Financial Services

The Office of the Comptroller of the Currency (“OCC”) issued a letter (1179) that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in cryptocurrency, distributed ledger, and stablecoin activities. The OCC had issued multiple Interpretive Letters in 2020 and earlier this year related to […]

Recognizing that regulated and non-regulated financial institutions seek to engage in cryptocurrency and crypto asset activities, the three largest federal bank regulators, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, recently issued a joint statement on crypto assets. The regulators broadly defined crypto assets as any […]

Bo Berg is a director in Perficient’s financial services practice. He has more than 20 years of experience leading digital transformation initiatives for financial institutions. Bo Berg joins Eugene Sefanov and Madeline McDermott for a Microsoft Teams chat  Denmark, Dogs, & DJing Madeline McDermott: First things first. Where were you born? Bo Berg: Copenhagen. Denmark, […]

Financial institutions must prioritize instilling empathy when interacting with their clients. It’s more critical now than ever because of the economic hardships many are facing due to COVID’s impact. In our latest webinar, “Optimization Strategies to Improve Collections,” Scott Albahary, Perficient’s financial services chief strategist, and Byron Gifford, Perficient’s collection transformations lead, shared tangible solutions […]

Data plays an essential role in today’s digital economy and keeping up with modern data management processes is key to staying competitive. In fact, enterprises with advanced data practices are more productive, innovate faster, are able to enter new markets quickly, and are more likely to be directly monetizing their data compared to their less-mature […]

In less than 60 days, the CFPB Regulation F requirements take effect. In simple terms, it means collectors can: Make seven call attempts within a seven-day period Make one call within a week of speaking with the “right party.” Strategies must be altered, and creating sequencing that supports your delinquency goals and loss forecast can […]

Robotic Process Automation (RPA) is the use of software to automate high volume and repetitive tasks that previously required a human to perform. RPA enables the configuration of a “bot” or “digital workers” to capture and interpret tasks on existing applications such as processing transactions, transforming or manipulating data, triggering responses, and integrating with other […]

“It takes time for loans to go bad and the full extent of problems to surface, so I’d predict this is likely to be a 2023 issue.” That’s what Michael Jamesson, a principal at the bank consulting firm Jamesson Associates, told American Banker when asked about the long-term impact Covid-19 economic relief might have on […]

The last 18 months surprised the collections industry as it relates to forecasting future losses for respective loan portfolios. Many banks, credit unions, and credit providers were left asking themselves, “when do we expect this to turn?” In speaking with many industry leaders in the collection space during the pandemic, they stated it was a […]

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 […]

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 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 […]