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Engage Millennials with Better Banking

Exploring what’s essential to consumers is a primary step to gaining, retaining, and cross-selling in the banking industry. However, millennial stereotypes regularly fool financial institutions, botching their marketing strategies with incorrect beliefs. Case in point: it turns out millennials enjoy physical branch visits just as much as Gen Xers and Baby Boomers. Nonetheless, most financial […]

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[Guide] Mitigating Cyberattacks in Financial Services

Cyberattacks and data breaches in financial services firms are more common than in any other industry. In fact, financial services firms fall victim to cybersecurity attacks 300 times more frequently than businesses in other industries and the rate of breaches in the industry has tripled over the past five years. Cyberattacks also cost financial services […]

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Implementing Chatbots in Financial Services

Previously, I discussed chatbot technology in the financial services industry. This post outlines the benefits of implementing chatbots to enhance the customer experience. Many firms begin their foray into chatbot technology by replacing or augmenting internal service desks. Functions such as information security password resets, IT software installation requests, and HR inquiries are typically the […]

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Components of a Data Governance Strategy in Financial Services

Previously, I analyzed the types of data in a governance program for financial services companies. In this post, I discuss the components needed to design a data governance strategy. A comprehensive program to manage data consists of a number of components: Data Strategy & Architecture A firm-wide repository (data dictionary) should be constructed to catalog […]

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Chatbot Technology in Financial Services

This blog series highlights the benefits of implementing chatbots in financial service to exceed customer expectations. This post explores chatbot technology in the financial services industry. Chatbots, often referred to as virtual assistants and interactive agents, are software applications that can interpret human speech and texts. They can execute transactions via an organization’s systems, providing […]

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What the Financial Services Industry Stands to Teach Us about Digital Transformation

The financial services industry serves as a prime example of one that’s poised for rapid digital transformation. Since the economic meltdown in 2008, many financial services firms have been focused on regulatory compliance. Now firms are starting to take investment budget and put it toward projects that help grow or change the bank as opposed […]

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[Guide] Designing a Data Governance Program in Financial Services

Data is the lifeblood of any company. It is the basis of management decision-making, regulatory supervision, taxation, and investor and market behavior. In recent years, firms have recognized data as an independent asset that should be managed and leveraged to fully reap its benefits. As firms began to recognize the power of data for its […]

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NYDFS 500 and GDPR in Financial Services – Actions to Take Now

My previous blog focused on addressing the General Data Protection Regulation (GDPR) and all the regulations that came with it. In my final post of this series, I want to outline the actions you can take to remain proactive with data privacy laws surrounding NYDFS 500 and GDPR. Understanding NYDFS 500 and GDPR, their impacts […]

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GDPR: Data Privacy Laws in Financial Services

My previous blog post addresses the reasons for the regulation and the requirements associated with the New York State Department of Financial Services (NYDFS) 23 NYCRR 500. In this blog, I am addressing the General Data Protection Regulation (GDPR) and all the regulations that come with it. The General Data Protection Regulation (GDPR) is a […]

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NYDFS 500: Why the Regulation?

Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Now, I want to address the reasons for the regulation and the requirements. This regulation is in place to promote the protection of nonpublic information (NPI) as well as the information technology systems of regulated entities. […]

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Data Privacy Laws in Financial Services: NYDFS 500

In my previous post, I discussed what data privacy is and why it’s important? In my post today I want to discuss data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. The New York State Department of Financial Services (NYDFS) 23 NYCRR 500 is a set of regulations […]

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Behind the Scenes of Implementing Financial Services Cloud

Implementing New Tech for Financial Services The financial services industry has a few extra things to look out for when implementing new technology than other organizations. Between evolving regulations and compliance requirements, having a tool that can grow with you is increasingly important, especially when everything seems to be moving to the cloud. Creating an […]

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[Guide] Data Privacy Laws in Financial Services: NYDFS 500 & GDPR

What is Data Privacy and Why is it Important? Data privacy, or data protection, is the relationship between the collection and dissemination of data, technology, the public perception and expectation of privacy, and the political and legal issues surrounding it all. Individuals, as well as businesses, want to protect their sensitive data, the unauthorized disclosure […]

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Benefits of Deploying Financial Services Systems in the Cloud pt2

As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. When some applications remain on-premises while others are housed in the cloud, data must seamlessly and securely be transferred bi-directionally, and in a timeframe consistent with operational requirements. Some of the integration techniques used when all applications are within […]

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Benefits of Deploying Financial Service Systems in the Cloud

While deploying key financial service systems in the cloud has numerous advantages, the paradigm, as compared to on-premises systems, is sufficiently different as to require a comprehensive analysis of risks and readiness. The benefits of the cloud have been well documented (reduced up-front infrastructure costs, speed, ability to add server and storage resources on demand, […]

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Migrating Core Financial Services Applications to the Cloud

In our most recent blog post, we outlined and discussed the components required for a successful financial process transformation. Today, we focus on migrating to the cloud with your core financial service applications. It wasn’t that long ago that financial services firms shunned the cloud. In 2010, Forrester Research published a report entitled “Cloud Computing […]

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Components of a Financial Transformation Program

The previous blog post in this series about transforming financial processes discussed the adjunct applications and their role in control and efficiency. This week, we take a detail look into the components of a successful transformation. Once the impediments to a firm’s financial process are understood, a targeted remediation effort can be constructed. Depending on […]

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Change Management Lessons for Salesforce Financial Services Cloud

Bringing new technology to a team is always going to bring a set of challenges. As humans, we are creatures of habit, but we also have the ability to understand the logic behind adapting to the needs of the future.  When the Dark Cloud of Change is Already Looming For any business to succeed long-term, […]

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Adjunct Apps: Improved Financial Process Control and Efficiency

Previously, we outlined a few areas of concern in the financial transformation process. The installment this week features adjunct applications and their role in control and efficiency. While not critical components of a firm’s financial process, there are supporting applications that can be deployed to speed and better control the operation. Master data maintenance, exception […]

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Identifying Points of Concern in the Financial Process

Last week, our blog series featured steps to crafting an effective financial system process. This week we change gears and point out a few areas of concern to be aware of in the process. Financial processes are not static. Changes to a firm’s business model (management, organizational structure, acquisitions, products, markets, countries of operation, etc.), […]

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