Independent Banker - November 2017 - 34

WEB-BASED COMPLIANCE
DASHBOARDS
Early this fall, Affi rmative Technologies went
live with its fi rst banking customer for ACH
Insight, a dashboard that lets bankers use graphs
and other features to manage and monitor risk,
perform compliance reporting and identify
anomalies and suspicious patterns. " Now there
are beautiful dashboards with compliance
reporting, all in one place, that a banker can
use for risk management and compliance, " says
Bassous. He calls these dashboards " a gamechanger "
because they promote transparency;
bankers can even give regulators or auditors
access to these systems so they can pull the
information for themselves. In this arena,
affordability is key. As banking dashboards now
cost hundreds of dollars rather than hundreds
of thousands, they are becoming affordable for
banks of all sizes.
Now V
W
USER-FRIENDLY
ONBOARDING APPS
The dilemma for many community banks keen
to expand is the tremendous expense of building
physical branches, says Dave Mitchell, president
of NYMBUS, a core banking modernization
company based in Miami Beach, Fla. " What you
need, " he says, is " a slick, sexy sizzle with an
onboarding app. " Mitchell points out that community
banks enjoy " the local affi nity and trust "
to sign on new clients over the internet, but
what they historically lacked was an app that
could onboard quickly (in three minutes, not 30)
and a core powerful enough to handle multiple
banking products from a single dashboard.
" Onboarding is sophisticated now, " Mitchell
notes. " Because of KYC [Know Your Customer],
you have to run an algorithm to know who that
new customer is. You should have an onboarding
product that's the exact same experience as
if you walked into a bank. "
Soon W
REAL-TIME MOVEMENT
R OF MONEYecommendations this year by the Fed's Faster
Payments Task Force provided a launchpad
for real-time payments in the US (see page
78), something residents of other countries
have been enjoying for a while now. American
fi nancial technology companies are eager to
get started. " My mission is to help digitize
the banking world and the payments world
to move toward the instantaneous movement
of funds. What will that do? It eliminates the
monetary risk in the process right now, " says
Push Payment's Dulaney. One Push Payment
service, he notes, " allows merchants to be paid
immediately after they batch out on a credit
card receipt at the end of the day. What we're
doing is digitizing ACH, but the next wave
will be about the real-time movement of both
money and data. "
Elizabeth Judd is a writer in Maryland.
34 ICBA IndependentBanker November 2017

Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017

Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
Independent Banker - November 2017 - 5
Independent Banker - November 2017 - 6
Independent Banker - November 2017 - 7
Independent Banker - November 2017 - 8
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Independent Banker - November 2017 - 10
Independent Banker - November 2017 - 11
Independent Banker - November 2017 - 12
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Independent Banker - November 2017 - 16
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Independent Banker - November 2017 - 28
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Independent Banker - November 2017 - 33
Independent Banker - November 2017 - 34
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Independent Banker - November 2017 - Cover3
Independent Banker - November 2017 - Cover4
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