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Financial Services

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Financial Services
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Perficient Recognized as a Major Player in IDC MarketScape for Cloud Professional Services

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 […]

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Azure GPT-4 Analysis of the New CRA: Part 3

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 […]

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OCC Comptroller Offers Regulatory Guidance Toward AI

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 […]

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3 Key Takeaways from XLoD 2024

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 […]

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Azure GPT-4 Analysis of the New CRA: Part 2

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 […]

2024 Forrester Cx landscape The Customer Experience Strategy Consulting Services Landscape, Q2 2024

Perficient Recognized in Forrester’s The Customer Experience Strategy Consulting Services Landscape

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 […]

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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 […]

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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 […]

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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 […]

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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, […]

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