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Top predictions for financial services in 2023

OpenText Information Management

With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).

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Financial Services and the Zero Trust Journey

Data Breach Today

Menlo Security's Mark Guntrip on How to Learn to 'Defend Differently' On one hand, rapid cloud migration has been a boon to financial services organization. But it's also exposed some security weaknesses.

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Key trends for the Financial Services industry in 2022

OpenText Information Management

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

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.

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Empower business users in financial services to elevate customer experience

OpenText Information Management

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.

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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.

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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.

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Record-Setting DDoS Attack Hits Financial Service Firm

Data Breach Today

Million Request-Per-Second Attack Launched by 20,000 Bots, Cloudflare Says Security firm Cloudflare says it detected and mitigated a 17.2 million request-per-second (rps) distributed denial of service attack, almost three times larger than any previously reported HTTP DDoS attack

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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

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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.

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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.

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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.

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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.

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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

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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

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NYDFS Amends Cybersecurity Rules for Financial Services Companies

Hunton Privacy

On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Any cybersecurity event that affects a third-party service provider that also affects the covered entity.

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The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why

Rocket Software

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.

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[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.

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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

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Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor

Thales Cloud Protection & Licensing

Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor. It highlights the leadership of financial services in cybersecurity relative to other industries, but it also uncovers some surprising chinks in their cybersecurity armor.

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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.

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Three data-driven trends to watch in financial services in 2022

Collibra

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.

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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

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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.

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The importance of data quality in Financial Services

Collibra

Financial services are highly regulated and maintain a strong focus on compliance and risk management. Constantly monitoring data and also reporting it to the regulatory authority is their top priority. What is data quality in financial services?

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US banks Q3 results shine light on financial services innovation

Info Source

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

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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.

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How Financial Services Outsourcing Benefits BFSI Sector

Cllax

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

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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.

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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.

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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.

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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.

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

Info Source

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

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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.

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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.

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Cryptocurrency as a Technology for Providing Financial Services

Cllax

Is a set of services and applications developed using blockchain, cryptocurrencies / tokens and smart contracts. The post Cryptocurrency as a Technology for Providing Financial Services first appeared on Cllax - Top of IT.

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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.

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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?

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Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs

Hunton Privacy

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulations”).

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Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment

Thales Cloud Protection & Licensing

Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment. Even “traditional banks” seek to drive more revenue from digital products, personalized services and experiences.

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