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FinTech Interview with Pete Major, VP of Fintech Solutions at Member Driven Technologies

FTB News Desk — Tue, 10 Sep 2024 13:30:48 +0000

Pete Major of Member Driven Technologies shares key fintech strategies for credit unions, tips for evaluating fintech partners, and the role of AI in financial services.

Pete Major, VP of Fintech Solutions at Member Driven Technologies

Pete, please guide us through your background and your role as VP of Fintech Solutions at Member Driven Technologies?
I have over 25 years of experience in financial services, spanning front-office and back-office operations, payments, IT processing, consulting, mergers, conversions and integrations. Prior to MDT, I spent over 15 years at Jack Henry with my last position being the director of Symitar implementations.

Even in my previous role, I admired MDT’s deep commitment to clients, employees and its dynamic culture, which are major reasons I ended up here. My passion is helping credit unions leverage the most effective technology and solutions to meet their unique needs and ultimately enhance member service, helping solidify our credit unions’ position as the financial partner of choice in their communities. As VP of Fintech Solutions, I support our clients with fintech integrations and strategy, helping them navigate today’s complex landscape to remain competitive and successful.

For banks and credit unions, what are the key considerations when evaluating potential fintech partners?
When evaluating potential fintech partners, there are several factors that institutions should consider to ensure alignment with their innovation goals and strategic priorities. First, prioritize fintech investments based on cost-effectiveness and their impact on the institution’s overarching strategy. Does the solution solve a pressing problem or business need? Some common top priorities include digital banking solutions, payment systems, efficiency improvements, and security/fraud prevention technologies along with technology that can drive deposits.

It’s also critical to make sure the potential partner has a strong values and culture match. If the fintech doesn’t align with the institution’s long-term vision, the implementation is likely to be disruptive instead of transformative. Finally, thoroughly evaluate the fintech’s track record (which should include reaching out to others who have leveraged the technology), their approach to data security and compliance, and its ability to integrate seamlessly with existing systems.

Prioritizing fintech partners based on overarching strategy, culture and values alignment – as well as extensive due diligence – will be best positioned for success.

What are the common pitfalls that financial institutions should avoid during the fintech selection process?
A major one is innovation for innovation’s sake. Community-focused institutions in particular have limited time and resources, so it’s critical for their attention to be dedicated to deploying technology that squarely supports the organization’s high-level strategy. If innovation is not a key part of your credit union’s strategy, then avoid the ‘shiny new thing’ and focus on investing in technology that augments your institution’s competitive differentiators.

Another common pitfall is only assessing the fintech’s sales and business development team. While these contacts might be great, what will matter most is connection and collaboration with who the institution will be working with on a daily basis, such as the fintech’s operational and support teams. Make sure there is good chemistry between key players.

How important is it for a fintech solution to align with the existing processes and culture of a financial institution?
It’s extremely important; even the most advanced technology can be harmful rather than helpful if it doesn’t align with the institution’s overarching mission or long-term vision. As part of this ‘vibe check’, institutions should evaluate the fintech’s commitment to the customer or member experience, their risk appetite and their view of technology’s role in the broader ecosystem. It’s important to understand how well the fintech solution integrates with existing processes, complements the company culture and advances organizational goals.

Please keep in mind that this isn’t the greenlight to make new fintech solutions to fit into existing processes that have been in place for 20 years. You will likely not gain the efficiencies you’re looking for if you take this approach. Be willing to consider different approaches to existing processes and make the changes that make sense from an ROI perspective.

Can you share some best practices for conducting thorough due diligence on potential fintech partners?
There are several key areas that should be thoroughly vetted to ensure a successful and secure partnership. This includes factors such as the solution’s technical architecture, integration points with existing systems, security posture and the company’s financial position. While this process is arduous, it’s extremely necessary; there is great financial and reputational risk involved in partnering with a company that doesn’t employ proper controls or fails to meet security standards. Here, it can be extremely beneficial to rely on trusted strategic partners for insight and guidance.

By conducting thorough due diligence and thinking long-term, institutions can identify solutions that not only help differentiate but also foster growth and lasting loyalty.

How can smaller institutions, with limited technology resources, navigate the vast array of fintech options available to them?
Navigating the fintech ecosystem can be especially difficult for smaller institutions without the extensive technology resources or in-house expertise available. This is where the right partner can make all the difference, one that is able to provide comprehensive support to guide institutions through the complex fintech ecosystem. Partners that help institutions bridge the fintech gap and understand and speak the fintech language are often a gamechanger for smaller institutions.

When it comes to integrating AI, what steps should financial institutions take to distinguish between hype and substance?
There is a lot of literature out there about AI needing a very structured waterfall approach to implementing this technology. If we’re talking about narrow AI, this approach makes sense because this technology has been around for decades and you’re likely already using this technology without knowing it. If we’re talking about the new Generative AI (GenAI), I don’t think a structured approach here is the right path, particularly for small institutions.

People have a very difficult time switching to new technologies and if you’re going to get the efficiency lift that GenAI promises, you have to change behaviors. It’s just nature, we all love a good habit (maybe it’s just me). But we have found that the best approach here is to pilot GenAI technologies. This approach gives your team a chance to test the new technology in a controlled environment and allows you to figure out the pros and cons without making a major investment in a platform that will likely be very different a year from now. Engaging strategic, and consultive partners is key here if you don’t have the technical expertise on staff.

What role does education and literacy around AI play in helping financial institutions make informed decisions about adopting this technology?
Education and literacy are huge. In general, people tend to fear the unknown, so it makes sense that institutions that fail to properly educate themselves about AI will avoid it. Ensuring key stakeholders understand AI’s potential – and risks – is a critical first step before a strategy can be formed. You can’t avoid AI’s impact. Your employees are likely using this technology now. Lean on industry groups, reputable publications and trusted partners to help share the most relevant AI information and content.

Can you provide examples of small-scale AI use cases that financial institutions can experiment with before fully committing to larger implementations?
As the hype and buzz around AI continues (and frankly, it’s exhausting), financial institutions are exploring several small-scale use cases before committing to larger implementations. For instance, they can start by integrating AI into simpler customer or member chats, where the AI can handle routine inquiries and free up human agents for more complex interactions. Keep in mind, quality here is extremely important as the chatbot is talking directly to your members. Another promising area is AI’s role in supporting the loan approval process by automating preliminary assessments and streamlining documentation review.

AI also proves beneficial in enhancing operational efficiencies by optimizing workflows, improving work quality, and proactively informing decision-making. And, it can support with crafting more personalized offerings, tailored to individual customer or member needs. Even if immediate action isn’t taken, it’s crucial for banks and credit unions to consider how AI could align with and support their service and brand strategy. Engaging with trusted partners and peers is a great starting point to stay informed about the latest advancements and potential applications.

Looking forward, what trends do you see in the fintech landscape that banks and credit unions should be aware of?
Origination and servicing in digital channels continue to be top of mind. Ensuring member engagement after they open their accounts is also areas of interest for our credit unions. We expect loan rates to start to decrease and as a result, lending volumes will go up (no surprise there). Make sure you have the right technology tools for loan origination in place before volume goes up. Also, you cannot be passive with respect to fraud and security. Using technologies to help mitigate these risks is a must for every financial institution.

We see a lot of interest in technologies to provide services for non-interest income. Business Banking and the associated fee income is big right now. Also, is there a way to use Faster Payments (FedNow/RTP) to generate non-interest income? Perhaps.

BNPL (Buy Now Pay Later) continues to get a lot of press and frankly, the adoption numbers are really amazing. But with multiple due dates and rising delinquencies, it does make me wonder if this new service is really helping or hurting consumers.

Anything from the CEO Forum we could highlight?

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Temenos named #1 best-selling banking software in eight categories

GlobeNewswire — Tue, 25 Jun 2024 14:00:01 +0000

Temenos announced it has been recognized as the global market leader by IBS Intelligence in the IBSi Sales League Table (SLT) 2024 in eight categories. These include Core Banking, Digital Banking & Channels, Payments and Risk Management, as well as Core and Risk Management for Islamic Banking.

Temenos also ranked #1 in Europe, Middle East, Africa and Latin America in the Regional Sales Awards. The results highlight the breadth of Temenos’ leadership as the banking platform of choice across regions and product segments. Temenos has been ranked #1 in the core banking category for the last 19 consecutive years.

The IBS Intelligence Annual Sales League Table (SLT) received a steady level of interest and participation with 50+ technology suppliers submitting 2,100+ deals spanning 151 countries across the Americas, Europe, Middle East, Africa, and APAC. It is an annual benchmarking exercise, which has been running for over 30 years and is based on the number of new customer contracts signed in a calendar year. The SLT is recognized as the barometer for financial technology providers’ sales performance across the banking industry.

In the 2024 IBSi analysis, Temenos has retained its position as market leader, continuing to rank number 1 across the following eight categories:

Universal Banking – Core
Digital Banking & Channels
Payment Systems – Retail
Neo, Challenger & Digital-Only Banks
Risk Management
Treasury & Risk Management
Islamic – Universal Banking – Core
Islamic Banking – Risk Management

Temenos’ open platform for composable banking allows financial institutions to easily assemble, test and extend their broad banking capabilities. This enables them to bring innovative products to market faster to meet growing customer expectations while reducing the cost of development.

With a single platform and code base across all business segments, from core to digital to payments, Temenos clients benefit from a higher sustained level of investment in R&D. Recent innovations include the launch of the first Generative AI solutions for core banking and the introduction of Temenos Positions, a lean financial processing solution designed to transform banking operations for institutions with complex, multi-core systems.

Jean-Pierre Brulard, Chief Executive Officer, Temenos, said: “The latest IBSi Sales League Table rankings reconfirm Temenos’ position as the global market leader in banking software. Our winning combination of customer-centricity and innovation makes Temenos the platform of choice for banks of all sizes, regardless of how they choose to deploy our software – on-premise, on public or hybrid cloud, or as SaaS. As banks look to meet the challenges of an evolving industry and changing customer demands, Temenos’ flexible, cloud-native platform, infused with Responsible AI, gives them the market-leading capabilities and agility they need to succeed now and in the future.”

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Airstar Bank Introduces Futu as New Shareholder

BusinessWire — Mon, 10 Jun 2024 16:00:58 +0000

AMTD Group Inc. together with AMTD IDEA Group (“AMTD IDEA”) and AMTD Digital Inc. (“AMTD Digital”), altogether known as (“AMTD”), jointly welcome that Airstar Bank, a Hong Kong virtual bank jointly co-established by AMTD and Xiaomi Corporation, has successfully introduced Futu Holdings Limited (“Futu”) as a new shareholder through its investment into Gravitation Fintech HK Limited, the parent company of Airstar Bank.

Airstar Bank, steadfast in its commitment to leveraging financial technology, is devoted to delivering innovative digital banking services that are both accessible and flexible for every customer. This mission seamlessly aligns with Futu’s vision and philosophy of spearheading technological innovation within the financial services sector. The key motivations behind Futu’s capital injection are fostering Airstar Bank’s business growth and business diversification, meanwhile stimulating the development of the industry ecosystem, propelling the ongoing innovation and widespread adoption of FinTech in Hong Kong, and facilitating the financial inclusion.

With the support of all shareholders, Airstar Bank will continue to uphold the virtue of financial inclusion and strive to become a “Bank for Everyone” by making cutting-edge virtual banking services accessible at its customers’ fingertips.

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GXS Bank Achieves Remarkable Onboarding Efficiency Using FICO Platform

BusinessWire — Thu, 30 May 2024 17:30:56 +0000

GXS Bank (GXS), Singapore’s first digital bank for consumers and businesses, is using the industry-leading capabilities of FICO® Platform to streamline its onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of under three minutes for the vast majority of approved GXS FlexiLoan applications.

GXS uses FICO Platform to automatically generate credit decisions in milliseconds, executing complex policy rules that utilise traditional and alternative data, to provide loans to a wider pool of consumers without compromising the bank’s credit risk appetite.

GXS leverages user-permission data from its ecosystem partners, Grab and Singtel, to expand credit access to underserved users. Utilizing data from ‘super app’ Grab, a dominant force in Southeast Asia akin to Uber in the Americas, and Singtel, a major regional telco, offers valuable insights. This ecosystem data is then layered onto information from conventional sources like credit bureau scores. By integrating these datasets, GXS enhances applicant assessments, providing more accurate evaluations and personalized interest rates.

Thanks to this innovative approach, individuals previously overlooked by traditional banks—such as those starting their careers or entrepreneurs with fluctuating incomes—can now secure loans.

“Digital banks play an important role in extending banking and credit facilities to a large and underserved group of individuals and small businesses across Southeast Asia,” said Vaman Sriraman, Group Chief Risk Officer at GXS Bank. “FICO has been an invaluable partner for us in our bid to drive financial inclusion in Singapore. FICO Platform enables us to leverage alternative data and expand our offerings. Its agile infrastructure enables us to iterate quickly while ensuring robust risk controls are in place.”

More information: https://www.fico.com/en/solutions/account-opening

Agility and Adaptability: Empowering Innovation in Digital Banking

“Introducing GXS FlexiLoan exemplifies our commitment to pioneering customer-centric solutions in the digital banking realm,” added Sriraman. “The implementation of FICO Platform in just three months was nothing short of remarkable, especially when considering the traditional timelines of up to a year for other providers’ on-premises solutions.”

FICO Platform capabilities will be deployed for upcoming credit products in Singapore as well as across the region, in Malaysia and Indonesia. The collaboration with FICO has set the stage for the GXS’ continued innovation and growth.

“FICO Platform plays a pivotal role in advancing financial inclusion by enabling banks like GXS to leverage alternative data sources and streamline credit decisioning processes,” said Nikhil Behl, EVP of sales and chief marketing officer at FICO. “Moreover, the implementation of the FICO Platform in just three months is a testament to our dedication to delivering tangible, rapid value to our clients.”

As a digital-only bank, GXS recognises the paramount importance of agility and efficiency in its operational processes. The imperative to swiftly go-live while upholding stringent risk controls posed a challenge. With the FICO Platform, GXS has been able to configure and deploy risk policies with remarkable speed and precision, utilising advanced analytics, rule design, and flow orchestration.

For its achievements, GXS Bank won a 2024 FICO® Decisions Award for Customer Onboarding & Management.

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The power of recommendations in financial services

Harry Hanson-Smith — Wed, 08 May 2024 13:00:03 +0000

Retailers have successfully harnessed tailored recommendations to enhance customer experience. In contrast, financial institutions (FIs) have struggled to replicate this success due to the unique challenges they face in the industry. Here we explore the untapped potential of recommendation strategies in financial services, offering insights into why FIs should leverage recommendations and how they can do so effectively.

1. Personalisation for digital banking is no longer a “nice-to-have”

As customers increasingly shift towards digital banking, the decision-making process for financial products has grown more complex. The multitude of options available, combined with the digital landscape, necessitates education and guidance for customers. The scope for offering recommendations within the industry is vast – beyond product recommendations, FIs can leverage recommendations to provide valuable financial advice, educational resources, and personalised content that empowers customers to make informed decisions about their financial well-being. Indeed, a 2023 Forrester report highlights the importance not only of tailored product offers, but easier product discovery, and proactive information sharing in the financial industry.

However, many FIs have failed to leverage personalisation to facilitate learning and discovery effectively. Where eCommerce has the “guided selling” concept, which aids users in discovering products, FIs can adopt a similar approach to offer personalised, relevant, and seamless customer engagement through product and resource recommendations based on user behaviour.

The evolving landscape of the financial services industry, with technological advancements, changing customer preferences and emerging fintech players reshaping the way Fis engage with their customers, means that recommendations can serve as a powerful tool to differentiate Fis from their competitors. By harnessing data analytics and machine learning algorithms, FIs can unlock deeper insights into behaviours and financial goals, enabling them to deliver highly personalised recommendations that really resonate.

2. Choosing the right recommendation strategy

To derive value from recommendations, FIs should consider various factors when crafting their strategy:
Goals: Define key performance indicators (KPIs) for personalisation efforts, such as open account clicks, application starts, or mobile app downloads. These goals guide the choice of recommendation strategies and their placement on digital platforms.

Audiences: Segment the audience into distinct groups, focusing on 3-4 primary segments based on factors like engagement level, customer lifecycle phase, or product attainment. Each segment’s unique needs dictate the type of recommendations they receive.

Data feed: A well-structured data feed is essential to power recommendations effectively. Proper metadata tagging, based on product categories, attributes, customer status, and engagement levels, ensures that recommendations are meaningful and relevant.

Strategy: Select recommendation strategies that match various user segments and preferences. These strategies could involve suggesting items based on user interests, recently viewed products, similar choices, or items frequently viewed together. Tailor these recommendations to suit specific user profiles and enhance their overall experience

On-page location: Recommendations’ relevance varies depending on the page location within an FI’s website. Tailoring recommendations to the expectations and intent of visitors on the homepage, blog pages, and account overview pages improves their effectiveness.

3. Examples of recommendations in financial services

In financial services, recommendations play a pivotal role in enhancing user experience and driving engagement. By providing tailored suggestions, financial institutions (FIs) can effectively guide their customers towards relevant products and resources. Here are two effective ways FIs can utilise recommendations within their services:

a. Chatbot recommendations

Integrate chatbots seamlessly with the product catalogue to offer personalized recommendations to both new and returning visitors. This not only expedites content discovery and ensures quick answers around the clock for consumers but also significantly reduces the operational workload for the financial institution on the backend. By leveraging direct inputs from conversations, this approach influences conversion rates and steers users toward pertinent educational resources, offers, or content, creating and tailoring results in real time based on their preferences

b. Article recommendations

Use article recommendations to enhance engagement and pageviews, especially for users who require more information. Recommendations can be based on the “Viewed Together” or “Similarity” strategies, helping users advance in their journey by suggesting relevant blog posts and articles.

4. Recommendations for improved customer acquisition and lifetime value
In today’s competitive financial landscape, FIs must incorporate personalisation throughout the customer lifecycle to acquire, engage, and retain customers effectively. Recommendations, when implemented with a holistic approach encompassing not only products but also offers and educational resources, can instil confidence in customers’ financial decisions. This, in turn, leads to reduced acquisition costs and increased customer lifetime value, driving positive business outcomes for financial institutions.

5. The importance of data governance

To fully unlock the potential of recommendations, FIs must prioritise data governance and data quality. A robust data governance framework ensures that customer data is accurate, secure, and compliant with regulatory requirements. It also enables FIs to effectively manage data from various sources, including transactional data, customer profiles, and behavioural data.
Additionally, data governance plays a crucial role in maintaining customer trust. Customers are increasingly concerned about the privacy and security of their financial data. FIs that demonstrate a commitment to protecting customer data through strong data governance practices can build trust and credibility in the eyes of their customers.

A path to enhanced personalisation, customer engagement and business metrics

Recommendations hold immense potential in the financial services industry when used effectively and the above framework can enable FIs to follow a path to greater personalisation, improved customer engagement, and enhanced business metrics.

By embracing recommendation strategies tailored to their unique needs, FIs can unlock the power of personalisation in the digital age, adapt to changing industry dynamics, and position themselves as trusted advisors in their customers’ financial journeys.

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Harry Hanson-Smith, VP Sales, Dynamic Yield by Mastercard

Harry is the RVP at Dynamic Yield, a Mastercard Company. He is the regional lead for the teams across the UK & Nordics and is based in London. He has been in the Personalisation & Optimisation space for over 10 years and has helped many leading brands strategise and implement their personalisation programs.

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Bank and Credit Union CEOs Reveal Top Priorities in Annual Survey

PRNewswire — Mon, 29 Apr 2024 16:00:51 +0000

Growing deposits and increasing operational efficiency are top priorities for community and regional financial institutions, according to Jack Henry’s sixth-annual survey of bank and credit union CEOs.

“With rising deposit costs putting pressure on net interest margins, banks and credit unions have greater urgency to enhance operational efficiency, especially through back-office automation,” said Lee Wetherington, Senior Director of Jack Henry Corporate Strategy. “Whether your top priority is growing deposits, improving efficiency, or preventing real-time fraud, data strategy is now front and center.”

Jack Henry’s 2024 Strategy Benchmark showed that the vast majority (80%) of financial institutions plan to increase technology spending over the next two years. Fraud detection/mitigation, digital banking, and data analytics top the list of planned investments.

“Given escalating cyber and fraud threats, it’s no surprise that both banks and credit unions are making substantial investments in detection and mitigation,” said Jennifer Geis, Senior Analyst of Jack Henry Corporate Strategy. “Social engineering is the top cybersecurity concern while check fraud continues to be the top fraud threat.”

Other key findings:

78% plan to expand services for small businesses with payments, business credit/lending, and merchant services topping the list of planned offerings.
97% plan to enhance lending solutions in the next two years, but top priorities diverge sharply between banks and credit unions. Banks are focused on automated workflow and custom/automated financial spreading while credit unions are focused on underwriting using artificial intelligence (AI) and automated prequalification campaigns.
96% plan to add payment services, with FedNow^® Service being the top priority for both banks and credit unions.
92% plan to embed fintech into their digital banking experiences with the majority planning to embed payments fintechs. Credit unions are also looking to embed consumer financial health and digital marketing fintechs while banks are looking to fintechs for help with small-business services and treasury management.

The study’s results are based on an online survey conducted in January and February 2024 representing a diverse sample of Jack Henry core clients with assets ranging from less than $500 million to more than $10 billion. Download the eBook to learn more.

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Alliant Credit Union welcomes New Members to Board of Directors

PRNewswire — Mon, 29 Apr 2024 14:30:00 +0000

Alliant Credit Union, a leader in digital banking and one of the largest credit unions in the nation, announces the appointment of four members to its board of directors. These additions to Alliant’s board bring vast expertise spanning from leaders in the financial services industry to trailblazers in the technology and digital customer service space to guide the credit union’s continued innovation, tech-forward approach, economic growth and member-centric mission.

The recently appointed board members:

Woody Woodring, served as the Executive Vice President and Chief Credit Officer of Trust Financial Corporation before retiring in 2022.
Deepak Khandelwal, a Corporate Director and former C-level executive with over 30 years of experience in large global companies, including Google, McKinsey, Rogers and CIBC.
Sarah Searls, the Senior Vice President of Global Digital at Marriot International, overseeing global digital strategy and execution for the brand’s digital travel products.
David Tentinger, a former Global Financial Services Executive at Northern Trust with 35 years of experience in treasury, corporate finance, strategy, client and business line management and capital markets.

“We are thrilled to welcome these esteemed and accomplished individuals to Alliant’s Board of Directors,” said Dennis Devine, Alliant CEO and President. “Their diverse backgrounds and extensive experience will be instrumental in shaping the future of Alliant Credit Union and furthering our commitment to our members.”

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Lumin Digital appoints Lisa Sutton as Chief Talent Officer

PRNewswire — Wed, 24 Apr 2024 17:30:03 +0000

Lumin Digital (Lumin), a leading fintech company specializing in digital banking solutions, continues to strengthen its senior leadership team with the appointment of Lisa Sutton as chief talent officer (CTO). Sutton’s addition underscores Lumin’s people-centric approach and commitment to corporate culture, as highlighted by the company’s recent Great Place To Work (GPTW) certification.

Sutton, who has over two decades of HR leadership experience driving innovative talent strategies for high-performing global brands, including PSCU and PPG Industries, will lead Lumin’s HR functions with a strategic focus on scaling and sustaining a high-performance culture grounded in three principles: trust, respect, and boldness.

“Lisa has led impactful culture and employee experience programs focused on engagement, strengths, and well-being, directly contributing to strong business outcomes,” said Jeff Chambers, CEO and founder of Lumin Digital. “Her expertise and passion make her a valuable addition to our leadership team. As we continue to grow and evolve, Lisa will play a pivotal role in driving our people-centric initiatives.”

Lumin’s employees already rate the company highly, with a 99% favorability score on a GPTW company survey. Employee comments frequently mention ‘culture’, ‘balance’, ‘people’, ‘leadership’, and ‘transparency’, reflecting the company’s positive work environment and values.

“At the core of each successful organization lies its people, and I am committed to fostering an environment where employees feel empowered, valued, and inspired to do their best,” said Sutton. “Lumin’s robust culture speaks volumes to the leadership style and philosophy that prioritizes the growth and well-being of every employee. I look forward to helping cultivate current and new talent to ensure that each employee reaches their full potential.”

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DCI expands DataVisor Partnership for Increased Fraud Protection

BusinessWire — Mon, 22 Apr 2024 16:00:16 +0000

DataVisor, the world’s leading AI-powered fraud and risk platform, is thrilled to announce the expansion of its partnership with DCI, a leading provider of award-winning core processing, digital banking, and fintech solutions. Following a highly successful initial phase of deployment, DCI will now broaden the use of DataVisor’s next-generation fraud solutions to support more community banks across a variety of use cases. This expansion highlights DCI’s commitment to security by delivering comprehensive fraud protection across DCI’s suite of digital banking and core processing solutions.

Since partnering with DataVisor, DCI has successfully integrated and deployed the platform’s cutting-edge fraud and risk technology into its iCore360® core banking software, supporting ACH and transaction fraud protection across dozens of community banks. In the next phase, DCI plans to expand this offering to an additional 200+ clients in 2024, further rolling out DataVisor’s technology to protect real-time payments and wire transactions. This enhancement marks another major step toward enhancing defenses against a spectrum of banking fraud, including application and identity theft, account takeovers, real-time payments and money laundering.

“At DCI, we’re steadfast in our commitment to helping our customers create a secure space for banking transactions with the most advanced solutions,” said Sarah Fankhauser, President and CEO of DCI. “Within the dynamic landscape of mobile and digital offerings, our goal is to protect every real-time payment and transaction. Our partnership with DataVisor has been transformative so far, with their cutting-edge technology helping us to achieve that vision. The seamless adoption of DataVisor’s platform has not only streamlined our operations but has also enabled us to pursue an ambitious expansion plan to help all our community bank customers fight fraud effectively. We’re confident that our strategic partnership will drive continued growth and success through 2024 and beyond.”

“I’m excited about the initial success of our partnership with DCI and its expansion of DataVisor solutions to support more banking customers in 2024,” said Yinglian Xie, CEO and Co-Founder of DataVisor. “This expansion will not only aid DCI in meeting the current fraud challenges faced by today’s banks, but also ensures safe transactions in the future as real-time payments gain popularity and become more susceptible to sophisticated fraud schemes. Designed to grow and evolve alongside emerging fraud trends, DataVisor’s platform protects diverse use cases to support growth and better end-user experience by catching new and unknown fraud as it occurs. This partnership exemplifies our dedication to proactively combating emerging threats with AI-driven, modern technology, offering future proof solutions.”

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NICE Actimize wins 2024 FinTech Breakthrough for Best AML Solution

BusinessWire — Fri, 19 Apr 2024 14:30:47 +0000

NICE Actimize, a NICE business announced that its entity-centric Anti-Money Laundering (AML) solutions have been selected as the winner of the “Best Anti-Money Laundering Solution ” award in the 8^th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.

FinTech Breakthrough highlighted NICE Actimize’s family of AML solutions, including Suspicious Activity Monitoring (SAM10), Sanctions and Risk Screening (WL-X), Suspicious Transaction Activity Reporting (STAR), Customer Due Diligence (CDD-X), Currency Transaction Reporting (CTR), Customer Trust Profiles and Scores (X-Sight Entity Risk), Cryptocurrency Intelligence and Entity Resolution.

Noted FinTech Breakthrough judges, “This suite of technologies makes use of best-in-class AI, data intelligence, graph analytics, anomaly detection, collective intelligence and a unified cloud platform.”

“As we continue to modernize transaction monitoring components with key advancements in both AI and generative AI for AML, our customers will look to optimize efficacy and accuracy while achieving full compliance coverage and auditability,” said Craig Costigan, CEO, NICE Actimize. “As this award suggests, NICE Actimize is a breakthrough solutions provider in terms of the breadth and depth of functionality of its anti-money laundering solutions portfolio.”

“Key for agility, scalability and data insights, financial institutions across the globe have increased the use of external information and data integration in their AML/CFT systems, supported by more advanced technology, to identify high-risk relationships, suspicious transactions and networks,” said Steve Johansson, Managing Director, FinTech Breakthrough. “NICE Actimize’s breadth and depth of functionality of its AML solutions, including its Suspicious Activity Monitoring (SAM) transaction monitoring solution, helps financial institutions accomplish these steps and address the significant challenges facing global financial institutions today.”

The FinTech Breakthrough team also noted that, “NICE Actimize’s AML suite also supports all currencies, with daily exchange rates loaded into the solution, and can support any language character set that the client’s database supports, including language direction (RTL/LTR). Customers can opt to translate UI displays during the implementation process to ensure local personnel use the preferred language in that region.”

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more.

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