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Top 6 Trends for the Banking Industry in 2024

Perficient

Banking institutions are responding by integrating advanced technologies, particularly artificial intelligence and data analytics, into their lending operations to enhance efficiency and adaptability. Explore and integrate alternative data sources and innovative scoring models to offer fairer assessments of creditworthiness.

Trends 221
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FinCEN Announces New Digital Innovation Officer/Deputy Director

PYMNTS

The Financial Crimes Enforcement Network (FinCEN) has announced Michael Mosier as its new digital innovation officer and deputy director. In that role, El-Hindi will apply his FinCEN experience to “help lead the vision, design and development of the Treasury’s agency-wide data and information management strategies,” per an announcement.

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Citi Rolls Out AI-Powered Risk Analytics Scoring Engine

PYMNTS

Citi announced on Monday (April 29) the launch of NextGen, its artificial intelligence-powered risk analytics scoring engine. We process nine million transactions annually, and the NextGen project will help us optimize our processes from the back office to the front by expanding the use of digitization, automation and advanced analytics.”.

Analytics 123
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Ten qualities of a successful BSA officer

Abrigo

AML Compliance Ten qualities of a successful BSA officer Hiring a Bank Secrecy Act (BSA) Officer for a financial institution involves looking for a unique experience level and skillset that ensures compliance with the BSA and related regulations. This includes training staff on BSA/AML policies and fostering a culture of compliance.

Training 221
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Innovative compliance technology is empowering end-to-end GRC

Insights on Business

IBM RegTech Innovations. Regulatory change is growing in size and IBM’s innovative end-to-end GRC solution , powered by Watson, is enabling the financial services industry to meet this challenge. Given these issues, it is critical that governance, risk and compliance (GRC) systems are leveraged to enhance this process.

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Tax Compliance; Enhancements with Analytics

FICO

Tax agencies have a limited amount of resources to pursue tax compliance activities (collections and audit). While the selection process typically utilizes available data, cases are primarily selected based on experience, intuition and business rules, rather than using predictive, mathematically generated analytical models.

Taxes 58
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Finastra adds Lozenge Analytics complex calculation capabilities to Fusion KTP for treasury customer

Bobsguide

Finastra adds Lozenge Analytics complex calculation capabilities to Fusion KTP for treasury customers. Users will benefit from advanced treasury and risk management capabilities. Paris, France – June 14 – 2022 – Finastra today announced a partnership with Lozenge Analytics, offering the capabilities to Fusion KTP customers.