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The landscape of US financial regulation is continually evolving. At the heart of this transformation is the Consumer Financial Protection Bureau (CFPB), an agency tasked with overseeing and enforcing consumer protection laws within the financial sector.

Reputation. It’s the single most important factor for any organization and should always be a key consideration for financial institutions evaluating any strategic, operational, and technology initiatives.

In case you haven’t heard, the digital channel is essential to your financial institution’s future success and perhaps to its very survival. While this point is broadly accepted in concept, an alarming number of banks and credit unions have yet to take concrete steps toward aligning their omnichannel model with customer trends.

In many cases, this inaction is a product of fear. Digital transformation is a daunting undertaking and it can be hard to know where to begin, especially with other priorities competing for bandwidth. As is the case with fitness programs, however, the most important starting point is often to simply begin moving.

January marked the one-year anniversary of the Open Banking regulation coming into effect in the UK, making this a good time to step back and assess its progress, or lack thereof. For the uninitiated, Open Banking is seen by financial regulators as a means to spur fintech innovation and foster increased competition in the UK banking market. Its underlying premise is that transactional data is the property of the account holder, and if the consumer or business elects to share such data with a third party, the bank must facilitate its efficient transfer, securely.

A letter from the Federal Deposit Insurance Corp. (FDIC) issued Tuesday, April 2, contained a warning that caught the attention of many financial institutions and their vendors. Specifically, the FDIC stated that it had encountered a number of situations where banks were not sufficiently controlling the risk associated with their supplier relationships.

We all know intellectually that the mobile phone has revolutionized Americans’ daily lives. The changes have accumulated so gradually, however, that sometimes taking a step back is necessary to appreciate the enormity of the shift.

For one thing, the “phone” portion of the “mobile phone” is clearly on borrowed time. The voice capabilities of these devices in our pockets have already become a quaint afterthought. It’s been over a decade since texts surpassed audio calls as the main driver of cellular network traffic. Add streaming and apps to the mix and you’ve got an entirely different value proposition than the “portable” communications handsets once tethered to automobiles.

Our colleagues at SRM Europe in London recently shared with us how fewer people are using cash to pay for goods and service and discussed what critics of a cashless society are saying. In Great Britain, and perhaps the rest of the world, cash holds a unique bond with consumers that may be hard to give up.

Recently, SRM identified the use of artificial intelligence (AI) as a trend that would have a significant impact on the financial services industry in 2019.  Narrowly defined AI is the ability for machines to use complex algorithms to interact and learn to do tasks previously performed by humans. 

Our colleagues at SRM Europe in London recently shared with us how fewer people are using cash to pay for goods and services.  In the United Kingdom the thought of a cashless society is not necessarily a welcomed development for some. 

As noted in the previous blog, cards in the UK are continuing to be adopted by more and more consumers because they are more convenient and, in many cases, safer than carrying cash.  Due to these benefits the use of payment cards to purchase goods and services will continue to climb, However, some feel that this progression toward a cashless society is everything but harmless.  Here are their reasons why.

Most know that fewer and fewer people are using cash to pay for goods and services.  The actual rate of decline and habits around the use of cash or payment cards varies from country to country.  Our colleagues across the pond at SRM Europe in London recently shared with us how this trend is manifesting in the United Kingdom and why the thought of a cashless society is not necessarily a welcomed development for some.