David Wright

Your financial institution may have scrambled to roll out new digital capabilities during the pandemic. But are these efforts successfully unlocking all the opportunities that digital banking can provide? Get advice on accelerating your digital roadmap.

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As noted in the attached blog by Karen Leiter, CRCM, CAMS, CBAP, all financial institutions have a responsibility to determine and verify their lending practices are fair and non-discriminatory. To achieve this, financial institutions must have a comprehensive #fairlendingprogram in place. Click on the blog to learn more and check out the CLA blog page where you can sign up for new content to be delivered when it comes out! #clapromise #clablog

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This budgeting and strat planning season, it's important to know what your future consumers are learning about #money, if you want to keep offering them #financial #products ... staying plugged into the future of money - even/especially for #banks and #creditunions - requires educational, technical, and operational action TODAY. The team at DaLand LLC is standing by to help bridge #TradFi to #DeFi; so your future business can keep offering savings accounts to savvy 'kids!' https://lnkd.in/edpyf9fT #dollar #inflation #bitcoin #btc #savings #economy

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Check out these three steps to avoid scams and fraud from the U.S. Securities and Exchange Commission. We expect potential clients to look us up and welcome questions until they are comfortable! #realplanningforreallife #scams

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Get plugged into the future of #money, so this doesn't become your local #bank or #creditunion HQ. The team at DaLand LLC doesn't do sign work; but we can help ensure you're in a position to sign up members / consumers and business interested in streaming money and modern payments! #bitcoin #ethereum #USDC #banking

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‘Model Card’ invented by tech industry is a joke. Banking industry in the US has the best practice in term of model development and validation documents. All models (big banks have a few thousands of them) are documented thoroughly with pair of documents by 2 independent activities (development and validation). The data scientists are spending a lot of time to meticulously document every aspect of their models with certain standards. Writing model documentation is not fun but they did it. Vectice team creates a state of the art tool to facilitate model documentation with ease, reducing the grueling and not fun governance activities and free up data scientists to do data science.

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FIS is leveraging the power of Snowflake to modernize our Capital Markets strategy and enhance our powerful solutions, like Trading Compliance Manager. We’re driving innovation together, breaking down data silos, driving real-time insights, enhancing data access and empowering our clients like never before. Learn how this partnership is transforming the industry by checking out our joint panel discussion here http://spr.ly/6041WJ3N3 #FinTech #CloudModernization

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The Consumer Financial Protection Bureau (CFPB) proposed the Section 1033 rule to enhance consumer financial data rights and promote open banking. Here are some real-life advantages for customers: 1. Personal Financial data rights rule (Data Access and Control): Consumers gain the right to access and share their financial data. They can authorize third parties to access this data on their behalf, allowing for better financial management and control1. 2. Competition and Data sharing enabling Switching Providers: The rule simplifies switching to new financial services providers. Consumers can securely transfer their data, reducing bureaucratic hurdles and encouraging competition2. 3. Innovation and New Services: By sharing data with third parties, consumers enable the development of new and improved financial products and services. This fosters innovation and benefits consumers3. 4. Frictionless Consent: Data providers aim for seamless customer authentication and authorization. While balancing consent and friction, the goal is to capture unambiguous customer consent4. In summary, CFPB-1033 empowers consumers, promotes competition, and ensures secure data sharing in the evolving financial landscape. This is going to drive innovation and allow new type of product launches in financial space with seamless switching of providers or your main financial institution. Its expected to be finalized in Second half of 2024. However Financial Institutions need to assess their existing infrastructure and adapt it to comply with the rule's requirements. This involves evaluating data-sharing mechanisms, APIs, and digital interfaces. Additionally, it would put strain to Institutions who have to enhance their operational capacity to handle increased data requests and transfers. Navigating these challenges will be essential for successful implementation of the CFPB-1033 rule. The CFPB’s Section 1033 regulation is expected to be finalized in the second half of 2024, likely in the fall. This move toward open banking aims to empower consumers and foster healthy competition in the financial industry https://lnkd.in/gjghkv5S #OpenBanking #FinTech #CFPB1033 #AmericanBanker #FinancialDataRights

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Bank of America is helping teammates grow their skills with innovative AI training to simulate real world situations. The technology helps colleagues improve quickly and build confidence in their work. https://bit.ly/4i7Fjyg

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Thank you AIM Research for the recognition. We are in the midst of a significant transformation of our businesses at Citizens through the application of analytics-driven insights. The work is re-shaping the fundamentals of how we take better decisions, using the power of higher quality and more comprehensive data, and the creation of advanced analytics solutions on top of the data. All while making sure that our data infrastructure continues to stay modern, well-engineered and well-managed from a governance, privacy and security lens. #GenerativeAI is also a key area of investment for us, and our initial use-cases are just starting to take flight after several rounds of build and detailed testing. Ultimately, this transformation is about the colleagues at Citizens. We will be successful in our data and transformation journey, if and only if we are successful with building up the skills, the engagement and eventually the value output produced by our data, analytics and engineering talent. Tons happening there too in re-defining our operating models, upskilling, more structured talent acquisition, and creating a culture that values curiosity and truth-seeking behavior. I am proud to see the work we are doing at Citizens recognized through this recognition and would be remiss if I did not call out the efforts of all of the leaders and their teams who have done yeoman work in the past several years. So to all my fellow leaders in the enterprise data, analytics, engineering and security functions - Sudhakar Gopal Melissa Flood Matthew Darlage Paul D. Butler Steven Bortnick Bill Gold Richard Shakarchi Ruth McHenry Antonio Iniguez Vijay Reddiar Taylor Shipman Anand Vijai M R Ketan Pardal Raghav Adiga Nageshwara Chirravuri Chad J. Reynolds Cait Swanson Yvette Vargas James Mitcheson Kiran Karnati CJ Spates Stephen Boras Glenna Hagopian, Beth Johnson Michael Ruttledge - and many, many more dedicated data and analytics professionals on your teams, my deepest gratitude for everything you do and all the labors of love you undertake in your day-to-day work for this cause. Couldn't have achieved all this progress without you, and wouldn't dream of doing this any differently!!! 😍 😍 #CitizensColleague

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🚨 Regional Banking Crisis Alert! The Costal Journal: Huntington Bank Spooks Investors, Shares Plunge 6% - New Guidance: Net interest income to fall 1% to 4% this year - Previous Range: -2% to +2% - Impact: Largest drop since March 2023. #INVESTMENTBANKING #HEDGEFUNDS #PORTFOLIOMANAGMENT #CEOS #CIOS #CFO #CFOS #CIO #ASSETMANAGEMENT #FED #INFLATION #ECONOMY #EUROPE #ASIAPACIFIC #MARKETS #COMMODITIES #ECONOMICS #PRIVATEEQUITY #MONEY #VENTURECAPITAL #INVESTING #BANKINGINDUSTRY #TREASURY #FINANCE #TRADING #STOCKS

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FIS and Snowflake: A powerful partnership transforming Capital Markets. By eliminating data silos and enhancing real-time access, we’re empowering our clients with faster, more efficient solutions, like FIS Compliance Suite. The future of finance is here! Tune into our newest joint panel discussion “Transforming Compliance Data on Snowflake http://spr.ly/6044WIWM6 #Innovation #DataAccess

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🚨 CFPB Sues Major Banks Over Fraud on Zelle: A Wake-Up Call for Consumer Protection 🚨 The Consumer Financial Protection Bureau (CFPB) has taken legal action against JPMorgan Chase, Bank of America, Wells Fargo, and Early Warning Services (operator of Zelle) for failing to protect consumers from rampant fraud on the Zelle payment network. Since its launch in 2017, Zelle has facilitated billions of transactions, but hundreds of thousands of fraud complaints have been reported, with over $870 million in consumer losses tied to its vulnerabilities. The CFPB alleges that these financial giants rushed Zelle to market without implementing effective safeguards, leaving consumers exposed to scams while offering minimal support when fraud occurred. 🔍 Key Allegations 1️⃣ Failure to Prevent Fraud: Zelle’s weak identity verification allowed scammers to exploit its features and redirect payments to fraudulent accounts. Criminals easily moved between banks due to the lack of communication and fraud tracking across the network. 2️⃣ Ignoring Red Flags: Despite receiving hundreds of thousands of fraud complaints, the defendant banks failed to act on these patterns to prevent further fraud. Banks allegedly violated Zelle’s own rules by not reporting fraud incidents consistently or on time. 3️⃣ Abandoning Fraud Victims: The banks failed to properly investigate customer complaints or reimburse victims, violating federal laws like the Electronic Fund Transfer Act and Regulation E. CFPB’s Enforcement Goals Halt Unlawful Conduct: Stop banks and Zelle from engaging in unfair and deceptive practices. Consumer Redress: Obtain restitution for harmed consumers and penalties to fund victim relief. Enhanced Safeguards: Implement stricter fraud prevention and reporting protocols. 💡 Takeaways for Consumers Stay Vigilant: Scammers often exploit payment networks, particularly during the holiday season. Report Scams: Submit complaints about payment fraud to the CFPB at (855) 411-CFPB or via their website. The Bigger Picture This lawsuit underscores the critical need for consumer-first protections in financial technologies. Payment networks like Zelle must balance convenience with robust security to ensure trust and safety for users. AreEn Source - https://lnkd.in/eqanfzbh 💬 What are your thoughts on the CFPB’s actions? Have you or someone you know faced fraud issues with Zelle or similar platforms? Share your insights below to continue the conversation. Source: Consumer Financial Protection Bureau #ConsumerProtection #Zelle #FinancialFraud #CFPB #BankingSecurity #ConsumerRights #FinTech

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See how The Huntington National Bank and CAI Neurodiverse Solutions are leading the charge in workplace inclusivity with a fresh wave of #neurodiverse talent. Their commitment to diversity and excellence in IT is already showing remarkable results, with #neurodivergent associates excelling in their roles and enhancing the bank's service delivery. Join us in recognizing the expansion of their neurodiversity employment program, and see how it's creating a lasting impact here: https://lnkd.in/g2_SeSrE [ID: On a light blue, gradient background, a quote in blue bolded font can be read: "The [CAI Neurodiverse Solutions] program contributes to a continuous, diverse workforce bringing a variety of talents, skills, and experiences together to help The Huntington National Bank achieve our goals. The success of this program has positively impacted our teams and the communities we serve." In bold and regular font, the speaker of the quote's name is listed at the bottom left of the image, Louise Elliott, Senior Vice President and IT Service Delivery Director, The Huntington National Bank. The CAI logo and tagline can be seen at the bottom right of the image.]

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Is Your Institution Ready for ISO 20022? The March 10, 2025, deadline for Fedwire Funds compliance is approaching fast. Assess your readiness with our comprehensive survey and ensure you’re on track! Why Participate? • Self-assess your compliance • Benchmark with industry peers • Receive expert guidance Ensure your institution meets the regulatory deadline with confidence. Start the survey today! #ISO20022 #Fedwire #Compliance #Banking #PersistentSystems

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