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Tech Talk: Fintech banks, managed security solutions, digital banking, and more!

Dawn of a new era of fintech banks
Members of financial crime gang busted
Managed security platform for FIs
Banking apps 'for dummies'
Digital banking security trends
Digital account opening platform
KYC blockchain solutions
Blockchain app store for banks
Blockchain saving banks billions
Spam, Scams & Breaches
Updates, Patches & Alerts
and on the lighter side...

Dawn of a new era of fintech banks
Despite strong opposition from the financial industry and state regulators, the Office of the Comptroller (OCC) has announced that it will now accept applications from non-depository fintech companies for special purpose national bank charters. The OCC's announcement followed a report released by the Treasury Department advocating the regulation of fintechs, data aggregators and other traditional banking challengers. The report contains more than 80 recommendations regarding responsible use of consumer data, fostering innovation, and regulatory protection associated with fintech products and services. Bloomberg has the details.

Financial crime gang bust
Three alleged members of the prolific FIN7 group (aka Carbanak) responsible for the theft of 15 million stolen payment cards and $1 billion in losses have been arrested. Taken into custody in Europe, the men have been indicted on conspiracy, wire fraud, computer hacking, access device fraud, and aggravated identity theft charges for hacking more than 120 U.S.-based companies and stealing customer card records from over 6,500 individual point-of-sale terminals. Justice.gov has the details.

Managed security platform for FIs
Faced with sophisticated emergent threats, banks need more sophisticated network monitoring, enhanced threat intelligence, and real-time response capabilities to detect and mitigate attacks targeting internal systems. Fintech solutions provider Fiserv Inc. and cybersecurity firm BlueVoyant (which is led by former cybersecurity experts from the NSA, the FBI and foreign intelligence services) have joined forces to deliver a comprehensive managed security platform for financial institutions. ATM Marketplace has the details.

Banking apps 'for dummies'
With its first release in October 1991 titled DOS For Dummies, the popular For Dummies instructional book series initially focused on software and technology topics before branching out to provide non-intimidating guides for readers new to the various topics. According to a study by Forrester Research, financial institutions could have more success with mobile banking adoption if they take a page from the Dummies books and ditch the banker jargon for terminology that consumers can better understand. The Financial Brand has the details.

Digital banking security trends
The exponential growth in digital banking continues as more consumers turn to online and mobile channels to manage their financial accounts and conduct banking and payment transactions. According to a Fiserv survey, security concerns present one of the greatest barriers to the adoption of mobile banking. At a recent American Banker's Digital Banking Conference banking leaders shared three major trends in digital banking security solutions the industry can expect to see in the future. Payments Journal has the details.

Digital account opening platform
Due to heightened regulatory demands and more stringent KYC (know-your-customer) requirements, the account opening process, particularly at smaller banks, can be burdensome for consumers. A New York City-based fintech firm that caters to regional and community financial institutions has released a new digital account opening solution. Narmi's digital onboarding platform enables banks and credit unions to onboard new accounts, verify identities, instantly fund the accounts, and provide digital banking enrollment while maintaining various regulatory compliance standards. Finextra has the details.

KYC blockchain solutions
In an effort to combat money laundering, terrorist financing, and other illicit financial crimes, regulators have strengthened AML and KYC requirements and increased penalties for non-compliance. Blockchain, the distributed ledger technology that underpins cryptocurrency, can help financial institutions streamline their KYC processes and adhere to regulatory requirements. Bloomberg Law has the more on the technology's potential benefits for banks, customers, and regulators.

Blockchain app store for FIs
To increase productivity and add more functionality to their devices, Windows users download apps from Microsoft, Android users go to Google Play, and Apple users have the App Store digital distribution platform. Bank-owned currency trading utility CLS and enterprise software giant IBM have launched a financial blockchain app store where banks can access DLT-based solutions from fintech and software providers for KYC processes, market data and collateral management, reports CIO Dive.

Blockchain saving banks billions
Blockchain is the latest buzzword in the financial industry as banks and financial firms explore various uses for the technology. In addition to helping mitigate fraud and streamline AML compliance, banks are applying the distributed ledger technology to payment processing and reconciliation applications. And, according to a new study from Juniper Research, doing so could save those banks more than $27 billion on cross-border settlement transactions by the end of 2030, reports Business Wire.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

People are increasingly leveraging technology to manage how they live, work, play – and stay healthy. ABC's Good Morning America anchorwoman Robin Roberts highlights a growing trend toward the future of wireless healthcare. You might trade that apple for an app a day to keep the doctor away!

First published on 08/03/2018

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