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False Positives are Positively Costing You Money

Posted by Tammy Bangs

Dec 12, 2018 11:00:00 AM

 

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.

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Topics: automation, AML, BSA, financial services, digital banking, banks, Credit Unions, Financial Crimes, financial institution

Holiday Shopping Safety

Posted by Strategically Speaking

Nov 14, 2018 11:00:00 AM

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.

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Topics: retail, financial institution, Cybersecurity, Information Security, credit cards, Thanksgiving, Christmas, cyber monday

Reinventing Your Card Strategy for the Digital World

Posted by Jennifer Geis

Oct 24, 2018 11:00:00 AM

Cards Come First as Payment-Of-Choice

When is the last time you used your credit card? Most likely, you used it within the last few hours – or at the very least, within the past couple of days. Consumers worldwide are depending upon and using card payments at increasingly higher rates. What’s the reason for the hike in card usage? Cards are convenient. Cards allow us access to a trail of our purchase history. We’re rewarded when using our cards with points, cash back, or other items. And lastly, cards offer a “buy now pay later” benefit that we all can appreciate. According to a study done by VISA and Pymnts.com titled How We Will Pay, 61% of all consumers say speed or trust is the most important reason for using credit or debit cards. Two-thirds of people prefer to use cards or mobile options over cash. And 77% of people would still patronize stores if they dropped cash.

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Topics: credit cards, cards, banks, Credit Unions, Payments, Online Bill Pay, financial institution, Mobile Banking, consumer

A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 12, 2018 11:00:00 AM

Part 2: From the 1900s to the New Millennium

In the early 1900s, banks and finance companies were unwilling to lend to many poor laborers, who then turned to corrupt moneylenders and loan sharks, which defines the term predatory lending. Edward Filene, co-owner of the Filene Department Store (later referred to as Filene’s) wanted to give his workers a way to save their money or obtain credit when hard times hit. He formed a savings and loan association for employees which later became the Filene Employee's Credit Union. This helped to form the Massachusetts CU Association established in 1909 by Edward Filene. This later served as a model for the Federal Credit Union Act of 1934.1

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Topics: fintech, Credit Unions, financial institution, consumer, consumer lending, banks

A History Lesson on Consumer Lending

Posted by Susan Griffin

Oct 10, 2018 11:00:00 AM

Part 1: The Early U.S.

It’s always good to look back on how segments of banking originated based upon events or existing needs of the time. And, as the old cliché goes, you can't know where you’re going until you know where you’ve been. This is as much true in business as it is in life.

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Topics: consumer lending, banks, Credit Unions, financial institution, fintech, consumer

A Fresh Take on Preparedness for the C-Suite and IT Managers

Posted by Eric Flick

Sep 12, 2018 11:00:00 AM

 

September is National Preparedness Month. Historically, this month has been promoted to bring focus to readiness for natural disasters such as hurricanes, tornadoes, and flooding. As we head into the peak of the Atlantic hurricane season, wildfires and flash flooding have captured the headlines.

In today’s threat landscape, any financial institution (FI) likely has a higher probability of a cyber event than a naturally occurring disaster – so it’s no coincidence that October is National Cyber Security Awareness Month. As responsible C-Suite and IT representatives, we recognize our responsibility to our FI and our customers to be prepared for both!

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Topics: disaster recovery, Cybersecurity, FI, financial institution, banking, Credit Unions, banks, Regulatory Compliance, IT

Conversational Payments: How Voice Technology is Changing the Way We Pay

Posted by Jennifer Geis

Aug 15, 2018 11:00:00 AM

Communication and conversation have come a long way within the past decade. I realize I’m totally dating myself, but in talking with my 15-year old daughter, who was frustrated because her iPhone battery didn’t last as long as she’d like, I explained that phones used to be connected to the wall. In horror, she asked, “How did you get in touch with people when you’re not at home?” I then explained further that someone could actually pick up another phone in the house and listen in on your conversation. After a huge gasp, she said, “Wow, that must have been a long time ago!” In reality, it hasn’t been that long ago, yet it seems like ages when comparing how far technology and the way we communicate has progressed.

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Topics: voice banking, financial institution, technology, Online Bill Pay, Payments, Tomorrow's Technology, alexa, google home, echo

That Pesky Doorbell

Posted by Tammy Bangs

Aug 8, 2018 11:00:00 AM

The other day, my doorbell rang. I work from home and take several conference calls every day – so when the doorbell rings (pardon me), all hell breaks loose. The dogs go bonkers. My child’s home on summer break. There’s yelling. If I’m on the phone, I have to scramble to mute myself, sequester the dogs, and try to contain the chaos.

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Topics: partnership, sales, third-party vendors, Relationship Management, relationships, banking, small business, financial institution

Servicing the Healthcare Market

Posted by Lynn Moore

Aug 1, 2018 11:00:00 AM

 

So, your financial institution (FI) wants to service the healthcare market? Here’s what you need to know ...

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Topics: healthcare, banking, financial institution, business management

The Next Generation of OFM Is Here

Posted by Bryan Clagett

Jul 25, 2018 11:00:00 AM

The financial industry is in the middle of a generational shift, as digital natives become a larger part of financial institutions’ (FIs) user base.

Adoption and promotion of online financial management (OFM) are meant to maximize user experience and engagement with FIs, yet there are key challenges in delivering user delight:

  • Inability to provide sufficient support for a highly scalable workload
  • Lack of user insights, agile systems, and processes for user retention
  • Digital disruption by third-party payment providers, social media, and alternative currencies
  • Lack of a collaborative platform (involving the user and FI), increasing the complexity of decision making

Given these challenges, FIs need to adopt a comprehensive OFM solution enabling the realization of three key benefits – improved user engagement, internal cost reductions, and increased revenue.

We have identified the key features of an OFM solution that are essential to provide personalized user engagement and enable enhanced, relevant dialog and collaboration.

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Topics: OFM, online financial management, financial institution, FI, user experience, UX, Analytics

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