The secure movement of delicate customer information has long been a concern for banks, but never more so than in the age of massive data breaches and numerous cyber threats. [Continue]
I received a solicitation in my personal mail recently. It was a letter from Unison, which offered me money based on my homeownership. I get a HELOC solicitation almost every week, but this was different, most notably because it wasn’t offering a credit product. [Continue]
Everyone is talking about fintechs, but I contend banks still have the upper hand when it comes to controlling the most attractive segment of the lending market. Fintechs that are leveraging new avenues of data to identify loan prospects and quickly approve loans are generally reaching loan prospects who wouldn’t qualify for traditional bank financing. [Continue]
Whether criminals are attempting to trick their victim into providing information (personal, account, internal procedures), downloading malware, conducting fraudulent transactions, or allowing physical or cyber access into the bank, social engineering is often the foundation that leads to fraud and other security concerns. [Continue]
Aaron Silva is president of Paladin fs, a research firm that gathers data on core services (and other fintech products) and provides a resource for banks looking to comparison shop. Silva calls Paladin’s data a “blue book” for fintech services. This information, among other things, helps banks determine whether breaking a contract with a core provider is financially feasible, which is an increasingly common scenario, Silva told BankBeat.
Q: What are common issues banks are facing when it comes to core service providers?
Aaron Silva: They are learning the core suppliers are not financially guaranteeing any of their system’s performance. For example, if there is a failure, or something happens that causes the bank harm, they can’t go back to their contract and find a credit or some sort of benefit. They will find they have to beg for it — or sue them. Another issue we see is the bank’s rights around termination of the contract. Today these contracts are written as such that if you leave a certain service for any reason — or even a part of the service — you have to pay the entire balance of your contract, anywhere from 50 to 100 percent of it. [Continue]
Richard McShirley has worked for years in the payments field and shared his thoughts on what banks need to be aware of when looking for payment solutions and how the technology behind them is changing. [Continue]
Between affordability, customer comfort and budget-watching, video technology’s time in the sun has arrived for community banks. We present a quick introduction to interactive teller machines. [Continue]
Is the technology you’ve invested in really making the right difference in your organization? Consultant Jeremy Neuharth offers strategies to find out. [Continue]
You might have heard the media buzz about Bitcoin but not understand the clamor. Supporters will tell you it’s a different, possibly better, currency. [Continue]
Community bankers are increasingly aware of the need to improve their fraud detection efforts and establish centralized governance systems to get a better grasp on managing the risks of fraud. Automation can help with that. [Continue]