Posts Tagged ‘Financial Services’

Previously, I discussed the components needed to design a data governance strategy. This post will describe in detail, how to initiate the data governance program. The first step in implementing an enterprise data governance program is conducting a comprehensive assessment of all data related policies, processes, standards, repositories, and usage. Determining the major pain points […]

Financial services back-office processing, particularly in retirement services, has historically been a very labor-intensive and opaque environment. Most organizations have made it a strategic goal to find ways to be more efficient and also to capitalize on the extraordinarily complex data to find trends and insights to better serve their customers. Today, the advanced pattern […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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. […]