Financial Services

Have you noticed your expenses rising lately? Eating out costs are up over 4% year over year, housing expenses have increased by 5-6%, and opening your auto insurance bill reveals a shocking 22% hike. These figures highlight the inflationary pressures impacting various sectors but are particularly severe in the property and casualty (P&C) insurance industry.  […]

Wealth management is evolving rapidly, driven by generational shifts, changing advisor roles, new business models, regulatory demands, and a growing preference for low-cost passive products. In response to these changes, our fintech client partnered with one of the world’s largest financial institutions to develop a next-generation, open-source, front-to-back wealth management platform. This innovative platform aims […]

Navigating the complexities of cloud technology requires an exceptional partner. We are thrilled to announce that Perficient has been named a Major Player in the IDC MarketScape: Worldwide Cloud Professional Services 2024 Vendor Assessment (Doc #US51406224, June 2024). What Does This Inclusion Mean for Perficient? “We’re honored to be recognized as a Major Player in […]

The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems.    The advantages of using Azure GPT-4-32k includes:  Context Size: Available in 128K context and 32K context variants.  Larger context size, better suited […]

On June 6, Acting Comptroller of the Currency, Michael J. Hsu, addressed the 2024 Conference on Artificial Intelligence (AI) and Financial Stability, providing critical regulatory insights on AI. Hsu discussed the systemic risk implications of AI in banking and finance using a “tool or weapon” approach. He noted that while both tools and weapons pose […]

Our risk and regulatory compliance experts, Carl Aridas and Chandni Patel, have just returned from XLoD 2024 in New York. The event brought together the world’s top financial institutions and regulators to discuss the future of non-financial risk and control. With over 500 industry professionals in attendance, it showcased the unwavering commitment to practical innovation […]

The following information was generated by utilizing the Azure GPT-4-32k variant, which is part of the Azure OpenAI Service. Comparable to the publicly accessible ChatGPT, Azure GPT-4 offers equivalent accuracy in solving problems.   The advantages of using Azure GPT-4-32k includes:  Context Size: Available in 128K context and 32K context variants.  Larger context size, better […]

In today’s competitive climate, an exceptional customer experience (CX) is no longer a luxury, but rather an essential pillar of business success. Providing a seamless, personalized journey has become the cornerstone of brand loyalty, customer retention, and revenue growth. Customers expect positive omnichannel experiences, and brands that fall short of these expectations will not only […]

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, […]

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 […]

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 […]

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 […]