Welcome to the next edition of our new member spotlight series! We’ll be regularly cycling through our thematic committees and asking our co-chairs to nominate active contributors. Selected members are invited to introduce themselves and their sector expertise to the wider community.
In this edition, we’re excited to present Douglas Wolfson, Senior Sales Director, LexisNexis® Risk Solutions as an invaluable contributor to FTAHK’s Digital Banking & Payments member network.
Douglas is Senior Sales Director at LexisNexis Risk Solutions in Asia. Headquartered out of Hong Kong, Douglas was director of financial crime compliance at LexisNexis Risk Solutions for many years, driving the strategy and product development of the leading risk tools used by the biggest banks in the world that help to mitigate financial crime compliance issues.
For those who don’t know, what is LexisNexis® Risk Solutions’s mission?
We provide customers with solutions and decision tools that combine public and industry-specific content with advanced technology and analytics to assist them in evaluating and predicting risk and enhancing operational efficiency. We use the power of data and advanced analytics to help customers make better, timelier decisions. Our mission is to provide essential insights to advance and protect people, industry and society.
Where can our members find you within the FTAHK community?
Using state-of-the-art technology to solve real-world customer problems around financial crime, fraud and payments efficiency. We are able to use data analytics, linking technology and machine learning algorithms to find hidden risks, reduce costs to the customer and improve their efficiency. Companies often do not realize how deeply ingrained their manual processes are and how they both add to risk and worsen the customer experience. Reducing customer exposure to risk while easing their operational burden is exciting and something that I love to do!
What is the biggest trend in your field for 2022?
Digitization. The pandemic moved consumers online. Although companies followed suit, consumers migrated to vendors who delivered the best service. Our recent study points to the negative impacts the pandemic had on due diligence – delayed new account onboarding, more manual work and reduced productivity, increasing risk and the need for efficiency.
What is the biggest benefit your firm has received by being a member of FTAHK?
Being a member of the FTAHK has given us insights into some of the newest technology trends in the market. It allows us to easily access experts across all fields of technology and helps us better understand where the market is moving.
What business partners are you looking to collaborate with?.
We want to collaborate with both the creators and users of emerging anti-financial crime, payments efficiency and fraud and identity technologies. We are keen to understand both the trends of what is happening amongst new technologies vendors and how the consumers of these new technologies use them.
How can our members get in touch if they want to hear more?