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
Today’s world is rapidly becoming digital, and local governments are joining the trend. The shift to a digital government is reshaping our access to public services and how we engage with government bodies. This is more than just tech upgrades; it signifies a profound effort to improve how governments function and connect with citizens through
Since the HIPAA Privacy Rule was enacted in 2003, the Office for Civil Rights (OCR) has collected $137,738,772 in civil penalties and settlements from healthcare organizations. Along with the costly consequences of non-compliance, organizations that fail to meet requirements are more likely to earn negative marks on their reputation and face additional financial and human
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.
In many mid-market companies, technology decisions get made without anyone clearly responsible for them. Systems are purchased without a roadmap. Vendors set the agenda by default. Security gaps surface during a client’s due diligence rather than before it. These outcomes rarely come down to effort or budget. They happen because no one on the org
Wade Barnes is Hartman’s Financial Services Industry Lead. Starting his career as a bank teller, Wade advanced through the ranks to the C-suite. At Hartman, his background makes him an indispensable resource to clients in banking and financial services, who benefit from his extensive knowledge of regulations and trends. We sat down with Wade to
Decisions to make when you need a CIO but don’t want to rush the hiring process In a time when business is more reliant on technology than ever before, a chief information officer (CIO) who can strategically lead an IT department and align technology with overall business goals is an invaluable asset to an organization.
The chief information officer (CIO) role has evolved dramatically since its emergence as a C-suite position in the mid-1980s. Early on, information technology (IT) leaders were primarily focused on network administration and “keeping the lights on” activities. Now, CIOs are required to combine strategic thinking, experience, and a strong business sense with the technical know-how
