Perficient

DECEMBER 27, 2023

This blog post was co-authored by: Connor Opalka Bank Compliance Executives can rest easier at night knowing they receive insights from Perficient’s Financial Services Risk and Regulatory Center of Excellence (CoE). In this article, we highlight the key emerging industry compliance risks as they were outlined by the Office of the Comptroller of the Currency’s (OCC) National Risk Committee in their recently released Semiannual Risk Perspective.

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Perficient

DECEMBER 18, 2023

In the fast-paced realm of finance, the significance of regulatory risk and compliance management practices cannot be overstated. This blog post delves into the pivotal role these practices play in ensuring the stability and success of financial institutions and banks. By adopting a proactive stance and leveraging technological advancements, financial entities can navigate the regulatory landscape with greater resilience and efficacy.

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Regulation Compliance Exercises Guidelines 473

Perficient

DECEMBER 14, 2023

In today’s world of business finance, achieving efficiency and accuracy is critical. With the onset of digital technologies, the transformation of manual tasks into automated processes is a game changer. One such transformative solution is Automated Invoice Processing. Check out how ServiceNow is revolutionizing this space with its Automated Invoice Processing offering.

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Perficient

DECEMBER 14, 2023

In today’s world of business finance, achieving efficiency and accuracy is critical. With the onset of digital technologies, the transformation of manual tasks into automated processes is a game changer. One such transformative solution is Automated Invoice Processing. Check out how ServiceNow is revolutionizing this space with its Automated Invoice Processing offering.

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Training Strategy Exercises Data 221

Perficient

SEPTEMBER 11, 2023

This month, the Federal Deposit Insurance Corporation (FDIC) launches it new Banker Engagement Site (BES) through FDIC connect. Already reviewed by Perficient, BES provides a secure and efficient portal to exchange documents, information, and communications for consumer compliance and Community Reinvestment Act (CRA) examinations. Specifically, BES provides a financial institution’s authorized users the ability to communicate with FDIC examination staff and to respond to the information and docu

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Perficient

AUGUST 3, 2023

What is Generative AI? Generative Artificial Intelligence , or generative AI, is a categorical or descriptive term ascribed to algorithms using machine learning to create or ” generate” new content. Generative AI ingests data and understands guidelines incredibly well; therefore, businesses across industries are jumping to take advantage of all the possible ways the tool can help save them money and create elevated, uber-personalized customer experiences.

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Industry Risk Management Customer Experience Fraud 83

Perficient

MAY 31, 2023

Open-Source vs. Proprietary Software – What’s the Difference? To thoroughly grasp what open source is, one should understand what it is not. Open source is not restricted by licensing agreements, and the user behind open-source software is not forbidden to change, edit, study, or redistribute manipulated versions of it. Open-source software grants its users a degree of accessibility that is not possible through its proprietary counterpart.

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Perficient

MARCH 30, 2023

Captain/Trader Kirk is on the bridge making multiple trades in multiple asset classes with his Klingon counterparty. Spock is in the middle office, reviewing trades, and determining that they’re entirely logical, Captain. Meanwhile, with both normal and extended settlement, initial and variation margins flow in and out of the bank as if the cash was on the Transporter that search parties used to go down and return to planets in Star Trek.

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Perficient

MARCH 27, 2023

At sea level, one US liquid pint of water weighs 1.04318 pounds (16.6909 oz), which gives rise to a popular saying: “A pint’s a pound, the world around.” While the recent bank failures of Silicon Valley Bank and Signature Bank have many US congressmen and citizens wondering about the future of cryptocurrencies, across the pond, the Bank of England is soliciting input into the possibilities of issuing a digital pound.

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Perficient

MARCH 3, 2023

In our last blog, How Embedded Finance is Changing Purchasing & Borrowing Behaviors , we looked at embedded payments and loans and why companies would want to offer (increased sales, lower inventory, processing costs, data gathering) these bank-like services. In this blog, we’re going to stay in the world of finance, but pivot to embedded insurance.

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Perficient

MARCH 3, 2023

In our first blog in this series, Blockchain: The Secret Sauce to Supply Chain Visibility , we covered why visibility is so crucial in the supply chain for all parties and gave examples of firms using distributed ledgers to help improve customer service, reduce inventory costs, provide proactive status updates, and help mitigate risk. In our last article, Starting Down the Road to Supply Chain Visibility , we discussed Perficient’s recommendations regarding processes to provide supply cha

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blockchain Management Regulation Resources 275

Perficient

FEBRUARY 27, 2023

Life is full of intersecting points. The payments industry is no different, and we’re quickly approaching a new intersection point due to the Real-time Payments’ movement into the US. These days, as the US prepares to embrace real-time payments in 2023, the intersection of real-time payments and automation has become a key point of discussion.

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Perficient

FEBRUARY 22, 2023

Perficient is looking forward to bringing our unique combination of automation technical know-how along with financial services and payments industry expertise to the Banking Automation Summit in Charlotte, North Carolina on March 2-3. The Summit brings together experts in the field, including bank executives, technology vendors, and consultants, to discuss the latest advancements in automation and its impact on the banking industry.

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Perficient

FEBRUARY 22, 2023

Whether you’re an insurance carrier or a broker, change is here and change is about to accelerate beyond the prior few years when our world was modified in ways none of us had ever seen. I’m sure this isn’t the first opinion piece you’ve read where someone has laid out the trends that you must follow to be successful in your business. I can’t tell you the exact trends that you must follow because I will never know your business as well as you do.

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Perficient

FEBRUARY 17, 2023

In the first two blogs in this series, Getting Started On Embedded Finance and Embedded Finance: Bolstering Brand Experiences, we defined embedded finance and looked at the goals and strategies that firms should take at the outset of their modern embedded finance journey, as well as how and why firms should consider getting embedded banking. In this blog, we will look at how a non-banking firm can offer bank-like payments and loans to its customers.

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Perficient

FEBRUARY 16, 2023

What is ServiceNow Financial Services Operations (FSO): Financial Services Operations (FSO) is an out-of-box offering by ServiceNow utilizing its existing platform custom-tailored to the use cases for Financial Institutions providing a comprehensive solution for managing operations end-to-end. ServiceNow’s FSO allows financial institutions to automate core operational processes, through pre-built applications and workflows that streamline operations across all departments from front to back offi

Operations 474

Operations Industry Compliance Management 474

Perficient

JANUARY 16, 2023

Many clients have been asking about embedded finance, and as every schoolteacher knows for every person who asks a question, there are at least 10 others who have a question but are afraid to ask it. For both the questioners and those afraid to question, we at Perficient thought we would provide some background on embedded finance. . What is Embedded Finance?

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blockchain Software Customer Experience Strategy 275

Perficient

NOVEMBER 30, 2022

Our Payments Practice recently had the opportunity to represent Perficient at the 2022 Real-time Payments & Fraud Management Summit held in New York City. . The conference was attended by several Financial Institutions, Service Providers, Fintechs, and Industry Regulators. Among its attendees were representatives from The Clearing House (TCH), The Federal Reserve Bank of Boston, and SWIFT, along with some of the largest financial institutions in the U.S. .

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Perficient

NOVEMBER 22, 2022

SCRA stands for the Servicemembers Civil Relief Act. The history of the SCRA can be traced back to a Civil War moratorium that protected Union soldiers and sailors from collection actions, divorce proceedings, and other legal issues during wartime. These protections resurfaced in 1918 with the Soldiers’ and Sailors’ Civil Relief Act. The Act was revisited frequently in the 20 th Century and became the Servicemembers Civil Relief Act in December 2003.

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Perficient

OCTOBER 7, 2022

Hurricane Ian slammed into Florida’s gulf coast and Georgetown, South Carolina, on September 28, leaving countless businesses and homes — if not wholly destroyed — drowned with flood water and without power. The Insurance Information Institute, an industry-funded research group, estimates that Ian has caused at least $30 billion in damage. Now that the storm has passed, residents are scrambling to assess damages to their homes and businesses and, if insured, begin the claims processes with their

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Perficient

SEPTEMBER 26, 2022

Our insurance team is just returning from InsureTech Connect (ITC). What a great week in the desert! ITC is one of the, if not largest, industry gatherings of insurance carriers, solution provers, implementation partners, and startups. Over 2,400 companies were in attendance, and it was said that there were over 8,500 attendees present this year. I felt very fortunate to be in the company of thousands of like-minded professionals seeking to digitally transform an industry that’s focused on prote

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Data Conference Analytics Industry 275

Perficient

AUGUST 18, 2022

Financial Advice Isn’t Just For The Wealthy. Oftentimes, when we think of financial advisors, the upper class and those planning for retirement are first to come to mind. In fact, in a survey conducted by MagnifyMoney , 42% of respondents (notably, 48% of women and 35% of men surveyed) indicated they believe financial advisors are “only for wealthy people,” and 25% of respondents indicated they don’t see the need for a financial advisor for those younger than middle-aged.

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Millennials Tools Management Strategy 473

Perficient

AUGUST 12, 2022

Finding the Right AI Service Provider in a Data-Driven World. It is not easy for even the most advanced enterprises to master modeling, data, applications, and digital expertise. Having the ability to take advantage of AI’s full potential as its capabilities expand is becoming increasingly important each day. A decision made using AI-driven intelligence will ensure that the best outcome can be achieved against change and disruption.

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Report Data Analytics Industry 275

Perficient

AUGUST 1, 2022

Salesforce has launched a cloud-based service for the sale and creation of non-fungible tokens (NFTs). The first version of NFT Cloud was released in a limited pilot in mid-June at the Salesforce Connections conference in Chicago. Later this year, anticipated to be in October, Salesforce will make the product available to the public. This product represents Salesforce’s initial entry into blockchain technology.

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blockchain Chicago Fraud Conference 294

Perficient

MAY 5, 2022

While it was once expected and acceptable for lenders to enforce standardized payment due dates and policies, COVID-19 brought the impracticality and ineffectiveness of a “one-size-fits-all” approach to credit and lending to light. Two-plus years later, banks and credit unions continue to feel the pressure to transform their credit and lending operations.

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Lending Strategy Marketing Big Data 354

Perficient

MARCH 22, 2022

With inflation at a 40-year high and the economic ramifications of the COVID-19 pandemic still looming, many people are falling into delinquency, making revamping outdated debt collection practices a higher priority for financial institutions than ever. In their recent webinar, The ROI on Transforming Credit and Lending Customer Outreach , Perficient’s Byron Gifford and Scott Albahary discussed tried and true debt collecting methods, why they’re important, and how financial services institutions

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Lending Customer Experience Mobile Management 294

Perficient

MARCH 15, 2022

The Office of the Comptroller of the Currency (OCC) has released 11 Community Reinvestment Act (CRA) performance evaluations. These evaluations are based upon on-site examinations performed by OCC-trained staff that are conducted every other year, and they assess an institution’s performance in helping to meet the specific credit needs of the communities they serve.

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Perficient

MARCH 10, 2022

Acquia recently announced the winners of its 2021 Partner Awards. We’re delighted to share that Perficient received the Outstanding Partner Contribution award for our outstanding performance in Drupal Cloud for 2021. We’re one of Acquia’s first Certified Drupal Cloud Practices and a valued Acquia partner since 2017. Throughout that time, our Acquia practice has demonstrated consistent expertise with Acquia products and cloud hosting services.

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Customer Experience Innovation Regional Community 474

Perficient

FEBRUARY 15, 2022

Mask mandates are being lifted across the country. California, New Jersey, Connecticut, Delaware, Oregon, Illinois, and Rhode Island have announced plans to lift their statewide mask mandates or school mask mandates, and more states have indicated they will revisit mask requirements in the near future. If you have been holding back on making investments to drive new ways your advisors can communicate with investors when COVID-19 restrictions fade and life returns to normal, you might want to rev

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Rhode Island Management Delaware New Jersey 340

Perficient

FEBRUARY 16, 2022

Cryptocurrency continues to grow, and Perficient is committed to helping financial services clients continue to understand and navigate this fast-changing part of the economy. Over the last 90 days, we have let clients know about the federal banking regulators planned cryptocurrency road map , explained what steps national banks need to take to begin crypto activities , provided thoughts on the possibility of a U.S.

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Perficient

FEBRUARY 4, 2022

Acting Comptroller of the Currency Michael J. Hsu spoke in late January at the British-American Business Transatlantic Finance Forum Executive Roundtable regarding the regulation of crypto-assets, including stablecoins. Mr. Hsu began his speech by noting how cryptocurrency has gone “mainstream with consumers,” noting that 16% of American adults claim to have owned, traded, or used some form of cryptocurrency.

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Perficient

JANUARY 26, 2022

TD Bank Group recently announced its Q4 2021 earnings were up 31% from Q4 2020, despite the challenges brought on by the COVID-19 pandemic. On its earnings call, the company elaborated that this in part was due to its dedicated, people-oriented approach to business. TD emphasized that this elevated focus on the customer experience has proven essential to their business strategy and that they are continuing to invest in marketing and technology to ensure their preparedness for continuous growth.

Customer Experience 221

Customer Experience Strategy Digital Strategies Analytics 221

Perficient

JANUARY 31, 2022

We shouldn’t be that surprised. A couple of weeks ago, Crypto.com, one of the fastest-growing cryptocurrency platforms, was hacked on January 17, 2022. One area mentioned by the company as an issue was a gap in its multi-factor authentication (MFA) system. A statement issued by Crypto.com on January 20th said, “transactions were being approved without the 2FA authentication control being inputted by the user,” and the company allowed the transactions to go through without the users providing the

Security 294

Security Risk Management Knowledge Base Customer Experience 294

Perficient

DECEMBER 15, 2021

Bank of America is ready to compete with Venmo by introducing a Zelle widget. The Zelle widget can be added to the home screen of a mobile device, similar to a weather widget, so that bank customers can send money. While the widget eliminates the need to open BofA’s mobile banking app, users must have the BofA mobile app installed and authenticate their identity through biometrics or passwords.

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Perficient

NOVEMBER 8, 2021

Bo Berg is a director in Perficient’s financial services practice. He has more than 20 years of experience leading digital transformation initiatives for financial institutions. Bo Berg joins Eugene Sefanov and Madeline McDermott for a Microsoft Teams chat . Denmark, Dogs, & DJing. Madeline McDermott: First things first. Where were you born? Bo Berg: Copenhagen.

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Industry cryptocurrency New Mexico Los Angeles 539

Perficient

OCTOBER 7, 2021

In less than 60 days, the CFPB Regulation F requirements take effect. In simple terms, it means collectors can: Make seven call attempts within a seven-day period. Make one call within a week of speaking with the “right party.”. Strategies must be altered, and creating sequencing that supports your delinquency goals and loss forecast can be challenging.

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Regulation social media Strategy Technology 294

Perficient

OCTOBER 6, 2021

Robotic Process Automation (RPA) is the use of software to automate high volume and repetitive tasks that previously required a human to perform. RPA enables the configuration of a “bot” or “digital workers” to capture and interpret tasks on existing applications such as processing transactions, transforming or manipulating data, triggering responses, and integrating with other digital systems.

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