In a significant shift for the financial sector, the Federal Financial Institutions Examination Council (FFIEC) has announced it will be sunsetting the Cyber Self-Assessment Tool (CAT). This decision impacts many banks and financial institutions that have relied on CAT for their annual cyber risk assessments. Completing the self-assessment tool enables institutions to evaluate their performance
Banking executives across the globe rank artificial intelligence (AI) as one of the most game-changing opportunities of our time, according to a recent report. AI is transforming the banking industry by driving personalized, 24/7 customer service through intelligent chatbots and virtual assistants, enabling banks to meet customer needs with unprecedented accuracy and immediacy. In fraud
For years, credit unions (CUs) have attracted members through their commitment to personalized customer service. That distinction has increasingly come under attack as banks digitize themselves to meet rising customer expectations, leading a significant 13,500 consumers to report higher satisfaction with banks than with CUs. This new generation of “digital nomads” prioritize fast customer service
EPISODE SUMMARY In this compelling podcast, we uncover the key insights, strategic advantages, and real-world applications that make embracing AI imperative for the future success and resilience of community banks. In this episode Wade Barnes, Financial Services Industry Lead, Hartman Executive Advisors Ryan Jackson, VP, Innovation Strategy, ABA Click here to listen
One of today’s most discussed topics is FinTech. At its core, fintech refers to banking technology that can help deliver better banking experiences, allowing them to compete with modern contenders. Innovations include lending platforms, payment systems, investment tools, blockchain technology, digital currencies, and more. The shift towards digital banking is reshaping the banking sector, offering
A 2023 Finastra report revealed that 85% of surveyed CEOs are inclined to adopt Banking as a Service (BaaS). This surge in interest begs the question: why? BaaS presents small community banks with a superior, faster, and more cost-effective solution. By sidestepping the need for extensive infrastructure, banks can instead establish partnerships with FinTech companies.
EPISODE SUMMARY During these difficult economic times, it is more important than ever for banks to embrace digital transformation — not just to remain competitive, but to survive. Transformative Chief Information Officers (CIOs) steer their institutions through challenging times by aligning innovation with customer-centricity, and ensure technology is creating business value. In this podcast, you
A recent IBM study revealed that community banks are struggling to achieve their goals and meet customer expectations while facing technology modernization challenges. These businesses find themselves constrained by clunky legacy systems, hindering their ability to compete with non-traditional competitors like FinTechs and comply with regulatory demands. Moreover, banks that are slow to modernize their
The banking industry is undergoing a drastic change thanks to the impact of artificial intelligence (AI). With its capabilities being applied to customer service, fraud prevention and predictive analytics, AI can revolutionize how community banks function and interact with customers. Read on to learn how these new AI-driven advances affect community banks and create new
In the dynamic world of finance, bank M&A has emerged as a strategic tool for growth, market expansion, and competitive advantage. The successful execution of these transactions hinges on numerous factors, with technology playing an increasingly pivotal role. In this comprehensive exploration, we delve deep into the intertwined relationship between technology and banking industry M&A,
