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Authentication/Fraud/Identity Theft

Four Back Office Requirements for Community FIs to Recapture Commercial Accounts, Market Share from Big Banks

By Steve Bartels

The ability for community financial institutions to recapture large commercial customer accounts from big banks has long been hampered by the strain on back-office resources. The lack of automation to serve commercial customers has seen market share among community FIs drop drastically. Community banks with fewer than $10 billion in inflation-adjusted assets held 57 percent of deposits in 1994, according to a December 2018 Harvard report on bank consolidation and financial inclusion. Today, they hold just 20 percent. It’s no surprise that the largest FIs in the country have doubled their collective market share. With larger development and back office teams, big banks have built robust offerings that address risk and fraud more comprehensively to service large business customers.

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Regtech Pioneer Believes Adaption Is Accelerating

By Justin Dullum

Jo Ann Barefoot has been doing a lot of globetrotting lately. Since being named the first female Deputy Comptroller of the Currency in 1978, Barefoot launched a career in the private sector and describes herself as a “serial entrepreneur.” She is currently CEO of Barefoot Innovation Group, something of a think tank for financial technology, regulatory reform and the future of banking. She is a co-founder of Hummingbird Regtech (industry shorthand for regulation technology), and is a senior fellow emerita at Harvard University’s John F. Kennedy School of Government’s Center for Business & Government.

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What U.S. Banks Should Know About Preparing for Dynamic Governance

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.

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Fintech Podcasts to Follow

Compiled by Cara Roberts Murez

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The Intersection of Banking and Identity Theft Restoration

By Donna Parent

In a 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 devices.

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