Illuma’s Post

If #artificialintelligence, #cyberrisk, #liquidity, or #credit quality are included in conversations as your #communityfinancialinsitution prepares for 2024, you may want to check out what industry expert and PCBB President Mike Dohren has to say on the topics in this 𝗧𝗼𝗽 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗖𝗙𝗜 𝗧𝗿𝗲𝗻𝗱𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 from last week. https://lnkd.in/e2BQhKWm #PCBBBID

Here is another example of why it's so important to modernize legacy data management and data governance processes across the global banking industry. #data #banking #modernization #IDMC #CLAIRE

See my comment letter submitted to the CFPB regarding its implementation of Section 1033 of the Dodd-Frank Act. This rule would require community banks to create and maintain an API-enabled “developer portal” that would allow authorized third-party companies to access information about bank customers. This rule is technologically burdensome and prohibits banks from charging any fees associated with the creation and maintenance of a developer portal. I agree that consumers should not bear the cost of sharing their financial data — but argue that banks should be permitted to charge a reasonable fee to the third-party fintech companies that will financially benefit from data access. Additionally, I argue that small banks should be exempt from the requirement to create a developer portal because they would be dependent on their core processors to create the technology required to comply with this rule — and would face significant difficulties in mitigating the cost of compliance. Furthermore, we believe that rapid data sharing with third party fintech companies is not responsive to any real consumer demand for the customers of a community bank.

N26 Welcomes Complete BaFin Growth Restriction Lift From 1 June 2024 Valentin Stalf, CEO of N26: “We are pleased about the trust of our regulators and will continue our close exchange in the future. In recent years, we have been able to make significant progress in preventing and combating money laundering and financial crime.” https://lnkd.in/e9_MtJjJ Maximilian Tayenthal #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

A core conversion is a once-in-a-career undertaking. How do you know when it's time—and when it's not? Our Q&A has the answers. https://lnkd.in/g_EGVkf5 #independentbanker #communitybank #communitybanking

Over the last decade, the desire to become a technology-driven business has resulted in dramatic increases in IT spend across Financial Institutions. While some are achieving their desired outcomes, many banks and credit unions find themselves in a state of digital fatigue with more challenges now than when they started. But hope isn't lost. Please see my latest byline on Finextra where I discuss the solution. #digitaltransformation #digitalbanking #engagementbanking

Compliance deadlines for 1071 have been pushed to July 2025 and later, but now is the time to start planning! Community bankers are facing new regulatory burdens through recent CRA updates and coming 1071 guidelines, but there are ways to prepare and stay compliant without too much strain. From leveraging technology to streamline data collection to utilizing resources already available, there are solutions to help your bank prepare. Check out the latest Teslar blog post to explore strategies and tools to stay ahead of these regulations>> https://hubs.la/Q02R4JNM0

Embrace the Future of Finance! Learn how digital identities are reshaping the banking landscape and fostering financial inclusion. #DigitalTransformation #FinanceInnovation #KYCRevolution

A recent analysis of the financial sector's adoption of real-time settlements highlights a significant trend. While 67% of U.S. bank accounts can access the RTP network, just over half support sending real-time payments. This gap primarily results from the technological requirements for sending versus receiving funds. 🔍 Supporting send functions is more complex than receiving, requiring new interfaces and technology for real-time transfers. Institutions focusing solely on receiving payments find it less demanding compared to the technological investment needed for sending. For financial institutions, embracing sending capabilities could lead to a competitive edge. Banks like UMB and U.S. Bank are progressing towards both send and receive functions, considering the benefits of efficiency and security. 🌟 At Oscilar, we recognize the importance of secure and efficient real-time payments in the banking and financial sector. Our AI Risk Decisioning Platform is specifically designed to support banks and financial institutions in this transition. By automating essential processes for real-time risk assessment during RTP or FedNow transactions, we ensure a seamless integration of fraud detection capabilities. ✨ This is essential as no financial service provider would consider launching a real-time payment service without robust fraud prevention measures. Our platform addresses these needs, facilitating faster and safer transaction processes while adapting to the evolving landscape of customer experiences and operational efficiencies. Our solution paves the way for smoother adoption and increased efficiency in real-time payment systems. https://lnkd.in/g2w8Phdk? #fintech #RiskManagement #FraudProtection

Reposting this insightful article from BankDirect discussing the benefits that financial institutions can gain from leveraging data to target products and services effectively. @Amount offers a tailored SaaS solution to complement your bank's data mining efforts, empowering organic growth and boosting wallet share. With a focus on consumer and SMB loans, lines of credit, credit cards, and deposit account originations, @Amount is renowned for helping FIs surpass their objectives. #communitybank #creditunion #smblending #consumerlending #dao #banking #digital