Financial Services - Perspectives on All Things Financial Services
Blogs

Financial Services

Perspectives on All Things Financial Services

FDIC Part 370: Manage Customer Access To Funds

In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to manage customer access to funds. In the event of a failure, the bank’s systems must be able to apply provisional holds on deposit accounts to allow the FDIC to […]

Read more

FDIC Part 370: Manage And Maintain Customer And Deposit Data

In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to manage and maintain customer and deposit data. Once a bank has identified existing customer and deposit data and laid out a plan for remediating deficiencies, it must define a […]

Read more

Can A Fiduciary Determine If A Fund Is TOO Cheap?

What happens when the unstoppable force of retirement services recordkeeping faces the immovable object of low-fee funds? We’ll probably have to wait for the courts to decide. Recently, Fidelity Investments, TD Ameritrade, and Morgan Stanley all announced that they will be charging additional fees to customers who invest in The Vanguard Group’s funds. While this […]

Read more

FDIC Part 370: Identify Data Sources And Remediate Data

In order to comply with FDIC Part 370, covered institutions will have to implement a change program that encompasses the people, processes, and technology necessary to identify data sources and remediate data. For the largest and most complex depository institutions, account and customer data can be spread across dozens or even hundreds of backend systems. […]

Read more

C-Level Perspectives On Human Labor In Financial Services

Machine learning, artificial intelligence (AI), and cognitive computing are all hot topics in the industry. When discussing these subjects, questions revolving around the impact of AI on human labor typically come up. Vikram Pandit, the former CEO of Citigroup, was recently asked what the banking sector might look like in the future. He said that […]

Read more

What FDIC Part 370 Means For Large Banks

Currently, the FDIC estimates that the 38 largest banks will fall under the rule’s provisions. Those banks have until April 1, 2020 to either be in compliance or have secured any relevant exceptions or exemptions. In order to be in compliance, covered institutions will have to implement a change program that encompasses the people, processes, […]

Read more

A Look At Customer Service In Financial Services [With Case Studies]

Data and technology play a significant role in the future of finance; however, many tried-and-true best practices are still critical for winning (and keeping) customers. We have seen an incredible change in the financial services industry, especially as it pertains to the customer experience. Whether through robo-advisors, better user design, or chatbots, customers have become […]

Read more

The 10 Parts Of FDIC Part 370

Part 370 is broken into 10 parts, as follows. 370.1 Purpose and scope The purpose of Part 370 is to improve the FDIC’s ability to fulfill its two mandates related to paying deposit insurance: Pay deposit insurance as soon as possible after the failure of a covered bank; and Resolve a covered institution with the […]

Read more

Using Data & Tech For Regulatory And Compliance Initiatives [With Examples]

The data that SoFi leverages enables the company to be quick and efficient – two things that people value in companies. However, the data and technology that make SoFi successful also addresses some of the regulatory concerns by essentially forcing it to be blind to applications. Data is helping financial institutions with tasks like identifying […]

Read more

FDIC Part 370: The Background

The financial crisis of 2008 brought several institutional collapses that were unanticipated in both scale and speed. While existing processes were deemed suitable to handle smaller or slower bank failures, the FDIC realized that it might struggle to pay depositors if a complicated bank failed rapidly. The FDIC is required by law to pay depositors […]

Read more

Perficient Financial Services

We monitor the financial services industry for trends, insights, successes, and solutions to your challenges.

Archives