With all the hype around artificial intelligence (AI), AI can feel complicated, distant, or foreign. But guess what? It’s not new news and it doesn’t need to be complicated; it’s just a revolution of how we leverage data! Let’s take a quick dive into the data-driven universe of AI (i.e., intelligence automation). This article breaks […]
Financial Services
ITC 2023 in Vegas – Are You Ready, Insurers? (We Are!)
The world’s largest gathering of insurance innovation, InsureTech Connect (ITC), is right around the corner. And our team of industry experts is excited to connect, collaborate, and address the most pressing business needs of national and regional carriers. Following last year’s conference, Perficient Insurance Principal Brian Bell shared three key takeaways from the 2022 event: […]
FDIC’s New Banker Engagement Site (BES): Improving CRA & Compliance Exam Communication
This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDICconnect. Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. Specifically, BES provides a financial institution’s authorized users the ability to communicate […]
U.S. Regulators to Bank Boards: “Debt is Good”
Just before Labor Day, the federal banking regulators – The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), and the Federal Deposit Insurance Corporation (FDIC) – labored to issue a proposed rule for comment that would require require certain financial institutions to issue and maintain […]
Introduction to Asset Classes and Understanding Types for Smart Investing
Introduction Investing is a crucial aspect of achieving financial goals and securing a stable future. When it comes to investing, understanding different asset classes is fundamental to making informed decisions. Asset classes are broad categories of financial instruments with similar return characteristics. Each asset class has its unique features, and by diversifying across various types, […]
Lessons Learned From the Fourth United States Bank Failure of 2023
Background On Friday, July 28, Heartland Tri-State Bank of Elkhart became the fourth U.S. bank to fail this year. A rather small bank, as of the end of its first quarter, the bank reported $139 million in total assets and $130 million in total deposits in its FDIC Call Report. Heartland Tri-State began operations in […]
Ultimate 5-Step Guide to Transitioning from Google Optimize
Ready for your Google Optimize sunset replacement? Strategies for Seamless Migration and Accelerated Experimentation Growth The upcoming Google Optimize sunset has made it crucial for businesses to find reliable replacements. In today’s data-driven environment, the functionality of data experimentation tools is paramount. Relying on A/B testing tools for measuring and enhancing website optimization is key […]
An Introduction: Generative AI Use Cases for the Financial Services Industry
What is Generative AI? Generative Artificial Intelligence, or generative AI, is a categorical or descriptive term ascribed to algorithms using machine learning to create or “generate” new content. Generative AI ingests data and understands guidelines incredibly well. Therefore, businesses across industries are optimistic about the many ways it can help save them money and create […]
Revamping Data Integration for CRA Compliance: A Necessity in the New Normal
The Community Reinvestment Act (CRA) is a federal law in the US that promotes the interest of financial service firms to serve their communities’ credit needs, including low- and moderate-income neighborhoods. Federal banking agencies use the bank’s contribution metrics as a parameter when they apply for mergers, acquisitions, and new branch openings. CRA remains essential […]
Introducing Salesforce Data Cloud and Einstein GPT for the Financial Services Industry
Salesforce Data Cloud is a real-time, unified data platform that helps businesses connect, harmonize, and engage with their customers. It provides a single view of the customer across all channels, enabling businesses to deliver real-time personalized experiences. Data Cloud is powered by artificial intelligence (AI) and machine learning (ML), which help companies to automate tasks, improve […]
No more checks, please. Your business needs a digital payments strategy.
The digital payments landscape has undergone a significant progression, evolving from a luxury reserved for large enterprises to a necessity for businesses of all sizes. Businesses seek to optimize their operational efficiency as part of their digital transformation. In today’s business environment, physical checks present several challenges that hinder operational efficiency, including time-consuming processing, high […]
How Can Regional Insurance Carriers Harness the Power of AI?
In today’s rapidly evolving technological landscape, artificial intelligence (AI) has emerged as a game-changer for various industries. One such industry that will be forced to utilize AI solutions to gain a competitive advantage is the regional insurance carrier industry. By harnessing the power of AI, regional insurance carriers can streamline their operations, enhance customer experience, […]