Matt Klempa
May 20, 2022

The clear trend is toward digital, but payments using paper still represent a big chunk of the market.

Banks have always employed third-party vendors to build proprietary software applications and perform compartmentalized tasks in order to run more efficiently.

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In the wake of recent well-publicized data breaches, the financial services industry is looking at tokenization as a means of improving the security around payments.

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There have been two significant pieces of recent regulatory guidance that will directly impact the overall administration of your institution’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

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With fraud prevention, many banks emphasize how their systems leverage “big data” to find patterns of unusual activity by using data analytics to process through millions of transactions and pinpoint fraudulent activity.

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Finally, years after the global financial crisis and the new regulations and consumer mistrust it produced, banks are looking at forecasts of increased consumer and commercial lending activity.

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Credit delinquency has been a serious problem for banks over the last decade, particularly between 2008 and 2011.

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Data governance – the process by which banks ensure that the data they manage and ultimately include in their financial statements is accurate and trustworthy – has become increasingly critical as financial services institutions face immense regulatory scrutiny to prove the trustworthiness of those financial statements.

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An increasing number of community bankers are asking themselves whether its worth the hassle – and the risk – to originate mortgages, particularly after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the subsequent promulgation of the qualified mortgage and ability-to-repay rules.

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It’s time to simplify overdraft (OD) fees.

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Banking is not being disrupted; it is being evolved.

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Following the 2008 financial crisis, the Basel Committee of Banking Supervision (BCBS) set out to “strengthen global capital and liquidity rules with the goal of promoting a more resilient banking sector,” formulating rules of which the final phase went into effect in January.

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Should a financial institution be held fully responsible for unknowingly supporting terrorist financing when their compliance program is up to date? The answer to this question, which was posted on a LinkedIn anti-money laundering blog, would seem obvious: a robust, proactive compliance program should serve as a shield against civil or criminal enforcement actions.

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With the endless storm of data breaches, the concept of tokenization has taken the financial industry by storm.

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Since the 2008 crisis, financial institutions have spent hundreds of millions of dollars on risk management.

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We live in dangerous times, when it’s not uncommon for criminals to know more about the identity of a bank’s customers than the bank itself.

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These days, it seems like the latest data breach is detailed in breaking headlines on a daily basis.

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The Consumer Financial Protection Bureau’s (CFPB’s) new rules for overdrafts (ODs) on checking accounts are scheduled for July of this year.

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In their continuing quest to reduce expenses in a sluggish economic environment, bankers often ignore routine monthly expenses, such as for utility services.

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Opportunity for one doesn’t always mean opportunity for all, but unfortunately, it does in banking.

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Overregulation is killing small banks; call it death by paperwork.

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