Results for Financial Institutions

To help financial institutions navigate retail operations during the COVID-19 pandemic, here is a list of best practices.

A growing number of financial institutions are providing services to MRBs—despite uncertainty about future DOJ actions.

With more regulation and limited resources comes the requirement for faster and easier ways to comply with regulations. This requirement has been filled by the proliferation of RegTech companies, which offer services as varied as interpreting new regulations, fraud prevention, and risk management, to name a few. But why should financial institutions use RegTech? According to some estimates, compliance costs firms roughly $1 billion per year…

In the years since the fall of Enron, WorldCom, and Global Crossing, we have become abundantly aware of the risks of fraud in organizations of all sizes and industries. Like all potential threats, the risks change over time. Monitoring these changes and proactively addressing them can be a challenge, even while it can make a critical difference in averting or mitigating damage. To support that effort…

Social media channels provide financial institutions with a unique opportunity to engage in helpful two-way communication with customers, prospects, employees and critics. However, communicating with customers through social media carries its own regulatory and compliance concerns, especially for financial institutions. Is social media considered advertising? Which regulations dictate what institutions can and can’t say? The …

Velocity Solutions recently commissioned a research report from Cornerstone Advisors: The Reacquisition Imperative: Why Financial Institutions Must Reacquire Customers Through Digital Engagement. This 35-page report, based on survey data from 3,004 U.S. consumers, revealed that most financial institutions fail to consider the critical role that consumer engagement plays in profitable relationships. The survey data shows that […]

Emerging new technologies are revolutionizing how financial institutions conduct client onboarding procedures across their organizations. The drive towards digital transformation is led by the need to tackle the biggest operational challenges that financial institutions currently face along with carving out the future of the digital client journey.

Financial Institutions need to communicate effectively to be competitive in today’s landscape. Particularly in terms of the dynamic between decreasing branch visits and a high importance on emotional connection as an important element of loyalty for financial institutions, omni-channel communication is more important than ever. Banks and credit unions must... Read more »

Electronic payments have essentially become a commodity for financial institutions, and most recent innovation has come from new market entrants, which are capitalizing on mobile platforms, social media and other technology. Financial institutions can capture this opportunity as well, provided they can leverage the wealth of data they control.

Six global financial institutions, including J.P. Morgan Chase, Société Générale and Deutsche Bank, were fined €1.71 billion ($2.32 billion) by European Union regulators for alleged collusion in fixing key benchmark rates.