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Financial Services

Cost And Quality Control, Control Quality And Cost Optimization For Products Or Services To Improve Customer Satisfaction,enhance Company Performance. Successful Corporate Strategy, Quality Control.

The Forgotten Power of Expense Management

Financial institutions across the spectrum, whether it be banks, credit unions, or wealth management firms, are beginning to face expense management challenges that threatens their survival.   Various headlines paint a sobering picture:  “Moody’s Cut’s Ratings of 10 US banks and puts some big names on downgrade watch“  “ Credit card delinquencies surged in 2023, […]

All Set For Productivity

The FDIC’s New Rule Claims “Five is Enough”

Starting April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented a new rule for trust account insurance coverage. This rule, originally passed in January 2022, consolidates insurance coverage for different types of trust accounts into a single category called “Trust Accounts.”   Key Changes to Trust Account Coverage  Consolidation of Trust Categories  The FDIC […]

Social Discussion

Azure GPT-4 Analysis of the New CRA: Part 1

The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Compared to the publicly available ChatGPT, Azure GPT-4 offers equivalent accuracy in problem solving.   Advantages of Azure GPT-4-32k  Available in 128K context and 32K context variants.  Larger context size, better suited for detailed discussions.  More […]

Compliance To Standards, Regulations, And Requirements To Pass Audit And Manage Quality Control. Concept About Conformity With Manager Or Auditor Pressing Buttons With Icons.

Exploring Industry Shifts in Banking Compliance at XLoD

Our banking risk and regulatory experts are excited to attend the upcoming XLoD Global event in New York on June 11th.   What is XLoD Global?  The world’s leading financial institutions and regulators come together at XLoD to discuss the future of non-financial risk and control. Representatives from all three lines of defense—operational management, risk […]

Republic First Bank Closure Stock Photo

First Bank Closure of 2024: Republic First Bank

Recent news shook the financial services space on Friday, April 26th, as Pennsylvania state banking regulators, in collaboration with the Federal Deposit Insurance Corporation (FDIC), took decisive action by closing Republic First Bank.  With assets totaling approximately $6 billion and deposits reaching $4 billion across its 32 branches as of January 31, the closure marked the […]

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A Review of Capital Ratio Requirements of Credit Unions

How are Federal Credit Unions Regulated?  Banking professionals are aware that the Federal Reserve Bank (Fed), the Office of the Comptroller of the Currency (OCC), or for state-chartered banks, the Federal Deposit Insurance Corporation (FDIC) serves as their primary federal regulator. For those whose deposits are insured, the FDIC acts as a secondary federal regulator, […]

Family Pic At Yankee Game

Carl Aridas Empowers Risk and Regulatory Compliance Excellence for Financial Services Leaders

At the core of our business’s successes lie the brilliant minds and unwavering dedication of our workforce—individuals who consistently prioritize delivering industry insights and pioneering digital solutions. Today, we’re spotlighting one exceptional individual: Carl Aridas. As the visionary leader of our Financial Services Risk and Regulatory Center of Excellence (CoE), Aridas personifies excellence and innovation […]

Financial Difficulty

From Spreadsheet Chaos to Data Strategy Triumph

Uncovering the Challenge A leading wealth and asset management firm recently sought our financial services expertise for a critical challenge. Relying on complex spreadsheets for portfolio analysis, the firm faced operational hurdles due to immense computing demands. Our Approach: Transforming Operations through Strategic Consulting Our team embraced the challenge, conducting a meticulous two-week analysis to […]

Open Banking Concept

Put Away Your Ledger Cards, Open Banking is Here to Stay

Open Banking is going to do for the banking industry what the introduction of the Apple smart phone did for cell phones. What is Open Banking?  Open banking transforms the way financial data is shared and accessed, allowing third-party data providers and other banks to access financial data in traditional banking systems through application programming […]

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Ensuring Banking Compliance Through Project Management Expertise

A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program. To bolster its capabilities and ensure […]

Insurance Technology Insurtech Insuretech Innovative Technologies In The Insurance Sector

Two Perficient Colleagues Quoted in Forrester Report on Emerging Insurance Technologies

Insurers are constantly striving to improve their operations, provide better experiences for customers, and minimize risks. Perficient insurance experts were interviewed for Forrester’s report, “The Top Emerging Technologies In Insurance, 2024,” and discussed technologies expected to emerge in the insurance industry over the next five years, considering them now, and in the short-term, medium-term, and […]

2024 Financial Services Trends Perficient

Unveiling the Future: Key Trends Shaping Financial Services in 2024

2024 is going to be a transformative year for the financial services sector, marked by technological strides and innovative trends. Perficient’s financial services experts helped to provide valuable insights that unveil a tapestry of trends that will reshape the industry in the upcoming year. Client Retention and Personalization at Scale Financial services institutions are increasingly […]

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