Financial Services

Growing Past $50 Billion: What Banks Need To Know About Section 165 of the Dodd-Frank Act

Section 165(a) of the Dodd-Frank Act requires the Federal Reserve to establish “enhanced supervision and prudential standards” for bank holding companies with more than $50 billion assets. This scrutiny level is stronger than the standards applicable to smaller institutions and increases based on a bank holding company’s unique riskiness. A. Standards the Federal Reserve Must […]

How the New Experience Economy Is Reshaping Insurance (Part 5 of 5)

Harvard Business Review defines the New Experience Economy as the fourth evolution of economic value, which includes commodities, products, services, and now, experiences. It is at this point where the product is most differentiated and pricing most premium. In a commoditizing marketplace such as personal lines, a personal experience is an opportunity for carriers to […]

Data Is the Foundation…for Everything in Insurance (Part 4 of 5)

Data fuels the engine of the digital economy. Connected experiences, in the context of the customer relationship, are driven by a robust data set that confidently presents integrated, diverse data to enable actionable insights that can be automated across the customer’s journey. Internally, data creates the foundation for increased analytic application of fraud detection, at-risk […]

Using Personalization To Create Authentic Relationships in Insurance (Part 3 of 5)

While the thought of changing policies can be daunting, carriers are throwing hundreds of millions (if not billions) into advertising budgets to make the consumer aware of ways to save by switching. As a result, the industry is experiencing a decline in brand loyalty in favor of pricing. A brand may bring a customer in […]

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Federal Reserve Extends FedNow Service Comment Period

Do blog readers like to have their opinions heard? For those that do, the Federal Reserve Board has announced it will extend, until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service. The FedNow Service is a new 24x7x365 service that will support instant […]

Insurance Operating Models Need to Put the Customer in the Middle (Part 2 of 5)

In my last post, I discussed how insurance companies that demonstrate empathetic knowledge of their consumers and deliver tailored, real-time solutions will build on their noble purpose and gain competitive advantages in a digital operating environment. So, where can you begin? It starts with putting your customer in the middle of your operating model. Instead […]

Achieving Data Democratization in Financial Services (Part 4 of 4)

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an […]

A Digital Environment Is Essential For Insurers to Gain Competitive Advantages (Part 1 of 5)

Insurance serves a noble purpose: to protect individuals & businesses and their property, liability, and financial obligations. At their roots, many of the large, well-known carriers today began by serving the distinctive needs of businesses and individuals who could not find coverage elsewhere. Rural residents paying city insurance rates, government employee affinities, and experiences tailored […]

Connecting Data Governance to an Enterprise Search Tool in Financial Services (Part 3 of 4)

In our last blog post, we shared a proven approach to architecting a metadata search solution. Today, we’ll share a few high-level details about a solution that Perficient built, which can allow all types of financial services companies to jump-start their data democratization programs. Perficient has developed a highly capable abstraction layer called Handshake, which […]

Architecting a Comprehensive Metadata Search Solution for Financial Institutions (Part 2 of 4)

In my last blog post, I introduced data democratization. Today, I’ll share an approach to architecting a metadata search solution that enables data democratization. There are a number of ways to craft a comprehensive guided search of a firm’s data catalog and governance metadata repositories, each with its own cost/benefit profiles. For example, creating a […]

Federal Reserve Releases Bank’s Annual CCAR Stress Test Results

The Federal Reserve released in late June the results of its annual bank stress tests. The Fed’s Comprehensive Capital Analysis and Review (“CCAR”) stress tests are designed to ensure that large banks can lend to households and businesses even in a severe recession. The annual exercise evaluates large banks’ resilience by estimating their loan losses, […]

OCC Releases CRA Evaluations for 16 National Banks and Federal Savings Associations

The Office of the Comptroller of the Currency (OCC) has released 16 Community Reinvestment Act (CRA) performance evaluations.  These evaluations are based on on-site examinations by OCC-trained staff. On-site examinations are done every other year.  The reviews, which can take weeks for small banks and months for large banks, assess an institution’s performance in helping […]

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