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).
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Key trends for the Financial Services industry in 2022
OpenText Information Management
JANUARY 10, 2022
As we head into 2022, it’s clear that the Financial Services industry overall has responded well to the impact of COVID-19 — but it hasn’t emerged unscathed. Banking & Insurance employee experience Financial Service Industry personalization in banking
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Information Advantage for Financial Services in 2020
OpenText Information Management
JANUARY 6, 2020
It’s that time again when we look ahead to the year to come. For 2020, we’re going to see financial services companies accentuate and accelerate the priorities of recent years.
Key financial services trends as the world emerges from COVID-19
OpenText Information Management
OCTOBER 5, 2020
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
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.
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. The modern workplace expects more “jack of all trades” than specialists.
A time of reflection: Five tips for Financial Services in 2019
OpenText Information Management
JANUARY 10, 2019
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
AI in Financial Services is growing, but there’s a way to go
OpenText Information Management
FEBRUARY 12, 2019
It’s funny how the world works. 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. 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.
The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why
Rocket Software
MARCH 14, 2022
Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries.
New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Issuance of the Framework is notable as it represents the first official guidance by a U.S. Insurers should: Establish a Formal Cyber Insurance Risk Strategy. Rigorously Measure Insured Risk.
Three data-driven trends to watch in financial services in 2022
Collibra
JANUARY 18, 2022
The financial services industry has had a longstanding tradition of being at the forefront of adopting new technologies. It is predicted that 2022 will be another banner year for cloud data modernization initiatives with a few noticeable shifts.
US banks Q3 results shine light on financial services innovation
Info Source
OCTOBER 12, 2018
To respond, incumbent banks are investing in next-generation technologies, with the global banking industry spending $519 billion on IT this year, up 4.1 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. Contributed News RPA AI Mobile financial services
NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites
Hunton Privacy
FEBRUARY 22, 2021
The NYDFS learned of the threat after receiving reports from auto insurers that cybercriminals were targeting their premium quote sites to steal driver’s license numbers. Cybersecurity Financial Privacy U.S.
New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting
Data Matters
FEBRUARY 20, 2019
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.
First American Financial Pays Farcical $500K Fine
Krebs on Security
JUNE 18, 2021
In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. NYSE:FAF ] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years.
Nurturing relationships while working remotely
OpenText Information Management
MARCH 24, 2020
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
NY Charges First American Financial for Massive Data Leak
Krebs on Security
JULY 23, 2020
In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. First American Financial Corp. It employs some 18,000 people and brought in $6.2 First American released its first quarter 2020 earnings today.
Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
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. The NYDFS alleges that First American, one of the largest providers of title insurance in the U.S.,
Why trusted advise is vital in uncertain times
OpenText Information Management
MARCH 16, 2020
But I’m going to do it anyway as what we’re experiencing right now is unprecedented, and will have implications long after this outbreak is contained. Customer Experience Banking & Insurance financial services digital financial services digital banking retail banking coronavirus
The ‘Zelle Fraud’ Scam: How it Works, How to Fight Back
Krebs on Security
NOVEMBER 19, 2021
One of the more common ways cybercriminals cash out access to bank accounts involves draining the victim’s funds via Zelle , a “peer-to-peer” (P2P) payment service used by many financial institutions that allows customers to quickly send cash to friends and family.
Why `digital fakers’ have nowhere to hide
OpenText Information Management
MAY 16, 2022
I can’t tell you how great it was to meet with people in person again. Banking & Insurance Customer Experience digital financial services digital transformation
NY Payroll Company Vanishes With $35 Million
Krebs on Security
SEPTEMBER 11, 2019
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. Nevertheless, it is a story worth telling, in part because much of the media coverage of this incident so far has been somewhat disjointed, but also because it should serve as a warning to other payroll providers about how quickly and massively things can go wrong when a trusted partner unexpectedly turns rogue.
NY Investigates Exposure of 885 Million Mortgage Documents
Krebs on Security
MAY 31, 2019
New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. That measure, which went into effect in March 2019 and is considered among the toughest in the nation, requires financial companies to regularly audit and report on how they protect sensitive data, and provides for fines in cases where violations were reckless or willful. ” A Little Sunshine Data Breaches First American Financial Corp.
NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline
Hunton Privacy
JANUARY 24, 2018
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.”.
Providing a superior experience for commercial banking customers
OpenText Information Management
JUNE 7, 2021
It’s become more important than ever to help optimize banking operations and compliance requirements through seamless digital workflows and elevating customer experiences.
Vermont Enacts Insurance Data Security Law
Hunton Privacy
JUNE 9, 2022
On May 27, 2022, Vermont Governor Phil Scott signed H.515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”).
NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?
Data Matters
FEBRUARY 2, 2021
Most cybersecurity professionals are aware of the New York Department of Financial Service’s requirement imposed on DFS-licensed entities to certify their cybersecurity program’s compliance on an annual basis (by April 15th of each year), but less well known is that numerous other states impose similar requirements on regulated insurance entities and that deadline for many states is coming up on February 15, 2021.
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. 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.
Keeping Up with New Data Protection Regulations
erwin
APRIL 11, 2019
Facebook was in the news again last week for another major problem around the transparency of its user data, and the tech-giant also is reportedly facing 10 GDPR investigations in Ireland – along with Apple, LinkedIn and Twitter. 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.
How Data Science Experience improves accuracy for the insurance industry
IBM Big Data Hub
JUNE 26, 2018
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
Four Use Cases Proving the Benefits of Metadata-Driven Automation
erwin
FEBRUARY 7, 2019
The volume and variety of data has snowballed, and so has its velocity. So it’s safe to say that organizations can’t reap the rewards of their data without automation. The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Despite its shortcomings, the Excel spreadsheet method for managing data mappings is common within many industries.
New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process
Hunton Privacy
FEBRUARY 25, 2021
As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. 2 (2021) regarding “Cyber Insurance Risk Framework” (the “Guidelines”), calling on insurers to take more stringent measures in underwriting cyber risks. Cyber Insurance Cybersecurity Financial Privacy U.S.
Digital Preservation -- High Stakes for Finance and Insurance Companies
AIIM
FEBRUARY 22, 2018
It is time to think about Digital Preservation differently — as a dedicated capability that keeps long-term information alive and usable and trusted and easily found. 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.
New York State Expected to Increase Enforcement of Cybersecurity Practices
HL Chronicle of Data Protection
FEBRUARY 25, 2020
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.”
7 Reasons Why Businesses Should Adopt A Modern MDM Platform
Reltio
JULY 6, 2018
Reduced IT & Operational Cost. It helped the client improve their territory alignment, multi-channel campaign execution, and field incentive compensation planning. Reltio has helped increase their data load performance by 577X and is expected to save them more than $12M over 5 years through improved IT and data management operations. A leading pet specialty retailer leveraged data to tackle Amazon Effect and transform into a customer-centric service company.
Reltio Cloud – Your Key to a Successful SAP S/4HANA Migration
Reltio
MAY 13, 2019
And why can’t they resolve it themselves?” ” “It’s the sheer mental fatigue and they can’t think anymore. Let’s sit somewhere and talk about it for a bit, maybe I can offer some advice.” ” “But to do that, you need to think a little differently, and improve the efficiency where it matters, especially when it comes to your master data.” It’s at the heart of this whole thing as I said earlier.”
American Insurance firm State Farm victim of credential stuffing attacks
Security Affairs
AUGUST 7, 2019
The American group of insurance and financial services companies State Farm disclosed a credential stuffing attack it has suffered in July. The American group of insurance and financial services companies State Farm revealed that it was the victim of 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.
Reltio Cloud – A Data Platform Perfect For Google Anthos
Reltio
APRIL 16, 2019
Increasingly complex requirements of businesses may need a multi-cloud solution that makes it simpler to aggregate, organize, analyze, and share data across the enterprise. 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.
#ModernDataMasters: Mike Evans, Chief Technology Officer
Reltio
MARCH 19, 2019
It became apparent very quickly that a lack of focus on data was the root cause. If there’s one lesson I’ve learnt, it’s that you can’t cut corners in MDM. It is as much to do with changing the culture of a company and embracing the value of data, as it is about technology or process.”. How would you define “modern” data management and what does it /should it mean for organisations that adopt it? It is what drives them. Kate Tickner, Reltio.
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. “Wait!
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