Matt Gunn, Managing Editor | TechComply
If anything has become abundantly clear in covering the banking industry for the past several years, it is that technology touches nearly every piece of a modern financial institution. Banking is about information as much as it is about dollars and cents. And the information bankers rely upon is carried throughout their servers, their networks, their core processors, and their point of sale systems.
Sure there’s still a lot of human interaction driving the relationship between a bank or credit union and its customers or members. But much of an institution’s ability to make decisions on loans or credit or any other value added product depends on the information at a banker’s fingertips. The idea of a single view of a customer has been hot in banking customer service for a while now, driven on by the promise of big data and improved CRM.
Meanwhile, a systems administrator or C-suite technology manager has more than a full time job simply keeping the network running, ensuring proper user access, patching and updating software and operating systems and preventing malicious attacks. It often leaves them looking for outside help from technology providers. The relationship between an bank and its vendors is critical. An institution’s compliance posture means everything, and technology plays a major role. It manifests in the form of documentation, vendor management, security, data management or risk management and due diligence.
The above video covers a selection of those topics as they relate to FFIEC compliance. I came across it while working on another project for Safe Systems, and even though it’s about a year old, it’s remarkable how much the themes have stayed the same. The technology financial institutions, meanwhile, is constantly changing. It might not always be quick, but it’s steady. For those institutions working on advancing their own technology, it’s a good reminder that some of the general themes in compliance have remained the same.