Community banks often are faced with a unique challenge. On one hand, the declining cost of technology levels the playing field, enabling community banks to leverage the same tools used by their large bank competitors. But on the other, new technologies require IT executives and staff who hold very specific skillsets.
Whether it’s checking account balances online, making mobile deposits through smartphone applications or transferring money instantly between accounts, your customers are hungry for online banking services. And as a banker, you know that to edge out the competition, your bank should offer a growing suite of online and mobile services.
While the Zika virus has garnered serious press this year, another plague is sweeping the country, but getting far less media attention outside of cybersecurity circles. However, FBI Director James Comey warns that this very real threat—ransomware—is “spreading like a virus.”
The first phase of Same Day ACH Rule is just around the corner. As of Sept. 23, 2016, credit transactions will be eligible for same-day processing and settlement, with availability by the end of the processing day for Receiving Depository Financial Institutions (RDFIs).
Finding the core processing solution that best fits your bank’s strategy and individual needs is critical to remaining competitive and profitable in the changing digital world. And while it’s your search team’s responsibility to make recommendations, as a bank executive, you shouldn’t make a decision on selecting a core provider until you ask yourself:
Data breach. These two words strike great fear in the hearts of financial institution leaders everywhere. And there’s a good reason—there is no greater risk to consumer confidence in a financial institution than a data breach. But, bank technology is getting smarter, and initiatives like EMV (i.e., “chip cards”) are making your customers’ data more secure than ever before.
Modern life has changed so much, so fast. Nearly everyone today has a smartphone, and we become more reliant on them every day. That’s a good thing for financial institutions that have invested in mobile banking platforms: you’ve positioned yourself exactly where consumers want to interact with you. Just don’t get burned by letting your institution or its customers take this channel’s security for granted.
After the FFIEC conducted cybersecurity exams at more than 500 community financial institutions across the U.S. in 2014, regulators found a significant difference in the level of inherent cybersecurity risks across financial institutions.
So, you’ve made the decision to look for a new core banking provider … and at this point, you know what you’re looking for on a strategic level. But, how do you find the best provider to meet your bank’s unique needs? Finding the ideal core processing provider starts with assembling the right team to conduct the search.
In our last Compliance Advisor blog, we began our discussion regarding the tasks banks must complete as they prepare for the 2018 compliance deadline for the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence (CDD) Final Rule. Here is the remainder of our quarter-by-quarter timeline—through the deadline date of May 11, 2018.