Within financial services, risk management is rarely thought of in terms of its impact on business transformation programs or on customer experience and engagement. But in highly dynamic and competitive markets, every part of the business — including risk management — must be viewed in terms of its ability to drive change, generate value and satisfy rising Read More
The cost of cybercrime across the world is staggering, with some estimates ranging as high as more than $22 trillion a year in direct losses and the cost to deal with the aftermath. And in the banking sectors, the withdrawals are stunning: somewhere north of $600 billion a year, according to one estimate in a recent study Read More
For years, financial institutions have found themselves in the headlines as a result of an ethics, compliance or risk breach. Of course, steering clear of any type of risky business might sound like the safest bet. But for the benefit of their long-term growth, financial institutions can’t be totally risk averse—or else they face a risk of Read More
Five decades after they were first unveiled in Swinging London as marvels of secure, cash-dispensing convenience, automatic teller machines are more vulnerable than ever—thanks to a wide array of attacks that include skimming devices, malware, intercepted communications, outright theft of the machines—and a new technique known as “jackpotting.” To thieves who pull this latest type heist, the Read More
The Hermit Kingdom, nuclear armed and firing off ballistic missiles, is estranged from the rest of the world and cut off from trade. But building missiles and nukes is not a cheap endeavor. So to fund these programs, Kim Jong-un—whose forbears built one of the most fearsome cyberwarfare programs in existence—is increasingly flexing those muscles to pilfer Read More
Whether it's through the use of chatbots and predictive analytics, or taking compliance and fraud fighting to the next level, artificial intelligence promises to change every aspect of banking like nothing else before it. Three members of BAI's leadership team--President and CEO Debbie Bianucci, Managing Director Karl Dahlgren and Chief Marketing Officer Holly Hughes--share their perspectives of Read More
To create operating leverage or grow revenue faster than expenses represents the essence of business. And with compressed margins the new normal, it’s an economic necessity to lift or accelerate growth trajectory. Thus in a thin-margin business, stimulating top line revenue growth amounts to a priority for every financial institution. The law of diminishing returns Taking a Read More
For many financial institutions, information security awareness programs are a regulatory requirement. Yet requirement doesn’t by any means equal enjoyment: They represent a major pain point for most and are frequently seen as an annual obligation. Their value is often difficult to quantify; thus they get little funding or attention. But once implemented, these programs mount an Read More
In the race to secure customer satisfaction, banks must balance security and convenience. With an estimated 265.9 mobile phone users in the United States, banks are ramping up their mobile offerings. But they’re also finding that they need to tighten up security—or else face leaving the vault wide open for cyber criminals. In a restless 24/7 effort Read More
More often than not we consider banking and financial sector threats as external—and yet, organization insiders are more likely to launch a cyberattack. In fact, many argue that insider threats actually pose a greater risk than external threats as the employees (“insiders” for the sake of this article) already have access to or at least know where Read More
In the April 1991 Edition of Bank Management (now BAI Banking Strategies), I co-authored an article titled “Protecting the Bank’s Information Asset.” Of course, we’ve seen significant and monumental shifts in banking, payments and technology in the 26 years since. But what hasn’t changed? BAI thought it would be poignant (and fun) to revisit the security priorities Read More
In the sales enablement world, leaders are learning a new language—the language of risk. And they have to because they’ve increasingly discovered at least eight ways their sales enablement practices expose them. What’s more, some of these traps spring from the best of intentions. This article discusses the first four; four more will follow in part two Read More
Even with all the news surrounding epic data hacks—some affecting millions of users on a worldwide scale—the financial industry is missing a major opportunity to bolster the security of its services and keep hackers out of customer accounts and data. And to that end, banks and other financial institutions are slow to adopt an increasingly common best Read More
Digital workplace transformation impacts every economic sector. And despite Deutsche Bank analysts’ optimistic prediction last year that big banks will put 30 percent of their IT infrastructures in public cloud environments over the next three years, the financial services sector lags in adopting collaboration technologies. It’s conservative by nature and the spectre of FINRA and Sarbanes-Oxley (SOX) Read More
Thus far in 2017, interest rates haven’t risen as quickly or high as many industry prognosticators anticipated. And with interest rates stagnant for so long, you couldn’t blame some bankers for consulting a ouija board as opposed to fearless Fed forecasts. But for those willing to stay more a practical course, signs point to steady movement, with Read More
In a click-and-consume world, customers demand instant fulfillment. To keep pace with the escalating demand, corporates are transforming to hyper-scale businesses. They must expand their supply chains to source global requirements, streamline processes to reduce costs and work across multiple time zones, currencies and channels. Naturally, this multiplies the level of operational complexities for businesses. Take for Read More
In their attempts to answer the question that never goes away—“How to drive portfolio growth in the current lending environment?”—many financial institutions have turned to commercial real estate. That’s led to intense competition to win deals. But along with the ever-present question comes an ever-present imperative: Banks growing their CRE portfolios must satisfy regulators’ concerns over loan Read More
It can happen to anyone in your organization: He or she receives an email requesting an electronic funds transfer for a legitimate business need. It looks like it came from the CEO or some other senior executive and on the surface meets legitimate requirements. Thus the transaction gets approved and completed. And before any flag is raised, Read More
In September 2016, the Office of the Comptroller of the Currency (OCC) released final guidance for recovery planning that covered a broad range of financial institutions: insured national banks, federal savings associations and federal branches of foreign banks with more than $50 billion in assets. The deadline for an initial plan depends on the bank’s size; the Read More
Small businesses have long mystified banks. They make up an overwhelming 99 percent of all businesses—yes, 99 percent—and employ close to half of all workers. They generate more than 60 percent of the private sector’s net new jobs. Yet despite the critical role small businesses play in the economy, most banks struggle to generate strong returns from Read More
