By Amandeep Khurana
It has been more than a year since the General Data Protection Regulation went into effect in Europe, and financial institutions are already preparing for the 2020 start of the California Consumer Protection Act (CCPA). However, this is far from the end of the process. New privacy regulations are coming both in the U.S. and around the world. Financial institutions that look at satisfying each new regulation as a separate project requiring incremental changes across their increasingly complex and global data infrastructures will struggle to meet compliance deadlines and ensure accuracy.
Compiled by Cara Roberts Murez
By Donna Parent
recent 60 Minutes interview, Jay Powell, Chair of the Federal Reserve, stated
that cyber risk is the largest threat to the Fed and to financial institutions
throughout the U.S. It’s not difficult to understand why. Today’s digital age,
paired with the ongoing development of new technologies, have provided a
breeding ground for cybercriminals to capitalize upon, across physical and mobile
There were four frequently made predictions by
industry experts, financial institutions and technology providers at the
beginning of 2019, according to the recent Digital Banking Trends Progress
Report from D3 Banking Technology.
“Even though we’re only halfway through, 2019
is shaping up to be another wild ride in financial services,” said Mark Vipond,
CEO of D3. “In 2019, banks and credit unions must focus on consolidating and
streamlining their platforms and leveraging modern technology that helps them
better understand their customers’ and members’ needs.”
While only 13 percent of organizations use artificial intelligence and machine learning to detect and deter fraud, another 25 percent plan to adopt such technologies in the next year or two — a nearly 200 percent increase. Fraud examiners revealed this and other anti-fraud tech trends in a cross-industry, global survey by the Association of Certified Fraud Examiners, developed in collaboration with analytics firm SAS.