At a time when financial institutions are focusing on the new dangers of mobile fraud, an old enemy keeps rearing its head: check fraud, as seen in the recent discovery of a three-year, $15 million check-kiting scheme.
Customer-centric strategies are evolving with the ever increasing amount of available information, including data that is generated outside of bank interactions with other third-parties such as communications providers or social networks.
Financial institutions are increasingly adopting mobile authentication for online/Internet banking and deploying mobile platforms that enable customers to conduct banking transactions anytime, anywhere.
I have recently spent a lot of time talking about KYC (Know Your Client), AML (Anti Money Laundering, often confused with ALM which is Asset and Liability Management), Client Onboarding, PEPs (Politically Exposed Persons) and SARs (Suspicious Activity Reports).
As banks struggle to push their share prices back up to something resembling pre-crisis levels, many are missing cost savings opportunities hidden in plain sight: in branch network facilities and the corporate real estate (CRE) portfolio.
When you’re in a highly regulated industry like banking, you’re no stranger to the sometimes overwhelming compliance requirements at the national, regional and state levels that apply to your customer interactions.
Throughout the past two years, the Consumer Financial Protection Bureau (CFPB) has actively collected customer complaints and stored them in a publicly available database in an effort to provide increased transparency for consumers.