Information Advantage for Financial Services in 2020

OpenText Information Management

For 2020, we’re going to see financial services companies accentuate and accelerate the priorities of recent years. Financial Services and Insurance organizations will continue … The post Information Advantage for Financial Services in 2020 appeared first on OpenText Blogs.

Key financial services trends as the world emerges from COVID-19

OpenText Information Management

In January, I wrote a predictions blog that said the priorities of the financial services industry would not change greatly over the next 12 months! Industries Banking & Insurance financial services digital financial services

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Three use cases for cloud fax in financial services

OpenText Information Management

It stands to reason, then, that fax would be the bedrock of financial communications, but are there ways to make it even better? The paper problem Financial services workflows have always been heavily paper-based.

API integration in Financial Services

OpenText Information Management

This blog has been co-authored by Pratik Parikh and Ruchi Bhardwaj, Lead Product Manager at OpenText. Corporate banking has always … The post API integration in Financial Services appeared first on OpenText Blogs.

Could digital fax be a secret weapon for cybersecurity in financial services?

OpenText Information Management

It’s estimated that the financial services sector could see as much as $6 trillion in cybercrime damages in 2021. In fact, research shows that financial services firms are over 300 times more … The post Could digital fax be a secret weapon for cybersecurity in financial services?

Industry Guide to Financial Services: What’s driving digital transformation across financial services institutions?

OpenText Information Management

To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend with new technologies, new market entrants and new ways of working that are changing expectations for the industry. appeared first on OpenText Blogs. Enterprise World Industry Bank banks Enterprise World 2019 financial services Insurance insurance industry

Pulling an Uber: Customer experience in Financial Services

OpenText Information Management

One of the latest brands to gain “household verb” status is the ride-sharing service Uber. … The post Pulling an Uber: Customer experience in Financial Services appeared first on OpenText Blogs. Brands like Velcro and Kleenex have become so much a part of people’s lives that they are now used as universal references for all products in that category – or sometimes used as verbs, as is the case with Google.

AI in Financial Services is growing, but there’s a way to go

OpenText Information Management

We recently wrote a blog on how AI in Financial Services can improve customer experience. It came as a bit of a surprise as … The post AI in Financial Services is growing, but there’s a way to go appeared first on OpenText Blogs. It’s funny how the world works. Then, my bank showed me that there’s still some work to be done. Let me explain. Last week, I received a letter from my bank.

A time of reflection: Five tips for Financial Services in 2019

OpenText Information Management

The New Year is upon us, and with it come new challenges and opportunities for the Financial Services industry. Enterprise World Industry 2019 financial services financial services industry financial services institutions Insurance trends

Summary – “Industry in One: Financial Services”

ARMA International

The scope of a records and information management (RIM) program in financial services can seem overwhelming. Compared to other industries, the complexities of managing records and information in financial services are arguably some of the toughest to solve, primarily because of the intense regulatory scrutiny. History of Financial System. financial system continues to evolve in response to changing regulations. Financial Services Industry Overview.

Five benefits of eDiscovery software for Financial Services

OpenText Information Management

Financial Service organizations are among the most highly regulated industries and routinely face a myriad of compliance and administrative proceedings. Prominent financial regulators like the UK Serious Fraud Office and the US Securities and Exchange Commission have already adopted the best eDiscovery (electronic discovery) solutions available to enhance their own reviews.

Digital transformation in Financial Services requires a rethink of identity management

OpenText Information Management

However, the discussion didn’t cover identity management and that’s an area that needs to be urgently addressed if Financial Service companies are … The post Digital transformation in Financial Services requires a rethink of identity management appeared first on OpenText Blogs. Digital Transformation financial services identity management

Social Media and the Financial Services Industry

InfoGoTo

Over the last seven years, the financial services industry has increasingly adopted social media platforms. However, the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) all have rules and retention requirements about communicating with the public, including via social media. Financial Services FINRA social media social media platforms

Embracing new ways of working in financial services

CGI

Embracing new ways of working in financial services. In times of crisis, the preservation of key functions and services is critical, regardless of industry. Customer service. In a crisis like this, the financial welfare of many customers is seriously threatened.

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. The post New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance appeared first on Data Matters Privacy Blog. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers.

GDPR: Data Privacy Laws in Financial Services

Perficient

My previous blog post addresses the reasons for the regulation and the requirements associated with the New York State Department of Financial Services (NYDFS) 23 NYCRR 500. In this blog, I am addressing the General Data Protection Regulation (GDPR) and all the regulations that come with it. Data protection must be designed into the development of business processes for products and services.

Financial Services Data – More at risk than you’d believe

Thales Cloud Protection & Licensing

One of the top findings from the 2018 Thales Data Threat Report, Financial Services Edition was that data breaches in U.S. financial services organizations are increasing at an alarming rate. IT security pros in financial services organizations reporting that their organization already had a data breach – but breaches are increasing at alarming rates.

OpenText STP Financial Hub revolutionizes workflows in the Financial Services sector

OpenText Information Management

It’s been a busy 2018 here on our OpenText™ Straight Through Processing (STP) for Securities (STP Financial Hub) platform, with many new clients discovering the benefits of our powerful workflow engine and flexible connectivity methods, along with our constant improvement and enhancement process for our existing clients.

NYDFS 500 and GDPR in Financial Services – Actions to Take Now

Perficient

My previous blog focused on addressing the General Data Protection Regulation (GDPR) and all the regulations that came with it. The first step any financial institution must take in its response to the laws is to evaluate its exposure and current capabilities in protecting sensitive business and customer data. Implement: Technical services are required to create/ update cybersecurity policies and procedures.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.

Compliance Risk Assessment Services Are Essential for Financial Service Firms

Cllax

Financial Service Firms are mandated by the SEC to conduct compliance risk assessments of their company and its employees. An effort is made to find out the risk of the.

Employee experience drives customer experience

OpenText Information Management

The 2019 Financial Brand report showed that ‘removing friction from the customer journey’ is one of the key priorities within retail banking this year. How do you make yourself attractive to Millennials and … The post Employee experience drives customer experience appeared first on OpenText Blogs. For companies across finance to succeed, this focus on the customer must be matched with a focus on employees. Let me explain.

New York State Department of Financial Services Challenges OCC Authority on Fintech Charters

Data Matters

Office of the Comptroller of the Currency (OCC) announced its decision (the Fintech Charter Decision) to begin accepting applications from financial technology (fintech) companies for special purpose national bank charters. The Fintech Charter Decision is discussed in greater detail in a prior Sidley Banking and Financial Services Update. placing New York financial consumers at great risk of exploitation by federally chartered entities improperly insulated from New York law.

Nurturing relationships while working remotely

OpenText Information Management

As more and more people are instructed to stay at home, it’s impossible to overestimate the importance of seamless and continuous engagements with financial services customers. … The post Nurturing relationships while working remotely appeared first on OpenText Blogs. Customer Experience Industries Banking & Insurance financial services Banking financial services industry digital banking coronavirus Covid-19

An introduction to 360 degree threat detection

OpenText Information Management

According to Accenture, the cost of cybercrime to US Financial Services companies rose 40% between 2014 and 2017, on average costing companies over $18 million per year. In this … The post An introduction to 360 degree threat detection appeared first on OpenText Blogs. Industry Security 360 degree threat detection digital financial services endpoint detection and response endpoint security Financial Service Industry financial services threat detection

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

Data Matters

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. The post New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting appeared first on Data Matters Privacy Blog.

Why trusted advise is vital in uncertain times

OpenText Information Management

There’s a danger that writing a blog focused on the current Coronavirus outbreak could be seen as a cynical marketing ploy. Every day, more businesses and public institutions are facing … The post Why trusted advise is vital in uncertain times appeared first on OpenText Blogs.

Achieving digital transformation in the insurance industry

OpenText Information Management

While executives see transformation as essential, achieving success is proving to be much more difficult, with a global report recently published by Cap Gemini suggests that insurance companies are lagging behind other Financial Services organizations. Digital … The post Achieving digital transformation in the insurance industry appeared first on OpenText Blogs.

Friend or foe? Data interoperability key to trust in payments

OpenText Information Management

Data interoperability key to trust in payments appeared first on OpenText Blogs.

Providing a superior experience for commercial banking customers

OpenText Information Management

Banks need to consistently and intelligently use both contextual data and real-time … The post Providing a superior experience for commercial banking customers appeared first on OpenText Blogs.

Top 7 Data Governance Blog Posts of 2018

erwin

With that in mind, we’ve compiled a list of the very best, best-practice blog posts from the erwin Experts in 2018. www.erwin.com/blog/defining-data-governance/. www.erwin.com/blog/top-6-benefits-of-data-governance/. www.erwin.com/blog/data-governance-readiness/. www.erwin.com/blog/data-governance-and-gdpr/. www.erwin.com/blog/data-governance-use-cases/. for Financial Services. www.erwin.com/blog/data-governance-2-0-financial-services/.

What is software implementation?

OpenText Information Management

appeared first on OpenText Blogs. Services financial services managed services Professional Services software implementationEvery year, organizations all over the world implement new software packages and systems.

Keeping Up with New Data Protection Regulations

erwin

Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS).

Four Use Cases Proving the Benefits of Metadata-Driven Automation

erwin

The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Organization’s cannot hope to make the most out of a data-driven strategy, without at least some degree of metadata-driven automation. The volume and variety of data has snowballed, and so has its velocity. As such, traditional – and mostly manual – processes associated with data management and data governance have broken down.

The state of AI and information readiness in banking

OpenText Information Management

Yet, only a quarter of respondents felt they could pull front and back end systems together to deliver optimum customer service. As banks look to fully exploit the potential … The post The state of AI and information readiness in banking appeared first on OpenText Blogs.

Striking a balance between security and usability of sensitive data

OpenText Information Management

Last year, the number of personal records exposed by cyber attacks on the financial services industry was an incredible 446,575,334 – more than triple from the year before. The financial and reputational damage from these data breaches can be immense.

Customer experience as a catalyst for digital transformation

OpenText Information Management

With 63% of Financial Services organizations either planning or formally engaged in digital transformation initiatives, how does a financial brand drive conversion, create loyalty and maintain a competitive edge? Digital Transformation customer experiece digital transformation financial services

Financial Industry Trends Focused on Information Management Challenges in 2019

InfoGoTo

Financial services firms saw mounting information management challenges in 2019. According to a Fintech News article, financial institutions like JPMorgan Chase produce terabytes of data every single day. Financial Services data information management

Business Process Modeling Use Cases and Definition

erwin

This also extends to industry-specific other compliance mandates such as those in healthcare, pharmaceutical and the financial services industries. What is business process modeling (BPM)? A visual representation of what your business does and how it does it. Why is having this picture important? According to Gartner , BPM links business strategy to IT systems development to ensure business value.

Be a digital bank, don’t just look like one

OpenText Information Management

In one Accenture study, 77% … The post Be a digital bank, don’t just look like one appeared first on OpenText Blogs. AI & Analytics Customer Experience Industries Banking & Insurance AI Analytics Banking contextual banking digital banking digital banking report financial service Open BankingThere’s a stark truth in banking: the better your customer experience, the more successful you will be.