Matt Klempa
May 20, 2022

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

The deluge of news stories in recent years regarding stolen personal data and the increasing issue of identity theft highlights a problem that financial institutions cannot afford to ignore.

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Banking and financial services organizations are built upon complex business rules that regulate many day-to-day interactions, from lending decisions to detecting fraudulent activity.

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Business and management experts wrote nearly 30 years ago that one of the keys to a successful business is to break down the barriers between staff areas.

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Credit card data breaches are much in the news these days, with the recent problems at Home Depot following on the heels of the well-publicized debacle at Target earlier this year.

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Now that most of the largest U.

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Global commerce is bringing down barriers around the world, including the barrier to bankers entering into International Trade Finance (ITF).

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Effective scenario modeling is vitally important in today’s tentative economic recovery, as the level of uncertainty surrounding key business drivers is higher than ever before.

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In the wake of highly publicized cyber-breaches, such as the data theft from 34 European banks in July, bank management may be more focused than ever on security threats from outside the bank.

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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.

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As a former Federal Reserve executive as well as currently a director for a regional bank, I’ve had the unique opportunity to observe how fraud in the financial arena has evolved.

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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.

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Federal Reserve chairwoman Janet Yellen recently indicated in no uncertain terms that it was not the Fed’s intention to raise interest rates for the foreseeable future.

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Financial institutions are increasingly adopting mobile authentication for online/Internet banking and deploying mobile platforms that enable customers to conduct banking transactions anytime, anywhere.

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To keep up with changing customer needs, banks are quickly adopting technologies such as mobile, social media, data analytics and the cloud.

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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).

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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.

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In the movie The Matrix, the hero Neo, played by Keanu Reeves, meets a mysterious man named Morpheus who tells him that he is just a small part of the Matrix and one of its slaves.

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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.

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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.

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