A strong IT security program is essential to ensure that customer data is protected during and after the migration.
Banks today are understandably worried about compliance issues but throwing too many resources at this non-productive activity is not the answer.
Although little noticed in the media, recent regulatory rules on remittances transfers will impose significant new costs on financial institutions.
While compliance burdens on community banks cannot yet be considered overly burdensome, these institutions need to prepare now for rising costs in the future.
As mainstream banks continue to struggle to serve the underbanked, a better approach to this market may be to support alternative providers.
Consumer Financial Protection Bureau executive David Silberman tells bankers what to expect now that retail product development falls under the new agency’s purview.