But for the apparent bragging of a careless hacker, the losses could’ve been catastrophic. Here’s what banks can learn from the near debacle.
Universal lending systems can lower costs, increase wallet share, improve access to customer data and reduce compliance risk.
First and foremost, bankers need to be effective risk managers in a world where forms of risk keep multiplying.
An efficient loan administration system needs efficient tracking of documentation exceptions.
A cloud-hosted portal will enable banks to integrate both risk management and financial performance analysis.
While most financial institutions strive to be ‘relationship-based’ lenders, balancing the relationship with strong credit controls is the key to making those relationships profitable.
To avoid getting blindsided by unexpected risks, financial institutions need a loan review system that properly segregates responsibilities and provides the appropriate level of depth.
An Identity and Access Management system needs to be enterprise-wide, scalable and flexible to avoid mounting costs and risks in an increasingly risky environment.