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Six ways to capitalize on the internet of things

$1.3 trillion: a massive sum, which represents the increased revenues and lower costs that will be created by the Internet of Things (IoT) between 2013 and 2022 in the financial services industry alone, according to Cisco. When you consider the financial opportunity in tandem with the possibilities that IoT offers to gather and disseminate information from an Read More

By |2020-05-27T18:00:11-05:00May 10th, 2016|Comments Off on Six ways to capitalize on the internet of things

Managing exceptions more efficiently

Exceptions are part of every operation in all businesses, but they are a source of particular concern for financial institutions (FIs). Regulatory examinations concentrate on exceptions to regulatory requirements and exceptions to best practices. The fiduciary responsibility that banks have concerning their clients’ money means that operational exceptions carry risk for financial liability and brand integrity. Exceptions Read More

By |2020-05-27T18:00:11-05:00May 3rd, 2016|Comments Off on Managing exceptions more efficiently

Surviving three most common M&A challenges

From initial discussions to final closing, merging two financial institutions is no small feat. The due diligence phase, which is the most critical component of the entire process, can reveal operational flaws, non-public orders, improper financials and numerous other items that were not apparent in early discussions. Beyond due diligence, however, there are three primary challenges that Read More

By |2020-05-27T18:00:11-05:00April 25th, 2016|Comments Off on Surviving three most common M&A challenges

Verifying identity for money laundering compliance

Up to 5% of global gross domestic product (GDP) is lost annually to money laundering according to the UN Office on Drugs and Crimes. Considering that 2014 global GDP was $74 trillion, this means as much as $3.7 trillion could be laundered globally. In response, governments worldwide are giving financial institutions the role of being their eyes Read More

By |2020-05-27T18:00:12-05:00April 13th, 2016|Comments Off on Verifying identity for money laundering compliance

Battling bank fraud with graph databases

As the world continues its transformation to an always-on status, data breaches and, in turn, fraud, are on the rise. In fact, according to CreditCards.com, data breaches totaled 1,540 worldwide in 2014 with 12% of those breaches occurring in the financial services sector. While fraud is not completely preventable, there are approaches banks can take to significantly Read More

By |2020-05-27T18:00:12-05:00April 12th, 2016|Comments Off on Battling bank fraud with graph databases

Strategic vendor management now a necessity

We are seeing a very fundamental shift in the focus and importance of vendor management. To a large extent, this is the result of the confluence of events that, taken together, point to the need to change the entire approach to vendor management at banks.First, we have become an industry that has outsourced. This is not a Read More

By |2020-05-27T18:00:12-05:00April 5th, 2016|Comments Off on Strategic vendor management now a necessity

Deposit profitability as key to branch profitability

Deposit spreads have been the bane of banks in recent years but that could change if interest rates continue to rise. Here’s why bankers should pay more attention to their deposit balances going forward:In the summer of 2006, the Federal Reserve ended a two-year binge raising the Fed Funds Rate, which had soared from 1% to 5.25% Read More

By |2020-05-27T18:00:13-05:00March 18th, 2016|Comments Off on Deposit profitability as key to branch profitability

Enlisting the customer in fighting payments fraud

The level of fraud protection afforded to a business when conducting a transaction is very different from the level of protection offered to consumers. Consumers are allotted sixty days to dispute an unauthorized transaction while businesses are limited merely two days to report fraudulent activity, due to regulations like Article 4A of the Uniform Commercial Code.Although businesses Read More

By |2020-05-27T18:00:13-05:00March 8th, 2016|Comments Off on Enlisting the customer in fighting payments fraud

Seven lessons in crisis management

One important lesson that all bankers learned during the financial crisis was that trust is essential to their success and that once an institution loses that trust in the eyes of its customers, regulators or the public, it’s a long and difficult road to win it back. That’s why the current Volkswagen emissions scandal is so fascinating Read More

By |2020-05-27T18:00:14-05:00March 1st, 2016|Comments Off on Seven lessons in crisis management

Getting big results with small data

Over the past few years, much has been written and discussed regarding “Big Data” – how to get it and how to use it. While the concept of “Big Data” is relatively straightforward, the practical application is anything but. The concept behind Big Data is to consolidate information from a myriad of sources to provide insight on Read More

By |2020-05-27T18:00:14-05:00February 12th, 2016|Comments Off on Getting big results with small data

What keeps bankers awake at night

It’s no surprise that banking professionals are concerned about their future. From security scandals to regulatory and compliance concerns to heated debates about cloud technology, there are a variety of hot topics being analyzed, disputed and deliberated among bank executives and outside experts. So, what issues are significant enough to keep them up at night? Recently, I Read More

By |2020-05-27T18:00:15-05:00January 11th, 2016|Comments Off on What keeps bankers awake at night

Four ways to simplify your business

Consumers are increasingly self-reliant and see time as a resource that is just as valuable as money. Moving forward, delivering a timely customer experience will be an important factor in winning in the market. Banks, however, have a hard time delivering on this customer demand for timeliness due to their innate complexity, with business models that reflect Read More

By |2020-05-27T18:00:15-05:00January 5th, 2016|Comments Off on Four ways to simplify your business

Ten resolutions for bankers in the New Year

Having worked both as a banker and as a bank consultant for over 20 years, I can testify that this current period seems among the most negative work environments I have ever witnessed. Many bankers now act more like hedgehogs than leaders, operating out of a defensive crouch rather than putting themselves or their ideas forward. When Read More

By |2020-05-27T18:00:15-05:00December 18th, 2015|Comments Off on Ten resolutions for bankers in the New Year

The importance of stress scenarios in budgeting

Most financial institutions take an iterative approach to their budgeting process – running through multiple passes and scenarios before finalizing. We have seen the most progressive institutions take their budgeting practices to the next level by running stress scenarios as part of this iterative process. Given the risks facing financial institutions due to anticipated rate increases, which Read More

By |2020-05-27T18:00:15-05:00December 16th, 2015|Comments Off on The importance of stress scenarios in budgeting

Inclusive solutions for enterprise risk and compliance

Over the last several years, bank governance, risk and compliance (GRC) programs worldwide have been placed under increased scrutiny by regulators, elected officials and the public. The myriad of new regulations and requirements, primarily driven by the Basel III framework and regulations such as Dodd-Frank, have increased the complexity and costs to maintain regulatory compliance. However, truly Read More

By |2020-05-27T18:00:17-05:00October 28th, 2015|Comments Off on Inclusive solutions for enterprise risk and compliance

Where consultants can add value

The relationship between bankers and consultants is inevitably fraught with tension. I happen to know because I’m a consultant. Let me try to be objective about this. On one hand, bankers can recount many tales of consultant overreach and ineffectiveness. On the other, consultants can reasonably argue that many projects fail because bank managers are not committed Read More

By |2020-05-27T18:00:31-05:00August 10th, 2015|Comments Off on Where consultants can add value

Managing vendor and consultant risk

Banks have always employed third-party vendors to build proprietary software applications and perform compartmentalized tasks in order to run more efficiently. On top of that, finding and servicing these applications and business functions often requires the use of a consultant. With all these moving parts, it’s easy for friction to arise. And if these three parties – Read More

By |2020-05-27T18:00:31-05:00August 7th, 2015|Comments Off on Managing vendor and consultant risk

Regulatory expectations for anti money laundering compliance

There have been two significant pieces of recent regulatory guidance that will directly impact the overall administration of your institution’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. While these two regulations may seem, at first glance, to be unrelated, a more comprehensive review will reveal that they are very much tied together. As technology has changed, so Read More

By |2020-05-27T18:00:31-05:00July 27th, 2015|Comments Off on Regulatory expectations for anti money laundering compliance

Bolstering credit with pre-delinquency management

Credit delinquency has been a serious problem for banks over the last decade, particularly between 2008 and 2011. The delinquencies have fallen sharply in the last three to four years but it is generally accepted in the industry that any deterioration in economic conditions can quickly lead to renewed problems. No surprise, then, that financial institutions are Read More

By |2020-05-27T18:00:32-05:00June 17th, 2015|Comments Off on Bolstering credit with pre-delinquency management

Banking response to alternative finance

At the recent Lendit conference focused on “alternative lending,” keynote speaker Larry Summers, the former Secretary of Treasury, said that he would not be surprised if within ten years alternative finance companies (AFCs) generated 75% of “non-subsidized” (non-Small Business Administration) small business loans and 30% to 40% of direct consumer lending. Today, the small business percentage generated Read More

By |2020-05-27T18:00:33-05:00May 22nd, 2015|Comments Off on Banking response to alternative finance