January 14, 2022

Tech Talk Editor George Milner has compiled a summary of this week's tech and cybersecurity news:

  • FinCEN/FDIC to run digital ID tech sprint
  • Why fintechs and banks need to broker a truce
  • Open banking front-line support service
  • US fintechs help small mortgage lenders grow
  • US banks form stablecoin consortium
  • ATMs may have peaked in 2019
  • Bank security flaws help scammers
  • Banks rush to crypto to keep deposits
  • Rapid rate of digital transformation
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...
For more information, including a direct link to the source articles, visit the Tech Talk page on BankersOnline.com.

FinCEN/FDIC to run digital ID tech sprint
The FDIC and FinCEN announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing — the process used to collect, validate, and verify information about a person. Get the details at: Tech Talk.

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Document management software can save your bank thousands of dollars each year, reduce risk, and streamline your IT operations. Download a free spreadsheet from AccuSystems to run the numbers.
— AccuSystems

Why fintechs and banks need to broker a truce
By allying with fintechs and Electronic Money Institutions (EMIs), traditional banks can keep their role as payments processors, but on a much larger scale than before; meanwhile, their partners will shoulder much of the burden of customer service and support. Get the details at: Tech Talk.

Open banking front-line support service
Moneyhub, the award-winning Open Data platform that enables companies to transform data into personalized digital experiences and initiate payments, now offers its front-line support service to platform clients. Get the details at: Tech Talk.

US fintechs help small mortgage lenders grow
Maxwell, the fintech mortgage solutions platform, has announced the launch of Maxwell Processor Assist to meet demand from small to midsize lenders as they look to modernize and increase mortgage processing efficiency. Get the details at: Tech Talk.

Five Little Ways to Take Control of the Monthly Close
The monthly close, although it involves a lot of the same work each month, is getting more and more complicated. On top of this, the pressure to complete it faster continues. The work won't go away, but changing methodologies will put time and accuracy on your side.
— SkyStem

US banks form stablecoin consortium
Five US banks have come together to launch a bank-minted alternative to non-bank-issued stablecoins. Get the details at: Tech Talk.

ATMs may have peaked in 2019
Reduced demand for cash globally is raising costs for servicing the machines, “prompting banks to review ATM footprints,” according to consulting firm McKinsey’s annual global payments report from October. Get the details at: Tech Talk.

Bank security flaws leave customers open to scammers
Consumer group Which? has uncovered flaws in online banking security systems that could leave customers exposed to fraud, with some banks failing to use the latest protections for their websites and allowing users to set insecure passwords. Get the details at: Tech Talk.

Banks rush to crypto to keep deposits
Although many consumers and finance pros still view cryptocurrency as little more than a speculative tool, that perception is gradually losing ground as crypto becomes better understood and gets pushed along by a COVID-19 tailwind, this mysterious medium of exchange is destined for the mainstream. Get the details at: Tech Talk.

Rapid rate of digital transformation hurting financial services
Banking executives across the world believe the rapid rate of digital transformation in the financial services industry is distorting the capability of their IT systems, raising serious concerns about ongoing operational resilience. Get the details at: Tech Talk.









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


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On the lighter side...

This FirstBank Puppy Sale ad didn't necessarily have the ending you'd expect. Anticipating some pushback, the advertising agency created a follow up entitled FirstBank Charlie is an Actor.



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