Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
DORA: 1 year to go! Key recommendations for Financial Services to improve cybersecurity and resilience in multi-clouds
Thales Cloud Protection & Licensing
JANUARY 16, 2024
Key recommendations for Financial Services to improve cybersecurity and resilience in multi-clouds madhav Wed, 01/17/2024 - 05:46 The Digital Operational Resilience Act (DORA) will apply to the EU financial sector from 17 January 2025. As set out in its Article 2, DORA applies to the entire financial services sector.
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Empower business users in financial services to elevate customer experience
OpenText Information Management
JANUARY 18, 2023
It’s not a new phenomenon in traditional customer communications management (CCM) for an individual to wear multiple hats – performing more than one role to provide the most value to a business.
Three use cases for cloud fax in financial services
OpenText Information Management
JANUARY 12, 2021
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.
Preparing fax for the next era of enterprise communications
OpenText Information Management
FEBRUARY 10, 2023
It’s a question echoing across workplaces in industries like healthcare, financial services, and law, especially as Gen Z employees join the ranks. After more than a century of service, many IT professionals wish they could retire the old faithful fax.
Effective customer information management builds better digital experiences
OpenText Information Management
APRIL 13, 2023
Delivering excellent digital customer experiences has become a defining factor for financial services organizations today. The Financial Brand suggests that banks with customer-centric cultures are 60% more profitable than others. Why is that?
The future of fax matters
OpenText Information Management
OCTOBER 18, 2022
It’s an essential part of enterprise communications for industries like healthcare, law, insurance and financial services. Why don’t you just send it over on a dinosaur! Or a carrier pigeon? Honestly, we’ve heard them all. But fax in 2022 is far from a punch line.
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How insurers drive success in the digital transformation race with modern data management
Reltio
JUNE 9, 2022
The insurance industry is facing unprecedented disruption. Insurance carriers have been called to transform customer experience, business offerings, and operations. As an insurer, your current business models are being challenged by new thinking, new competitors, and new ways of working.
EX + CX = TX
OpenText Information Management
APRIL 14, 2023
When it comes to getting ahead in the Financial Services industry today, organizations must understand that customer experience is key. Banking and insurance industries are undergoing a generational change as customers migrate to the digital world.
Oracle Critical Patch Update for January 2022 will fix 483 new flaws
Security Affairs
JANUARY 17, 2022
.” The CPU will address critical vulnerabilities in Oracle Essbase, Graph Server and Client, Secure Backup, Communications Applications, Communications, Construction and Engineering, Enterprise Manager, Financial Services Applications, Fusion Middleware, Insurance Applications, PeopleSoft, Support Tools, and Utilities Applications.
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Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?
HL Chronicle of Data Protection
MAY 13, 2019
In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. NYDFS: Setting a new bar for state cybersecurity regulation.
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U.S. and Foreign Cybersecurity and Intelligence Agencies Recommend Measures to Counteract Threat of Russian Cyberattacks
Data Matters
JANUARY 28, 2022
The advisory was promptly endorsed by the National Cyber Security Centre, a division of Government Communications Headquarters (“GCHQ”), a UK intelligence agency. Like an incident response plan, MFA has become a critical element of cybersecurity programs.
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Impact of IDP on Business Growth – Customer Onboarding Use Case
Info Source
JULY 6, 2023
For example, if your experience as an end customer in an interaction with your bank, insurance carrier, car dealer etc. t starts with the prospect, who has researched alternatives based on her/his specific needs selecting a financial services provider and type of loan and submitting a request. Missing input, signatures etc.
Unlocking the power of chatbots: Key benefits for businesses and customers
IBM Big Data Hub
JANUARY 18, 2024
Instead of forcing the customer to communicate in your home language, enterprise-grade chatbots can support multiple languages and can even make an educated guess based on the initial input, whether it’s in chat, text or voice. This omnichannel approach enables you to connect with customers where they are most active and comfortable.
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Multinational ICICI Bank leaks passports and credit card numbers
Security Affairs
APRIL 20, 2023
If malicious actors accessed the exposed data, the company could have faced devastating consequences and put their clients at risk, as financial services are the main target for cybercriminals. We’ve also attempted to obtain an official comment from the bank’s communication team. million files belonging to ICICI Bank.
SEC Announces Settled Charges Against First American for Cybersecurity Disclosure Controls Failures – Lessons Learned
Data Matters
JUNE 24, 2021
On June 15, 2021, the SEC announced settled charges against First American Title Insurance Company (First American) for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. provide for open communications between technical experts and disclosure advisers.
Iran-linked APT group Pioneer Kitten sells access to hacked networks
Security Affairs
SEPTEMBER 1, 2020
” PIONEER KITTEN operations leverage on SSH tunneling, through open-source tools such as Ngrok, they also used the custom tool SSHMinion to communication with malware deployed in the target networks. Copyright (C) 2014-2015 Media.net Advertising FZ-LLC All Rights Reserved -->.
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Financial Stability Board to Develop International Cybersecurity Lexicon
Hunton Privacy
MARCH 23, 2018
The FSB is developing the cyber lexicon to address cybersecurity and cyber resilience in the financial sector and hopes that it will boost cross-border cooperation on cybersecurity. According to the note, “[t]he FSB has formed a working group, chaired by the U.S.
Marriott Breach: More than 500 Million Guest Affected
Adam Levin
NOVEMBER 30, 2018
The information compromised includes (but assume is not limited to): name, mailing address, phone number, email address, passport number, Starwood Preferred Guest account information, date of birth, gender, arrival and departure information, reservation date, and communication preferences. Minimize your exposure. Manage the damage.
Cachet Financial Reeling from MyPayrollHR Fraud
Krebs on Security
OCTOBER 24, 2019
“We apologize for the inconvenience of this message,” reads the communication from Cachet that went out to customers just after 6:30 PM ET on Oct. ” In a follow-up communication sent Thursday evening, Cachet said all debit transactions with a settlement date of Oct. But on Oct. 1, 2019 to Aug.
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Ireland: Large-scale inquiries progress as DPC budget and staff numbers ramp up
DLA Piper Privacy Matters
FEBRUARY 28, 2022
Most incidents reported originate from the private sector ( 3,667 ), with 2,707 incidents reported from public sector organisations in Ireland such as public sector bodies, banks, insurance and telecom companies. Financial Services Sector Focus. In November, the DPC launched the revised Breach Notification Webform.
NYDFS Requires COVID-19 Plans by April 9
Data Protection Report
APRIL 2, 2020
On March 10, 2020, the New York Department of Financial Services (NYDFS) issued guidance to all of its regulated institutions engaged in virtual currency business activity, requiring them to have plans for preparedness to manage the possible operational and financial risks posed by the COVID-19 pandemic.
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The Week in Cyber Security and Data Privacy: 12 – 18 February 2024
IT Governance
FEBRUARY 21, 2024
Welfare Benefits Plan Source 1 ; source 2 New Healthcare USA Yes 13,079 Insurance ACE/Humana Inc. Source New Manufacturing USA Yes 20,415 TECA Srl Source New Transport Italy Yes 16.7 GB AGC Flat Glass North America, Inc.
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Regulatory Update: NAIC Summer 2018 National Meeting
Data Matters
AUGUST 24, 2018
The National Association of Insurance Commissioners (NAIC) held its Summer 2018 National Meeting in Boston, Massachusetts, from August 4 to 7, 2018. NAIC Continues its Evaluation of Insurers’ Use of Big Data . The NAIC is also considering insurers’ use of big data in underwriting life insurance products.
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Top 6 Best Practices for Data Governance
Collibra
MARCH 11, 2021
Here is an example of how an insurance company working with Collibra set up its operating model: The insurance company is cross-functional, frequently requiring collaboration among different lines of business, such as finance, sales, marketing and IT. Promote consistent communication. Operating model example.
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6 best practices for a data governance strategy
Collibra
APRIL 11, 2022
Promote consistent communication. Some of these can be big-picture strategies, including clearly defining and communicating your organization’s vision and goals for your data governance program and making sure to measure your progress in several different ways. Promote consistent communication. Identify data domains.
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ABBYY Introduces New Mobile Capture SDK to Transform Customer Experience
Info Source
APRIL 25, 2019
The percentage of people who prefer mobile to other channels of communication is growing generation to generation. This way the SDK dramatically increases customer onboarding and retention rates, speeds up transactions, and improves customer loyalty.
Kodak Alaris and Newgen Software Announce Global Strategic Alliance to Enable Digital Workplace Solutions
Info Source
JANUARY 29, 2019
Newgen, on the other hand, has received strong industry recognition from leading analyst firms such as Gartner and Forrester for its robust BPM, ECM (enterprise content management), and CCM (customer communication management) products. “By
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Conversational AI use cases for enterprises
IBM Big Data Hub
FEBRUARY 23, 2024
Today, people don’t just prefer instant communication; they expect it. The integration of these technologies extends beyond reactive communication. Conversational AI is also making significant strides in other industries such as education, insurance and travel.
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Kofax Declares 2018 the Year of the Robot
Info Source
JANUARY 12, 2018
Kapow’s automation capabilities are being leveraged across a wide range of use cases and industries including customer and employee onboarding, banking, insurance, supply chain, logistics, finance, accounting, marketing, and customer service. Kofax also doubled its investment in RPA to further speed its pace of innovation.
ABBYY Launches Vantage, Platform Delivering Human-Like Skills to Digital Workforce
Info Source
APRIL 2, 2019
The new platform can be leveraged by enterprise companies in financial services. and insurance, transportation and logistics, manufacturing, and other industries. business operation, such as processing a loan application, insurance claim or bill of lading. automation (BPA). Several high-profile. at Everest Group.
Multicloud connectivity for regulated industry workloads on IBM Cloud
IBM Big Data Hub
SEPTEMBER 14, 2023
As enterprises modernize and migrate workloads to IBM Cloud, they often run into requirements that certain components of their application workloads to run on other cloud service provider networks. insurance, banking, healthcare, etc.)—to What are the different ways multicloud workloads can connect and communicate?
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UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services
Data Matters
FEBRUARY 25, 2021
This follows the FCA’s announcement in its 2020-21 business plan that payment services were one of its main supervisory priorities 1 and its temporary guidance of July 9, 2020, on prudential risk management and safeguarding in light of the COVID-19 pandemic ( Temporary COVID Guidance ). its Perimeter Guidance Manual (PERG).
#ModernDataMasters: Martin Squires, The Analysis Foundry
Reltio
JULY 2, 2019
I still thing the four biggest skills are creativity, curiosity, communication and common sense – if you’ve got those then you can be taught technical skills.”. For example as a young analyst at N&P I built a model for Home and Contents Insurance in order to better understand our retention strategies.
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How women are leading with data in Spain
Collibra
DECEMBER 9, 2020
Nuria: I studied Industrial Engineering at University, but my first real experience with data was right after I finished my degree when I interned in the Business Intelligence department of a financial services institution. Laura: In general, in the Spanish market, the data governance function is still somewhat immature.
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Getting ready for artificial general intelligence with examples
IBM Big Data Hub
APRIL 18, 2024
Image (55%): Gen AI can simulate how a product might look in a customer’s home or reconstruct an accident scene to assess insurance claims and liability. To respond appropriately to emotions, AGI needs to adjust its communication and behavior based on the emotional state of others.
Managing the regulatory risks of cybersecurity: An evolving regulatory landscape
CGI
MAY 26, 2016
In this environment, financial institutions are advised to set up and maintain a cybersecurity program that will hold up to regulators’ expectations. In addition, insurers are increasingly partnering with us to help manage the cyber risks of their policy holders.
Ransomware Protection in 2021
eSecurity Planet
FEBRUARY 16, 2021
As organizations move toward cloud environments, vulnerabilities rooted in vast internet communications are coming to light. Healthcare and financial services are the most attacked industries. In the last decade, we’ve seen ransomware attacks increase exponentially. Ransomware facts.
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A consumer perspective on FinTech disruption (part 2)
CGI
JANUARY 12, 2017
We surveyed 1,670 consumers across eight countries to get their perspectives on 12 digital FinTech services: Protection. IoT-based auto insurance pricing. The survey assessed the value consumers place on these services, along with their awareness and usage of them. Personal finance management (PFM). Mobile payments. P2P lending.
50 Ways to Avoid Getting Scammed on Black Friday
Adam Levin
NOVEMBER 17, 2020
Contact the sender directly if you get one of these communications. Many insurance companies, financial services organizations and employers offer cyber and identity protection products and services as a perk of your relationship either for free or at a deep discount. Track your shipments.
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US: Coronavirus – Cybersecurity considerations for your newly remote workforce
DLA Piper Privacy Matters
APRIL 2, 2020
Some newer laws, such as the New York Department of Financial Services Cybersecurity Regulation, require MFA under certain circumstances. It is always best for alternative, out-of-band communications channels to be established for the incident response team and key incident response stakeholders.
Best Practices for Building a Data-Driven Business Model
Information Matters
SEPTEMBER 17, 2018
Just as Capitol One used a highly successful and innovative “Information-Based Strategy” in the 1990s to differentiate their credit card offerings from larger competitors so insurers in 2018 are developing new ways to better understand consumer data.
How to create value through digital archiving
CILIP
JULY 19, 2019
Kevin: So if a senior board level person working in financial services is having conversations on slack or instant messenger, can Preservica help preserve the full spectrum through digital archiving? Nathan: When it comes to new forms of communication, these are areas we are moving into and are looking at ways to preserve.
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8 Interesting Predictions for the Intelligent Information Capture Market in 2022
Info Source
MARCH 16, 2022
This trend also impacts how end customers communicate and interact in B2B and B2C environments, which is increasingly digital and involves a diverse set of input channels and formats. The other market dynamic is the shift to communicating via multiple input channels using a wide range of formats often related to the same “case.”
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