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.

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?

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API integration in Financial Services

OpenText Information Management

As customer and partner expectations shift towards seamless digital flows, financial services organizations are stepping up and taking a keen look at the business value that APIs can create for them and their customers.

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

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.

Financial services are embracing multi-cloud

DXC

That’s according to an independent report by 451 Research, ‘Multi-Cloud Fundamental to Financial Services Transformation.’ Banking & Capital Markets Cloud Insurance financial services hybrid cloudMulti-clouds — environments made up of multiple public and private clouds typically used for different purposes — may well be the cloud of choice for banks.

Why Compliance Is No Longer King for Financial Services Cybersecurity

Dark Reading

Financial services companies' experience in risk management serves them well when it comes to minimizing their cyber-risk

Key Drivers to Enable Digital Transformation in Financial Services

Data Breach Today

Digital transformation (DX) continues to drive growth across financial services firms, creating new opportunities to increase revenue and foster innovation. Cloud - whether public, private or a hybrid approach - is foundational to achieving DX objectives, as is secure, resilient and scalable network connectivity. Customers demand a seamless experience across all digital channels

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. Enterprise World Industry Bank banks Enterprise World 2019 financial services Insurance insurance industry

The Future of Adaptive Authentication in Financial Services

Data Breach Today

Key findings from a recent study that surveyed the state of adaptive authentication in FIs. In this webinar, OneSpan and ISMG summarize key findings from a recent study that surveyed the state of adaptive authentication

3 Key Risks with Employee Passwords in the Financial Services Industry

Data Breach Today

How can financial services institutions better protect employee passwords? One of the most common threat vectors plaguing financial services institutions is the employee password

Cyberthreats Against Financial Services Up 56%

Dark Reading

Financial institutions interacting with customers online must prepare for a broader, more sophisticated variety of threats

[Guide] Designing a Data Governance Program in Financial Services

Perficient Data & Analytics

Data & Analytics Financial Services data governance Data Governance in financial services Data Governance Program in Financial Services financial services dataData is the lifeblood of any company. It is the basis of management decision-making, regulatory supervision, taxation, and investor and market behavior.

Managed Detection & Response for Financial Services

Data Breach Today

These are among the top threats to financial institutions of all sizes. Ransomware. Phishing. Credential stuffing. But small-to-midsized ones are particularly challenged to detect and respond to threats. Arctic Wolf's Todd Thiemann discusses the value of managed detection and response

Data Privacy Laws in Financial Services: NYDFS 500

Perficient Data & Analytics

In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. The New York State Department of Financial Services (NYDFS) 23 NYCRR 500 is a set of regulations that place cybersecurity requirements on all covered financial institutions. Service providers. In my previous post, I discussed what data privacy is and why it’s important?

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.

Customer experience in Financial Services

OpenText Information Management

In a recent blog, I wrote about the increasing prominence of AI in financial services. It’s a hot topic that’s topping the agenda of most financial … The post Customer experience in Financial Services appeared first on OpenText Blogs. Enterprise World Industry Posts Analytics Customer Experience customer satisfaction customer support digital enterprise world 2018 financial services omni-channel

Components of a Data Governance Strategy in Financial Services

Perficient Data & Analytics

Previously, I analyzed the types of data in a governance program for financial services companies. Requesting access to data should be automated through workflows to facilitate and speed the servicing of requests as to not hinder productivity. Data & Analytics Financial Services data governance Data Governance Strategy in Financial Services Data Strategy financial services data financial services data governance

Accelerate your journey to AI in the financial services sector

IBM Big Data Hub

As the world confronts new challenges, it is a unique, unprecedented time to recast old ways of working and redefine industries.

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.

GDPR: Data Privacy Laws in Financial Services

Perficient Data & Analytics

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. Data protection must be designed into the development of business processes for products and services. Non-compliance with the regulation can result in a fine up to $20 million or up to 4% of the annual worldwide turnover of the preceding financial year.

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

[Podcast] Low Code Drives Rapid Change for Financial Services

AIIM

It’s no secret that the continuing coronavirus pandemic has disrupted businesses everywhere, and the financial services industry is no exception. Indeed, the financial services industry is at a tipping point—either disrupt or get disrupted.

3 ways prescriptive analytics helps deliver better financial services

IBM Big Data Hub

As any financial services executive knows, improving business results with precise, timely decisions is much harder than it looks

[Guide] Data Privacy Laws in Financial Services: NYDFS 500 & GDPR

Perficient Data & Analytics

It is typically called personally identifiable information (PII) and can be any combination of a person’s name, address, social security number, phone number, email address, bank/financial account number, credit/debit card number, biometric records, health records, or other information. New York State Department of Financial Services (NYDFS 500) and General Data Protection Regulation (GDPR) are two important privacy laws with which many financial services institutions must comply.

Initiating a Data Governance Program in Financial Services

Perficient Data & Analytics

Data & Analytics Financial Services data governance Data Governance Program Data Governance Program in Financial Services financial services dataPreviously, I discussed the components needed to design a data governance strategy. This post will describe in detail, how to initiate the data governance program.

Fresh Options for Fighting Fraud in Financial Services

Dark Reading

Fraud prevention requires a consumer-centric, data sharing approach

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.

How Financial Services Outsourcing Benefits BFSI Sector

Cllax

The post How Financial Services Outsourcing Benefits BFSI Sector first appeared on Cllax - Top of IT.

The Innovation Dilemma in Financial Services

Perficient Data & Analytics

Customers place a lot of value on innovation when selecting financial services products. An organization can: Manage the status-quo by incrementally improving the existing offering to the existing customer base; Evolve the current offering by adding new products and services but sticking to its captive market; Adapt the existing offering to target prospective customers in new market segments or territories; and.

Financial Services Sector Rife with Hidden Tunnels

Threatpost

Hacks Vulnerabilities Web Security attack technique data exfiltration Equifax breach financial services hidden tunnels uptickAttackers use the approach to look like legitimate traffic and hide data exfiltration in plain sight.

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

Perficient Data & Analytics

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. For more information on NYDFS 500 and GDPR laws and regulations on the financial services industry, please download our guide here , or click below.

Financial Services Breaches Less Common, More Damaging, Than Those in Other Sectors

Dark Reading

While far less common than breaches in other industry sectors, financial services breaches were more than twice as expensive, per record exposed, than the average for tech businesses

Financial Services Outsourcing: The Key To Win Tech-savvy Customers

Cllax

The post Financial Services Outsourcing: The Key To Win Tech-savvy Customers first appeared on Cllax - Top of IT. The BFSI sector has to cope with the new trends in technology to meet customer needs.

Managing financial services model risk in an age of big data and AI

IBM Big Data Hub

Any financial services firm using AI must revisit its approach to model risk management. Now, its upcoming model risk management capabilities address the challenges that financial services firms need to solve

One financial services CIO warns: Don’t get comfortable.

InfoGoTo

The CIO of Daimler Financial Services, Udo Neumann, warns that although your company may be thriving now unless you transform and innovate, that success won’t last. Financial Services News Daimler Financial Services Digital transformation financial servicesLearn more here.

New York Department of Financial Services Released New Guidance Addressing COVID-19 Related Cybersecurity Risks

HL Chronicle of Data Protection

Continuing its focus on COVID-19’s impact on its regulated entities, on April 13, the New York Department of Financial Services (NYDFS) released new cybersecurity guidance in response to the COVID-19 pandemic.

Build cognitive solutions with Financial Services Workbench and Cloud Pak for Data

IBM Big Data Hub

From changing customer behavior and expectations, rapid innovation in digital technology, burgeoning regulatory requirements, and the macroeconomic environment, the very definition of financial services is changing The future of banking is transforming.

100+ Financial Services Firms Targeted in Ransom DDoS Attacks in 2020

Dark Reading

Consumer banks, exchanges, payment firms, and card issuing companies around the globe were among those hit

Do AI Applications Have a Limit in Financial Services?

Perficient Data & Analytics

Dominant financial services institutions, currently, focus on; a scale of assets, mass productions, relationship exclusivity, switching costs, and dependence on the integrity of humans. The same mindset goes for artificial intelligence (AI) pairing with financial services. How AI Helps with Financial Services. “A Ultimately, AI in the financial services industry will be directed towards optimizing the customer experience.