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.

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.

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Financial services are embracing multi-cloud

DXC Technology

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.

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.

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

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. Insurance companies. Service providers. In my previous post, I discussed what data privacy is and why it’s important?

US banks Q3 results shine light on financial services innovation

Document Imaging Report

For example, ChatBot technology is becoming particularly popular in banking for customer service, by cutting down handling times and accelerating payments processing, enabling better customer interaction by eliminating errors and increasing efficiency.

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. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.

Artificial Intelligence Is Set to Rewrite the Rules of Insurance

InfoGoTo

Few industries stand to gain as much by adopting artificial intelligence as insurance. Insurance companies rarely relate to their customers other than at the time of the claim, so making that experience as simple and productive as possible is key to customer retention.

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. Customer Experience Industries Banking & Insurance financial services Banking financial services industry digital banking coronavirus Covid-19

Friend or foe? Data interoperability key to trust in payments

OpenText Information Management

Information Management IoT & Supply Chain Industries Banking & Insurance Banking Payments digital transformation digital financial services Financial Service Industry data integration digital banking finextra payments industry data interoperability

Why trusted advise is vital in uncertain times

OpenText Information Management

Customer Experience Banking & Insurance financial services digital financial services digital banking retail banking coronavirusThere’s a danger that writing a blog focused on the current Coronavirus outbreak could be seen as a cynical marketing ploy.

NY Payroll Company Vanishes With $35 Million

Krebs on Security

Unlike many stories here about cloud service providers being extorted by hackers for ransomware payouts , this snafu appears to have been something of an inside job. The company that handled that process for MyPayrollHR is a California firm called Cachet Financial Services.

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space. Most significant challenges diversified insurance, life insurance, and property and casualty insurance companies face and how they are solving them.

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. The answers to these big questions lie in the strategic initiatives that insurance companies must embrace to move their business forward. To learn about them, download our new guide: 2018 State of the Insurance Industry. That is, how can they generate more revenue and increase profitability? How can they get a bigger piece of the pie in a market that offers customers so many options?

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities.

Enabling Key Stakeholders in the Insurance Industry

Perficient Data & Analytics

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. said that her company’s agents and brokers also benefited from its “investments in tools and solutions,” enabling them to provide more value and better service to customers. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

— To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Technology investment is an essential component of most strategic growth and operational efficiency initiatives. Technology comes in two parts. There’s the front-end technology that customers experience. There’s also the back-end technology that other stakeholders (i.e.,

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic.

NY Investigates Exposure of 885 Million Mortgage Documents

Krebs on Security

New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. “The company is one of the largest insurers in the United States, handling around one in every four transactions, according to the American Land Title Association.”

NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline

Hunton Privacy

On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018. As DFS continues to implement its landmark cybersecurity regulation, we will take proactive steps to protect our financial services industry from cyber criminals.”.

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. According to a new report on the global banking industry from Finextra, 45% of retail banks say they can onboard a new customer in under 40 minutes.

Spurring Growth Initiatives Through Tax Reform in Insurance

Perficient Data & Analytics

has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. We are investing in their future and strengthening their long-term financial security with structural improvements that will endure. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

Attracting and Cultivating Customers in the Insurance Industry

Perficient Data & Analytics

In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

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

OpenText Information Management

AI & Analytics Customer Experience Industries Banking & Insurance AI Analytics Banking contextual banking digital banking digital banking report financial service Open Banking

Los servicios financieros abrazan la multinube

DXC Technology

Eso se desprende del último informe realizado por 451 Research, “Multi-Cloud Fundamental to Financial Services Transformation” y yo no lo pienso discutir. Banking & Capital Markets Cloud Insurance financial services hybrid cloudLos entornos multinube (formados por varias nubes, públicas y privadas, que se utilizan normalmente para diferentes propósitos) pueden considerarse como la opción preferida de los bancos.

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.

American Insurance firm State Farm victim of credential stuffing attacks

Security Affairs

The American group of insurance and financial services companies State Farm disclosed a credential stuffing attack it has suffered in July. The insurance firm is notifying the impacted customers, but it did not disclose the number of affected users.

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. Metadata-Driven Automation in the Insurance Industry.

Keeping Up with New Data Protection Regulations

erwin

Due to these pre-existing regulations, organizations operating within these sectors, as well as insurance, had some of the GDPR compliance bases covered in advance.

Leveraging Blockchain Integration to Meet Information Governance Challenges

InfoGoTo

Blockchain integration is one of the hottest technology topics in the business world today, with financial services and healthcare sectors leading the way in exploring how to integrate blockchain into their organizations. A Financial Services Roadblock.

Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?

HL Chronicle of Data Protection

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. The entering into effect of multiple state laws in this area may present challenges for insurance providers operating in states where such cybersecurity requirements are provided for.

Using Information Governance to Manage the Commingling of Minors’ Claim Files

InfoGoTo

As these and other statutes evolve and legal holds are lifted, insurers need to be prepared to address their legacy records. For P&C insurers, the handling of retention and disposition of minor claims files have historically been challenging due to poor information governance (IG) practices. Insurers’ real-world experiences. One insurer stated that, “digital files and paper files are indexed the same. What insurance companies can do.

The Most Valuable Benefit of Salesforce Financial Cloud

Perficient Data & Analytics

How familiar is your organization with the flexibility and integration Financial Services Cloud offers? The solution helps improve the customer experience, strengthen client relationships, and drive new business by integrating sales, service, and marketing.

Cloud 52

Digital Preservation -- High Stakes for Finance and Insurance Companies

AIIM

Nowhere is this truer than in the financial services sector. In a recent AIIM survey, 85% of finance and insurance executives said that digital preservation was “important” or “very important” to their organizations – even higher than the 77% reported in other industries. Why is it particularly important in finance and insurance? Here are 3 key reasons: 1 -- The financial services sector is the most highly regulated and competitive sector on the planet.

Reltio Cloud – Your Key to a Successful SAP S/4HANA Migration

Reltio

Business IT B Business B Customer 360 B Digital Transformation B Financial Services & Insurance B Graph B Healthcare B High-Tech & Manufacturing B IT B Life Sciences B Machine Learning B media & entertainment B Product 360 B Retail & CPG B Supplier 360 B Travel & hospitality

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

It applies to any “Covered Entity,” which is defined broadly to include “any Person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law.”

Reltio Cloud – A Data Platform Perfect For Google Anthos

Reltio

We are very excited with the announcement of the service that is called Anthos (formerly known as Google Cloud Services Platform). Anthos is based on Kubernetes as well as other open-source projects like Istio service mesh. Anastasia Zamyshlyaeva , Reltio.

MDM 82

How Data Science Experience improves accuracy for the insurance industry

IBM Big Data Hub

In this Q&A, IBM financial services solution architect Irina Saburova discusses an insurance use case with IBM Data Science Marketing Lead Rosie Pongracz. In this scenario common to the insurance industry, an organization needs to adjust its operations based on upcoming weather event and multiple weather indicators can improve forecast accuracy

Is Your Customer Experience Future-Ready?

Reltio

It is an ongoing activity, constantly responding to the changes in market and customer expectations, new products and services, and technology evolution. Can you discover, validate, and scale innovative use of existing and new data-sets to deploy products and services faster?