I visit with a lot of BSA and Risk officers in my role as sales engineer for our financial crimes solutions. And let me tell you something … I hear a lot about false positives. I have heard folks in our industry call these the bane of their existence. Whether it’s with sanctions screenings, AML, card processing or any other type of fraud, getting too many false positives is a bigger risk for your institution than you may realize.
It’s a family tradition during the holidays to acknowledge our blessings and express thanks for the many opportunities and privileges we have. Despite recent stock market volatility, there’s still so much to be grateful for, and there are some indicators to support an optimistic future:
There are currently more than 30 million small businesses operating in the US. While the large majority of these are non-employer businesses, approximately six million are firms with more than one employee. Small businesses account for more than 47% of the US workforce—which is almost 60 million people. As the economy has continued to expand, many of these businesses have sought working capital facilities in recent years.
Fraudster tactics that target financial institutions (FIs) continue to evolve at a dizzying pace. Compliance departments are being brought to a breaking point as they work to sort through the mountain of transactions, data, and false positives each day. Compliance staff employees at FIs large and small are looking for a solution to bring efficiencies to the FI in an effort to save time, money, and ensure they protect their end users against fraud. Artificial intelligence (AI) may just be the solution they are searching for.
Culture matters. At JHA we understand the critical role culture plays in our current and future success.
First, let’s define culture. I love Daniel Coyle’s definition because it’s simple: “Culture is not something you are, it’s something you do.”
We have been doing lots of things lately. Our culture is unique to us, but it is also evolving. JHA started many years ago and has grown tremendously – all while retaining our core philosophy, “Do the right thing, do whatever it takes, and have fun.”
Jack Henry and Associates,
Norman Rockwell’s Freedom from Want is the most iconic depiction of Thanksgiving dinner ever set to canvas. Even if you don’t know the title, you know the image … grandma setting a massive, roasted turkey on a dining room table that’s aglow with white light and framed by a gleeful family. Everyone’s happy, healthy, and outwardly well adjusted. It’s the aspirational image you have in mind when you optimistically plan your own family gathering, even if your family doesn’t get along-and some of them are vegan.
Naughty or nice! A perfect holiday line to summarize what cardholders, financial institutions, and merchants wonder about each credit and debit card transaction this time of year.
We know once fall arrives that the holiday season is close behind. Physical stores and online sites begin promotions and holiday décor early, well before Thanksgiving arrives. Consumers start shopping early. We move fast. Fraudsters count on that.
Fall is my favorite time of year, as the weather cools, the leaves change, and the football season heats up! I enjoy watching NFL football, and am often struck by how the momentum of the game can dramatically change at half-time. To the fans, half-time is generally focused on grabbing a snack or watching highlights. To the players and coaches, this 12-minute half-time break is all about assessing the first half and adjusting the game plan to have a successful second half. Great coaches and leaders find a way to refocus the team, adjust the game plan, and emerge with a team ready to win the second half.
The way we treat our clients and prospects determines how successful we are in exercising any long-term sales strategy within our organizations. As our mothers told us, “minding our Ps and Qs” goes a long way toward creating strong relationships. That’s just the beginning, though.
The four-letter word currently buzzing around the banking world (perhaps among other choice four-letter words) is “Varo.” Recently, Varo received preliminary approval from the Office of the Comptroller of the Currency (OCC) of their application to start Varo Bank – the first mobile national bank. Is this the dawning of a new era in banking?