Information Advantage for Financial Services in 2020

OpenText Information Management

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.

[Guide] Designing a Data Governance Program in Financial Services

Perficient Data & Analytics

It is the basis of management decision-making, regulatory supervision, taxation, and investor and market behavior. In recent years, firms have recognized data as an independent asset that should be managed and leveraged to fully reap its benefits. Today, it’s all about data.

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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. A firm-wide repository (data dictionary) should be constructed to catalog each data element along with its definition, point of origin (“golden source”), format, and owner.

Data Privacy Laws in Financial Services: NYDFS 500

Perficient Data & Analytics

In my previous post, I discussed what data privacy is and why it’s important? In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Service providers.

Summary – “Industry in One: Financial Services”

ARMA International

The scope of a records and information management (RIM) program in financial services can seem overwhelming. The program must evolve with the industry as new challenges and opportunities emerge, and it requires constant attention and program adjustments. financial institutions.

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. It went into effect on May 25, 2018.

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

OpenText Information Management

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.

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

The Innovation Dilemma in Financial Services

Perficient Data & Analytics

Customers place a lot of value on innovation when selecting financial services products. It’s not just banks and credit unions that struggle with innovation. Baldwin produced the last of its 70,000-plus locomotives in 1956 and went out of business in 1972.

Social Media and the Financial Services Industry

InfoGoTo

Over the last seven years, the financial services industry has increasingly adopted social media platforms. With new social media platforms popping up at an accelerating pace over the last several years, it can be hard to keep up.

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

Perficient Data & Analytics

My previous blog focused on addressing the General Data Protection Regulation (GDPR) and all the regulations that came with it. Implement: Technical services are required to create/ update cybersecurity policies and procedures.

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

Perficient Data & Analytics

What is Data Privacy and Why is it Important? Data privacy, or data protection, is the relationship between the collection and dissemination of data, technology, the public perception and expectation of privacy, and the political and legal issues surrounding it all. In the case of a business, this is any business-related information that, if tampered with or disclosed without authorization, causes a material adverse impact to the business, its operations, or security.

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 one of the areas I’ll be presenting on at this year’s OpenText™ Enterprise World, our annual customer conference. 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.

Here Are the Top Digital Transformation Trends in Financial Services

InfoGoTo

This next coming year promises big changes for the financial services industry; especially when it comes to digital transformation. In fact, the rise of digital transformation in financial services means an interesting shake-up is on the way. Learn about the top 7 digital transformation trends in financial services here. Financial Services News Digital transformation financial services

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

Thales eSecurity

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.

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

Salesforce DMP, Financial Services Cloud & B2B Analytics Intro

Perficient Data & Analytics

What You Need to Know About Financial Services Cloud. Field Service Updates in Summer ’18 that Will Change How You Work. Self-Service or Bust: Why Connected Customer Portals are Vital to Customer Experience. It lets them know you put some thought into your relationship.

US banks Q3 results shine light on financial services innovation

Document Imaging Report

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 Contributed News RPA AI Mobile financial services

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 Whether it is statement issues, fraud, or simple clerical errors, AI can detect and alert these anomalies quicker than the normal worker.

Know it first: The race for AI advantage from within the data tornado of financial services

IBM Big Data Hub

Learn why finserv firm Capitalogix is climbing the ladder to AI to transform the financial services industry

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

OpenText STP Financial Hub revolutionizes workflows in the Financial Services sector

OpenText Information Management

Recently, we completed an onboarding for a new corporate … The post OpenText STP Financial Hub revolutionizes workflows in the Financial Services sector appeared first on OpenText Blogs.

The Financial Services Industry is in Need of Technology Modernization

InfoGoTo

Many financial services organization still have legacy technology and it has become a significant barrier to their success. Financial services organizations need to start their digital transformation. This is especially true given the fact that the business environment is becoming increasingly digital. Learn more here. News Digital transformation legacy technology

President Trump Signs Financial Services Regulatory Reform Legislation

Data Matters

The Act makes many significant modifications to the postcrisis financial regulatory framework, although it leaves the core of that framework intact. One major consequence of the Act may be an increased potential for mergers, acquisitions and organic growth among regional and midsize banks, as well as community banks, because of provisions that increase the thresholds that must be met before various financial regulatory requirements apply. Initiating Online Banking Services.

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.

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. First American says it has hired a third-party security firm to investigate, and that it shut down external access to the records.

With RPA, You’re One Step Closer to AI

Perficient Data & Analytics

Recent research from the Digital Banking Report found that only 13% of financial organizations globally have deployed at least one artificial intelligence (AI) solution. But it makes sense. Unlike AI, RPA doesn’t learn on its own or seek to tweak out new efficiencies or new insights.

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. On July 31, 2018, the U.S.

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. This includes the specific source of the information on which the insurer based its adverse underwriting decision. Artificial Intelligence Big Data Financial Privacy Insurance U.S.

NYDFS 500: Why the Regulation?

Perficient Data & Analytics

Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. For more information on NYDFS 500 and GDPR laws and regulations on the financial services industry, please download our guide here , or click below.

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.”.

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

Fintech Predictions for 2019

InfoGoTo

A new year is upon us and it there’s a lot in store for financial services in 2019. Financial Services News financial servicesThis article explores seven fintech predictions for 2019. Read more here.

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

Reltio

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.” Get it?”

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.

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

Ransomware at IT Services Provider Synoptek

Krebs on Security

Synoptek , a California business that provides cloud hosting and IT management services to more than a thousand customer nationwide, suffered a ransomware attack this week that has disrupted operations for many of its clients, according to sources.