the market and specific vendors. IDC analysts tailor the range of standard characteristics by which vendors are measured through structured discussions, surveys, and interviews with market leaders, participants and end users. Market weightings are based on user interviews, buyer surveys and the input of a review board of IDC experts in each market. IDC analysts base individual vendor scores, and ultimately vendor positions within the IDC MarketScape, on detailed surveys and interviews with the vendors, publicly available information and end-user experiences in an effort to provide an accurate and consistent assessment of each vendor's characteristics, behavior and capability.

For additional information about this study, or to arrange a one-on-one briefing about payment fraud with Aaron McPherson or about other financial crimes with Mike Versace, please contact Sarah Murray at 781-378-2674 or sarahbethmurray@gmail.com. Reports are available to qualified members of the media. For information on purchasing reports, contact insights@idc.com; reporters should email sarahbethmurray@gmail.com

About IDC MarketScape

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About IDC Financial Insights

IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email info@idc-fi.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.