Contributor: Eileen VanScoy
Risk and regulatory compliance can impact nearly every operational process and technology platform in banks, brokerage and trust firms. Within the coming years, financial services institutions will face a multitude of regulatory and accounting changes. At the same time, they will need to control systemic, counterparty and financial risk, and increase efficiencies and service.... read more
Contributor: Eileen VanScoy
Extensive post-mortem analysis of the 2008 financial meltdown highlighted a number of shortfalls in financial organization’s regulatory and customer reporting. Inconsistent and complicated data models, coupled with data pulled from many platforms or manually prepared, hampered regulators in fulfilling their oversight duties. Consumers contended that they lacked adequate access to the data required to understand the financial information or choices presented to them.... read more
Contributor: Eileen VanScoy
Dealing with reforms as they migrate through the financial services industry The Dodd-Frank Wall Street Reform and Consumer Protection Act and its amendments (H.R. 4173) became law in July 2010. This legislation already generates more financial industry-wide press and concern than any other reform measure passed in the past seven decades. With its numerous reforms in various stages of analysis and refinement, it will be months — and, in some cases, years — before the industry realizes the law’s full impact. Regardless, financial organizations must begin addressing compliance now.... read more
Contributor: Eileen VanScoy
Global mobile banking subscribers have doubled in each of the past three years, with strong growth predicted as far out as 2015. The rapid rise in mobile banking is fueled by two primary drivers. Mobile is the only channel available today that provides immediate banking services, and usage of the mobile phone is high across all demographic and socioeconomic levels. Mobile technology is driving both advanced services for sophisticated users and access to banking services for a large population without current access to banks or desktop applications.... read more
Contributor: Eileen VanScoy
According to research and advisory firm, Celent, approximately 18 million U.S. households are performing their banking functions using mobile phones with another 59 million households projected by 2014. It is no wonder that the banking industry considers mobile banking to be one of the hottest trends. With banks and financial institutions expanding their global reach, this trend also has worldwide potential with a projected 150 million mobile banking subscribers before the end of 2011, according to the Mobile Marketing Association. In emerging markets, the mobile phone is already one of few opportunities for a majority of the population to access financial services. Financial services executives are acknowledging that it is no longer only about the services they can provide, but also how and where those services are accessible in order to remain competitive and viable.... read more
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