Independent Banker - September 2023 - 19
of security-related data will run into a
few gigabytes every single day. "
Why regtech?
Community banks that work with
regtech are feeling significant
efficiency and cost-effectiveness
benefits. " It's a faster, more accurate,
more efficient way of meeting
regulatory guidelines, " says William
Loving, president and CEO of $725
million-asset Pendleton Community
Bank (PCB) in Franklin, W.Va.
One regtech provider the
community bank works with is
Tandem, a software as a service
(SaaS) company specializing in
compliance with information security
regulations. " This gives us a quick
snapshot of all outstanding items,
as well as information on progress
towards remediation, deadlines
and responsible parties, " says Neil
Hayslett, EVP, chief banking officer
for PCB.
Kimberly Kirk, EVP, COO for
$2 billion-asset Queensborough
National Bank & Trust in Louisville,
Ga., observes that the ability to
automate repetitive tasks yields
significant benefits. Working
with Finosec, a regtech provider,
Queensborough has automated the
" As fraud gets more robust,
we'll always have a need
to enhance technology
against it. "
-WILLIAM LOVING, PENDLETON COMMUNITY BANK
tracking of employee application
permissions.
" We were doing all of our app
monitoring on spreadsheets, " Kirk
recalls. Before adapting regtech,
Queensborough had been manually
reviewing and comparing its reports.
" [Regtech] has enabled us
to get reports from each of the
apps to identify any problems or
discrepancies, " says Kirk. " We have
a better control process and better
outputs using the Finosec solutions. "
With regtech tools handling
repetitive tasks, community banks
can deploy their valuable human
resources to analyze and strategize
More from ICBA
ICBA Community Banker
University offers a number
of on-demand webinars
covering due diligence
and third-party risk when
working with regtech
vendors. Find them at
icba.org/education
based on the data.
" We recognize that employees are
playing multiple roles, " says Adora
Lee, managing director of banking
technology at Moody's Analytics in
New York City, which offers financial
intelligence and analytical tools. Lee
says community banks' budget and
spend may be limited. Regtech tools
pose the question, " How can a banker
do their work smarter and faster with
technology? " For example, bankers
could use data for analysis within
the bank as well as in comparison to
peer banks.
Employees are also freed up to
pursue building strong customer
relationships, a trademark of
community banks. " The crown
jewel of U.S. community banks
is their relationships with their
customers, " Lee points out. She says
the main question for community
banks becomes, " 'How do I free up
my valuable employees to focus on
delivering the high-touch customer
experience, while also remaining
competitive in the market and
meeting regulatory obligations?' "
Preventing bad actors
In a time when agents of fraud grow
more sophisticated, regtech tools help
community banks stay ahead of the
bad actors. " Fraud has been around
forever, but the various nuances of
fraud today are different than they
were 10 years ago, " PCB's Loving says.
" The speed to market of a lot of these
regtechs is much faster and helps to
meet those challenges. As fraud gets
more robust, we'll always have a need
to enhance technology against it. "
PCB is currently installing Verafin,
which offers anti-financial-crime
management solutions, to support
the community bank's BSA and
fraud monitoring activities. " The
system will function as a data-driven
risk weighting of all our account
holders, " explains Hayslett. " This risk
weighting will help drive down the
manual review of specific transactions
and make the overall BSA functions
more efficient. "
In many respects, partnering
with regtech vendors is easier than
independentbanker.org // 19
http://www.icba.org/education
http://www.independentbanker.org
Independent Banker - September 2023
Table of Contents for the Digital Edition of Independent Banker - September 2023
Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
Independent Banker - September 2023 - 4
Independent Banker - September 2023 - 5
Independent Banker - September 2023 - 6
Independent Banker - September 2023 - 7
Independent Banker - September 2023 - 8
Independent Banker - September 2023 - 9
Independent Banker - September 2023 - 10
Independent Banker - September 2023 - 11
Independent Banker - September 2023 - 12
Independent Banker - September 2023 - 13
Independent Banker - September 2023 - 14
Independent Banker - September 2023 - 15
Independent Banker - September 2023 - 16
Independent Banker - September 2023 - 17
Independent Banker - September 2023 - 18
Independent Banker - September 2023 - 19
Independent Banker - September 2023 - 20
Independent Banker - September 2023 - 21
Independent Banker - September 2023 - 22
Independent Banker - September 2023 - 23
Independent Banker - September 2023 - 24
Independent Banker - September 2023 - 25
Independent Banker - September 2023 - 26
Independent Banker - September 2023 - 27
Independent Banker - September 2023 - 28
Independent Banker - September 2023 - 29
Independent Banker - September 2023 - 30
Independent Banker - September 2023 - 31
Independent Banker - September 2023 - 32
Independent Banker - September 2023 - 33
Independent Banker - September 2023 - 34
Independent Banker - September 2023 - 35
Independent Banker - September 2023 - 36
Independent Banker - September 2023 - 37
Independent Banker - September 2023 - 38
Independent Banker - September 2023 - 39
Independent Banker - September 2023 - 40
Independent Banker - September 2023 - 41
Independent Banker - September 2023 - 42
Independent Banker - September 2023 - 43
Independent Banker - September 2023 - 44
Independent Banker - September 2023 - 45
Independent Banker - September 2023 - 46
Independent Banker - September 2023 - 47
Independent Banker - September 2023 - 48
Independent Banker - September 2023 - 49
Independent Banker - September 2023 - 50
Independent Banker - September 2023 - 51
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Independent Banker - September 2023 - 53
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Independent Banker - September 2023 - 55
Independent Banker - September 2023 - 56
Independent Banker - September 2023 - 57
Independent Banker - September 2023 - 58
Independent Banker - September 2023 - 59
Independent Banker - September 2023 - 60
Independent Banker - September 2023 - 61
Independent Banker - September 2023 - 62
Independent Banker - September 2023 - 63
Independent Banker - September 2023 - 64
Independent Banker - September 2023 - 65
Independent Banker - September 2023 - 66
Independent Banker - September 2023 - 67
Independent Banker - September 2023 - 68
Independent Banker - September 2023 - 69
Independent Banker - September 2023 - 70
Independent Banker - September 2023 - 71
Independent Banker - September 2023 - 72
Independent Banker - September 2023 - 73
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Independent Banker - September 2023 - 75
Independent Banker - September 2023 - 76
Independent Banker - September 2023 - Cover3
Independent Banker - September 2023 - Cover4
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