New entrants in the lending field are using #alternative means — #cryptocurrency-backed loans to “social credit,” a measure of the strength of your social connections — to offer credit to the underbanked. Cryptocurrency HODLers and miners will soon be able to use their assets as collateral for fiat currency loans with Cereal, a Moscow-based lending platform […]
Bank Innovation
Fintechna caught up with #Mike Pagani, Director of Product Marketing and Chief Evangelist, Smarsh at this year’s Global #Regtech Summit. Mike delivered a session on delivering superior enterprise information #archiving and support. In our interview we highlight some of his insights and reflections from the summit.
Mike: The adoption and use of collaboration tools like Slack, Microsoft Teams, Workplace by Facebook, Symphony and others within the Financial Services industry is happening very quickly, because of the productivity and efficiency they provide employees with compared to email. However, the adoption of these new platforms and tools was not one that IT had planned for and is very much in response to satisfy and catch up with user demands. Rather than being ahead of the curve, most organisations are now suddenly realizing that their people are using these new platforms and tools more and more and must implement archiving and supervision systems as quickly as possible, to make them compliant as an approved means of business-related communications. Whether internal or external communications, all business-related messages must be governed the same way as email, regardless of the form they take and the chosen channel.
Mike: In our view it all boils down to 3 key capabilities. It should allow a Financial Services organization to automate the direct “capture” all of its business-related communications from the source, regardless of the type and channel being used by its workforce and retain it in a way that does not materially alter the messages, so original context is preserved for later search, insights and to be used for legal and regulatory responses. It should also provide an organization with the ability to configure the system and fine tune it so it “reveals” the riskiest and most potentially problematic messages to them, as they are captured so the organization can take appropriate action to mitigate compliance and legal risk. And lastly, the solution should enable the organization to “respond” to regulatory requests and legal events in a quick and efficient manner, with granular search capabilities to retrieve very specific information from within the archive and then package them up, so they can be used as part of a regulatory examination or legal defense knowing that time is of the essence when responding.
Mike: Most financial institutions saw MiFID II approaching and took swift action to establish the correct set of policies to meet compliance requirements. However, many are still in the midst of searching for and adopting the right automated systems to enforce those policies in an effective and efficient manner (such as comprehensive archiving platforms with active supervision and compliance capabilities), versus adding more and more people to compliance and legal functions to meet the new demands.
Mike: Actively supervising business communications is extremely important. Not only to discover potential compliance violations and take appropriate action on them to meet regulatory requirements, but to also spot messages and ongoing activities by its people that could cause legal, reputational and brand damage as well.
Mike: I do… Financial Services firms of all types and sizes are being forced to embrace social media in a much bigger way moving forward to adapt to significant changes taking place within the age demographics of the clients they are serving and trying to attract, as well as their own workforce. For example, millennials will favor doing business with firms that are socially active and allow them to get the information and resources they care about via the social channels they already know and like to use. For example, using Instagram for a marketing campaign targeted at younger, early in career investors, is something we are seeing a lot more of these days. The days of compliance professionals simply saying no to the use of these new channels are over and they are instead now saying yes to compete and stay relevant, but also stressing the importance of having the right systems in place to make sure that the communications over these new social channels and the resulting interaction stays compliant in the process. The good news is #technology like comprehensive archive platforms with active compliance capabilities has now evolved to the point where it is quick, easy and cost effective to implement a solution that enables organizations to get all the benefits of social media and other new channels while maintaining compliance and mitigating the new risks that they introduce when compared to older channels like email.
BIOGRAPHY
Mike Pagani is Senior Director of Product Marketing and Chief Evangelist at Smarsh. With more than 25 years’ experience working with new and emerging technologies, he is a seasoned IT professional and recognized subject matter expert in the areas of mobility, identity and access management, network security, virtualization and information archiving. In his current role, Mike is a frequent industry event speaker, and contributes regularly to trade publications and online media outlets. Prior to joining #Smarsh in November 2014, he held senior technology evangelist positions with Dell Software, Quest Software and NComputing.
INV #Fintech, this site’s sister accelerator, announced today the three associate members of its fifth cohort of startups. INV #associates undergo a more lightweight program than full #class members. They do not have regularly scheduled meetings with the INV team and Fiserv, the accelerator&8217;s #technology partner. They do have access to INV&8217;s mentor network and […]
Bank Innovation
Location matters. Even in #fintech. It turns out nations beyond America today are increasingly generating more significant financial #technology #innovation, especially in artificial intelligence. Canada is an example. “Smart, early-stage investment in AI and fintech have helped Canada become a research leader in machine learning and deep learning setting the stage for industry 4.0,” said […]
Bank Innovation
Citigroup has a digital-heavy, branch-light business approach that extends beyond its National Digital Bank platform (announced in March and currently in testing phase), according to Stephen Bird, CEO of Citi’s Global Consumer Banking. For starters, Citigroup doesn’t have many physical branches, and it has no plans of changing that, according to Bird, who spoke yesterday […]
Bank Innovation
General data protection regulations (#GDPR), an EU privacy and data protection law, went live last week. The regulations seek to give citizens control over their own data and unify laws within Europe, although provisions also apply to how personal data is exported outside of Europe. These new laws will impact how #banks interact with consumers […]
Bank Innovation
A lot happened in the digital banking world this month, from major events in the payments worlds like PayPal acquiring iZettle for $ 2.2 billion only days before its IPO to major regulations such as GDPR going live last week. Here are some of the important #trends that Bank Innovation pulled out of the #fintech chatter […]
Bank Innovation
#Voice #banking has been touted as the #technology to watch in 2018 (#even on this very site), but two developments this week show the new technology has significant challenges to overcome. Whether or not consumers choose to engage in “voice banking,” the risks are growing. Juniper Research predicts that half of American households will contain a […]
Bank Innovation
When it comes to #customer satisfaction, smaller #banks do it better, according to an FIS survey released today. More than nine in 10 U.S. customers are very satisfied or extremely satisfied with their credit unions, compared with about two-thirds of consumers who use top 50 global banks. Fees incurred at larger banks may be a […]
Bank Innovation
The brokerage world has multiple subscription-based startups taking on the establishment, and they may outshine #traditional #brokerages in profitability. A report by Corporate Insight examined three well-known investment startups, — Acorns, Stash and Robinhood – that are shaping their services and investment options to the bank-wary segment they serve. The platforms from the report utilize […]
Bank Innovation
Reply