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.

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

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API integration in Financial Services

OpenText Information Management

Open banking is happening now, and it is quickly becoming the most optimal path to digitization. Corporate banking has always … The post API integration in Financial Services appeared first on OpenText Blogs.

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.

Could digital fax be a secret weapon for cybersecurity in financial services?

OpenText Information Management

Last year, a foreign exchange company in the UK, Travelex, cited cyberattack as a key factor in its decision to file for bankruptcy. It’s estimated that the financial services sector could see as much as $6 trillion in cybercrime damages in 2021.

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

[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. As firms began to recognize the power of data for its ability to optimize business processes, as well as to provide a strategic advantage, new disciplines for its governance emerged. Today, it’s all about data.

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.

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. 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.

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. Periodic audit of data repositories should be conducted to identify any non-conforming data and its source.

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. 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.

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.

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. In this blog, I am addressing the General Data Protection Regulation (GDPR) and all the regulations that come with it. It went into effect on May 25, 2018. Personal data of an individual may not be processed unless he/she has provided informed consent to it or there is a legal basis to do so.

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

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

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. The program must evolve with the industry as new challenges and opportunities emerge, and it requires constant attention and program adjustments.

[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.

The Innovation Dilemma in Financial Services

Perficient Data & Analytics

Customers place a lot of value on innovation when selecting financial services products. It is considered one of the most important books chronicling how innovation takes place, and why it’s common that market leaders and incumbents fail to seize the next wave of innovation in their respective industries. It’s not just banks and credit unions that struggle with innovation. The industry isn’t as “safe” and predictable as it used to be.

[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.

Initiating a Data Governance Program in Financial Services

Perficient Data & Analytics

With an understanding of the company’s data in place and a plan for addressing any shortcomings, the organization will have a solid foundation for complying with its data governance objectives. Depending on a company’s size, product mix, and complexity, its data governance may require a multi-year, multi-functional program that could encompass dozens of projects. Previously, I discussed the components needed to design a data governance strategy.

Significant Aspects of Financial Services Outsourcing

Cllax

The primary operation of any business or service is related to financial management, as it is the fundamental aspect to sustain a business. The post Significant Aspects of Financial Services Outsourcing first appeared on Cllax - Top of IT.

How Financial Services Outsourcing Benefits BFSI Sector

Cllax

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

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. 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.

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.

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

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.

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

Social Media and the Financial Services Industry

InfoGoTo

Over the last seven years, the financial services industry has increasingly adopted social media platforms. However, the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) all have rules and retention requirements about communicating with the public, including via social media. Financial Services FINRA social media social media platforms

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. Gartner Names Salesforce a Leader in Magic Quadrant for Enterprise High-Productivity Application Platform as a Service. It’s impossible to keep up with all the developments and breaking news that surround Salesforce. Must-Know Salesforce Updates.

Embracing new ways of working in financial services

CGI

Embracing new ways of working in financial services. Although the approaches to dealing with the COVID-19 pandemic vary by country, as governments and businesses come to grips with it, one thing is imperative: we will get through this. . Customer service.

The Pulse of ITAD: New Financial Services Webinar

InfoGoTo

Recent IDG research reveals that Financial Services organizations are working to bring their IT asset disposition (ITAD) programs in line with corporate sustainability and security goals.

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

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 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

What Makes Financial Services Outsourcing a Necessity In 2021?

Cllax

Managing a big company with separate sectors may as well not seem like ‘rainbows and unicorns,’ and a company may sometimes even find itself straying away from its primary intent. The post What Makes Financial Services Outsourcing a Necessity In 2021?

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.

HyperApp and Intelligent Document Processing Solution Drives Digital Transformation for the Financial Services and Mortgage Industries

Document Imaging Report

This alliance will provide a premiere AI-based, cloud-native, low-code HyperApp solution for the mortgage and financial services industries. The Mortgage Processing HyperApp is intelligent automation processing at its best. New partnership between Ephesoft and JIFFY.ai

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. Issuance of the Framework is notable as it represents the first official guidance by a U.S. It also calls for insurers to “take steps to mitigate existing silent risk, such as by purchasing reinsurance.”. The post New York Department of Financial Services Issues First Guidance by a U.S.

NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites

Hunton Privacy

Lastly, the Alert provides recommendations to secure data, noting that (1) regulated entities should review whether it is necessary to display any NPI (even redacted NPI) and (2) NPI should not be displayed on public-facing sites unless there is a compelling reason to do so.

Embracing new ways of working in financial services

CGI

Embracing new ways of working in financial services. Although the approaches to dealing with the COVID-19 pandemic vary by country, as governments and businesses come to grips with it, one thing is imperative: we will get through this.

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

Thales Cloud Protection & Licensing

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. IT security pros in financial services organizations reporting that their organization already had a data breach – but breaches are increasing at alarming rates.