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.

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.


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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

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. Financial Services and Insurance organizations will continue … The post Information Advantage for Financial Services in 2020 appeared first on OpenText Blogs.

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

[Podcast] Low Code Drives Rapid Change for Financial Services


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.

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.

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.

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.

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.

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

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

[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.

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.

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.

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. At this moment, although it may seem that global business is at its quietist, beneath a veneer of calm, feverish transformations are taking place across markets, behind the closed doors of companies and their workers, all evolving to these new conditions

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.

The Pulse of ITAD: New Financial Services Webinar


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.

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.

Here Are the Top Digital Transformation Trends in Financial Services


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


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.

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

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

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

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 The reason is that AI models are evolving faster than the rules-based models that were standard previously. If AI models perform inadequately, major operational losses can grow quickly.

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. The guidance highlights the heightened cybersecurity risks from the current crisis and NYDFS’ expectations that its regulated entities address those risks as large portions of their workforce have shifted to remote working arrangements.

Embracing new ways of working in financial services


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. . In times of crisis, the preservation of key functions and services is critical, regardless of industry. Customer service. In a crisis like this, the financial welfare of many customers is seriously threatened.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

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. First American failed to classify its applications properly as actively transmitting confidential, nonpublic information.

OpenText STP Financial Hub revolutionizes workflows in the Financial Services sector

OpenText Information Management

It’s been a busy 2018 here on our OpenText™ Straight Through Processing (STP) for Securities (STP Financial Hub) platform, with many new clients discovering the benefits of our powerful workflow engine and flexible connectivity methods, along with our constant improvement and enhancement process for our existing clients.

The Financial Services Industry is in Need of Technology Modernization


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

Compliance Risk Assessment Services Are Essential for Financial Service Firms


Financial Service Firms are mandated by the SEC to conduct compliance risk assessments of their company and its employees. An effort is made to find out the risk of the.

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.

NY Charges First American Financial for Massive Data Leak

Krebs on Security

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.

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

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. It seems like 60% of financial services organizations are doing nothing regarding strategic planning or implementation around AI. But it makes sense. Unlike AI, RPA doesn’t learn on its own or seek to tweak out new efficiencies or new insights. It’s an attractive solution for banks.

Spearphishing Attack Spoofs to Target 200M Office 365 Users


It remains unknown as to why Microsoft is allowing a spoof of their very own domain against their own email infrastructure. Web Security exact domain spoofing financial services Healthcare Ironscales manufacturing Microsoft Office 365 spearphishing Spoofing telecom utilities vertical markets

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.