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Driven by factors ranging from generational wealth transfer to technological advancements, Perficients Principal in Wealth and Asset Management, Gerardo Montemayor , provides valuable insights into the wealth managementtrends set to transform the industry in 2025.
As we progress through 2025, the banking industry is set for substantial transformation driven by several key trends. To stay competitive, banks must adapt and embrace emerging industry trends. Investing in advanced technologies like AI and machine learning can help identify potential risks and streamline compliance efforts.
The financial services sector is experiencing transformative changes driven by technological advancements and innovative trends. Our experts have identified the most impactful trends across banking , wealth and asset management , and payments.
Likely trends are shaped by a dynamic rate environment The top issues facing executives managing credit portfolio risk and the balance sheet at financial institutions are shaped largely by the dynamic rate environment, according to Abrigos outlook for major trends in the year ahead.
Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP
As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists. Through a detailed analysis of major attacks and their consequences, Karl Camilleri, Cloud Services Product Manager at phoenixNAP, will provide you with best practices for attack prevention and recovery.
The rapidly evolving payments industry is driving industry leaders to adapt their strategies in response to emerging trends. As technology advances and consumer expectations shift, staying ahead of these trends is crucial for success.
The insurance industry in 2025 is at a pivotal point, with key digital insurance trends leading the charge in transforming how carriers operate and interact with customers. Carriers must innovate, adapt to these changes, and leverage new technologies to maintain a competitive edge.
Cloud technologies have changed the way that enterprises deploy and integrate services, saving time and resources, and allowing them to hyperscale their services. If your organization is looking to capitalize on cloud technology in 2021, here are a few trends to keep in mind. The Public Cloud Market Will Surge.
Here are five banking trends we’re forecasting for the new year. As the use of technology continues to increase, it should not get more difficult to use. While institutions want to increase their technology play, they are weary of overcomplicating operations. User experience.
Generative AI and the new loan review process The evolution of banking and risk management over the past few decades has been nothing short of remarkable. Generative AI in credit risk management is the latest step forward , offering a transformative approach to loan review. Data security is also a major concern.
The COVID-19 pandemic has done a great job revealing trouble spots and gaps in many companies’ technology strategies this year. If you’ve discovered that your data strategy and technology solutions need improvement, then this podcast is for you. Artificial and machine learning trends. Business intelligence (BI) trends.
While technology has always been important in banking, it has yet to drive the essential functions of banking. We tracked almost 100 banking technologytrends throughout the year and now bring you the top ten, in order, based on our view of long-term strategic importance. There were almost 100 material trends to consider.
EDI remains an indispensable technology that has evolved gradually over the last 50 years, but many EDI products are showing their age. Now is the time for businesses to keep pace with these changes, but to do so, it is essential to understand B2B processes and technologies and how to optimize them.
Today, I will dive into the customer data management challenges financial companies might encounter when starting their personalization journey. Data management in any financial services firm is complex. Users are demanding self-service access to data and easy-to-use tools for decision support and trend identification.
EXCLUSIVE— Banks are juggling a lot of change when it comes to the world of payments, but in order to be successful, banks should avoid getting bogged down in one specific technologytrend, BNY Mellon told Bank Innovation.
Understanding the drivers of banking consolidation is imperative when managing bank performance. In this article, we break down the lessons from this long-term trend. The question is, what changed in 1985 that precipitated this downward trend? Lets break it down and relate these trends to todays environment.
Here are some of the biggest payment trends we’re forecasting for the new year. A biometric payment is a point-of-sale technology that authenticates payments by pairing a payment card with a physical identifier of the cardholder. In 2023, we expect to see this response exaggerated and heightened.
This is a topic on everyone’s top 10 trend list for 2021. The top banks have the funds, technology, and development teams to make this happen. Stripe Treasury is a banking-as-a-service API that embeds financial services for small businesses with deposit, bill payment, interest, and cashflow management.
Staying on top of the trends with ongoing training and certifications. Forrester defines Salesforce consulting partners as: “Services providers that can help Salesforce customers successfully transform their business using Salesforce technology. Perficient’s Functionality Lies in Technology Services.
This article covers these key topics: Benefits of FRAML for risk management Potential drawbacks of the FRAML approach Factors to consider in decision-making What is FRAML? At its core, FRAML is about taking a more holistic approach to financial crime risk management. Staying on top of fraud is a full-time job.
Increasing efficiency of compliant AML investigations To boost AML program productivity and keep pace with evolving compliance demands, financial institutions should focus on strategic operational improvements paired with the smart use of technology. Streamline case management processes.
This blog was co-authored by Perficient’s Insurance Principal and expert: Brian Bell As we step into 2024, the insurance industry faces significant transformations driven by technological advancements and evolving customer expectations. Leveraging cloud technology for streamlined operations and enhanced scalability.
The insurance industry in 2025 is at a pivotal point, with key digital insurance trends leading the charge in transforming how carriers operate and interact with customers. Carriers must innovate, adapt to these changes, and leverage new technologies to maintain a competitive edge.
Retailers increased their investment in omnichannel and other capabilities such as curbside pickup, ship from store, and buy-online, pick-up in-store (BOPIS) to ensure they were ready for the upcoming peak, as well as streamlined their fulfillment processes in-store and warehouses when they invested in their technology.
12) in unveiling the company’s new Loyalty Management product. Loyalty Management allows companies across industries to evolve their loyalty programs from transactional to human-centric by delivering personalized, relationship-building moments to each customer,” Schmaier said. Online Holiday Sales Topped $1 Trillion . On Tuesday (Jan.
Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. But as one trend declines, new fraud schemes may arise.
In fact, Accentures recent Payments Technology Reinvention Study shows that leading banks are already investing significantly in AI and generative AI and have managed to automate 40% of manual tasks in their payments business. The use of AI in the payments industry is not a new phenomenon.
As noted at the time by the OCC, advances in computing capacity, increased data availability, and improvements in analytical techniques have significantly expanded opportunities for banks to leverage AI for risk management and operational purposes. Hsu highlighted that each phase requires different risk management strategies and controls.
Driven by technological advancements, regulatory changes, and shifting consumer preferences, the banking industry must evolve and respond accordingly. As institutions adapt, Perficient’s Chief Strategist of financial services and expert, Scott Albahary, has identified six key trends to shape the banking landscape in the year ahead.
Luckily, you can turn to gen AI to help you in your planning, as the strategic process is just one of the many bank processes that bankers can improve with this technology. Gen AI excels at distilling options down to recommendations, which is helpful to management teams that are having a hard time deciding.
"With so many BSA/AML enforcement actions, it is clear that the regulatory environment is tightening up its expectations and is actively pursuing action when needed," said Abrigo Senior Risk Management Consultant Elissa Brewer. Those changes require upgraded technology and staffing efforts.
Getting the customer service angle right is so crucial to CUs’ success that many CUs are investing in emerging technologies to help them better hit their marks. Rousseve explained that advanced technologies such as AI-powered platforms with data analytics features are starting to create more personalized opportunities for CU members.
Despite borrowing more and tapping credit lines, they're managing leverage and meeting debt obligations, according to Abrigo's proprietary data. They’re borrowing more, but they’re also managing their leverage and meeting debt obligations —even as they feel the pressure of high rates. Business credit line utilization is up.
Drilling down into other pain points tied to invoice management , Mehta noted that friction exists when teams look to manually match vendor data, receipts and other information tied to transactions. The firm also anticipates that blockchain technologies will help further automate AP and build trust between suppliers and buyers.
The most significant problem with bank innovation is that bankers see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but, in the process, creates more problems, and risks, than it solves.
This consists of training, benefits and wellbeing, and various employee experience technologies. However, things start to get messy when technologies become fragmented, difficult to find and only result in a disruptive workflow. According to Microsoft, organizations spend upwards of $300 billion a year on employee experience!
It is the goal of Perficient’s Financial Services consultants to help financial services executives, whether they lead banks, bank branches, bank holding companies, broker-dealers, financial advisors, insurance companies or investment management firms, the knowledge to know the status of AI regulation and the risk and regulatory trend of AI regulation (..)
Takeaway 1 Regtech uses new technologies such as AI and machine learning to streamline processes that keep organizations compliant. Regulatory technology, or regtech, can improve the efficiency and effectiveness of functions in many workplaces, and banks and credit unions are no exception.
Takeaway 1 Regtech uses new technologies such as AI and machine learning to streamline processes that keep organizations compliant. Regulatory technology, or regtech, can improve the efficiency and effectiveness of functions in many workplaces, and banks and credit unions are no exception.
DOWNLOAD Takeaway 1 Shared AML case management helps streamline processes, reduce duplication, and improve communication between fraud and AML/CFT teams. Takeaway 3 Modernizing AML/CFT programs with shared case management aligns with FinCEN's emphasis on innovation and streamlining processes.
Instead, financial institutions should focus on managing risk through better loan decisioning models. Leverage automation: smarter loan decisioning through technology The key to faster, more efficient loan decisioning is automation. Make it easier to keep tabs on lending and credit risk trends and how Abrigo can help.
The technology used to perpetrate financial crimes may be changing, but these common fraud typologies aren't going anywhere. Connect with an expert Common fraud schemes Check fraud Check fraud is one of the most concerning fraud trends for community banks in 2025. Can your AML/CFT and fraud staff recognize these fraud typologies?
Emerging technologies: Enhancing data integrity and monitoring Resources are few and far between in the world of AML and fraud detection. Advanced technologies like machine learning (ML) and artificial intelligence (AI) are transforming transaction monitoring and making the most of these valuable human and technological resources.
This committee should include senior management and representatives from key business units, including staff familiar with existing data systems, their capabilities, and their limitations. Use these benchmarks to assess performance and to identify trends that may inform future community investment strategies.
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