Switching to a different core banking partner or technology vendor can be an incredibly stressful endeavor for financial institutions. With so many things to consider when contemplating a change, it’s easy to forget key details.
Cybersecurity continues to dominate headlines, budgets and bankers’ attention. In today’s evolving business landscape, cybercriminals are working overtime to steal valuable data that can be sold, held for ransom or used to undermine an organization’s credibility.
Each year, CSI assembles its Banking Priorities Study–a benchmarking survey in which banking executives from across the country share their thoughts on a range of topics. For the 2017 survey, more than 160 banking executives answered 10 questions on what they expect will be their greatest challenges, top opportunities and foremost concerns for the year ahead.
CedarStone Bank in Lebanon, Tennessee, strives to implement technology that benefits both the bank and its customers. And because the bank sits in a very competitive market, it must set itself apart with effective technology and efficient service. That’s why when the bank set a goal to streamline its retail/deposit operations, they chose an automated transaction processing solution, Teller Capture.
While financial institutions should keep an eye on potential legislation changes, several other themes are sure to be top-of-mind for regulators, no matter what changes the new administration sets in motion. Is your institution ready for 2017?
It was a big year in the financial industry and for regulatory compliance. From updates to the FFIEC’s handbook to new trends in digital and in-branch banking, 2016 brought change to the way we do business with our vendors and even our customers. And CSI’s thought leaders had a lot to say about it.
The Consumer Financial Protection Bureau’s (CFPB) Prepaid Final Rule adds significant compliance requirements to prepaid products that will be especially cumbersome for non-bank issuers unfamiliar with Regulation E and Regulation Z.
As fraudsters grow increasingly more sophisticated, reports of cybersecurity attacks and bank fraud are on the rise. To protect vulnerable customer data and bank assets, financial institutions have developed a variety of techniques for monitoring fraudulent money movement within online banking. But, the days of pouring through manual reports for anomalous customer behaviors are falling to the wayside, making way for more advanced anomaly detection techniques, like automated fraud detection software.
The notion of technology disruption has been, and continues to be, a huge topic of discussion in the financial industry and beyond. As technology evolves and becomes more sophisticated, many experts believe that the industry needs to evolve with it to better serve customers who crave innovative ways to fulfill their banking needs.
With four updates to its IT Handbook in 20 months, the Federal Financial Institutions Examination Council (FFIEC) has its hands full keeping up with the accelerating speed of technological advancements and the increasing frequency and sophistication of cyberattacks.