Category Archives: Technology

Study: Mobile pay adoption remains low, but incentives motivate

fintechWhile just 25 percent of U.S. consumers with an eligible smartphone are using mobile payments, according to a new survey conducted by Auriemma Consulting Group, incentives provided by merchants and financial institutions can help drive growth in this channel. Customers offered incentives were about 50 percent more likely to use mobile payments at the retail point of sale. Of consumers using mobile payments, nearly one-third say they were offered an incentive to do so, and 86 percent of those offered an incentive claimed it by paying at the point of sale or in their app. Banks are offering incentives less often, according to the study, and merchant-funded offers now account for the largest share of incentives offered. Click here to read more.

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ADA Website Accessibility Tools

checkmarkThe Department of Justice recently published an “ADA Best Practices Tool Kit,” which includes website accessibility guidance and a checklist that can be used to verify compliance with the Americans with Disabilities Act.

While the tool kit is primarily geared toward state and local governments, which are governed by Title II of the ADA, it will be helpful to banks working on improving website accessibility. The DOJ has indicated that the Title II rulemaking will significantly impact the website accessibility standards ultimately promulgated under the Title III regulations, which are expected to be issued in 2018. For additional background on DOJ expectations see the February “The Disclosure” article, “Is Your Website Accessible to the Visually Impaired” here.

The guidance identifies common website accessibility problems and proposes solutions and other considerations that are useful in developing ADA compliant websites. It also includes a detailed action plan for making existing web content accessible. The checklist is intended to guide preliminary assessments of website accessibility, and policies and procedures for maintaining website accessibility.

Fintech Guidance from Federal Reserve

fintechIn early January, because of the strong interest in this emerging market, the Federal Reserve published a special fintech edition of “Consumer Compliance Outlook.” This issue includes the following articles and features:

  • Perspectives on Fintech: A Conversation with Gov. Lael Brainard
  • Fintech: Balancing the Promise and Risks of Innovation
  • Fintech for the Consumer Market: An Overview
  • Fintech Resources: Laws, Regulations and Supervisory Guidance

Business Continuity and Disaster Recovery

Tornado Virtual Tabletop Exercise

disasterFEMA’s Emergency Management Institute Virtual Tabletop Exercise program will offer six sessions of a tornado scenario on March 7, 8, and 9 from 12-4 p.m. ET. Content is the same each day, and participants would attend only one session in February or March. The application deadlines for these exercises is Jan. 25.

The VTTX involves key personnel discussing simulated scenarios in an informal setting and can be used to assess plans, policies, training, and procedures. The design of the VTTX is for a group of ten or more representatives from state, local, tribal, and territorial emergency communities of practice and is intended to provide an opportunity for responders across the nation to simultaneously participate in a hazard-specific facilitated discussion. Participants will need to connect via a site equipped with the appropriate VTC capability (not Adobe Connect or FaceTime-based), but alternate ways to participate are also available upon request.

To participate, send an email to Doug Kahn at douglas.kahn@fema.dhs.gov or call 301-447-7645. Also, send a courtesy copy email to the Integrated Emergency Management Branch at fema-emi-iemb@fema.dhs.govor call 301-447-1381. Additional information is available at https://training.fema.gov/programs/emivttx.aspx.

Survey: Consumers want fintech services but loyal to own banks

Credit Card With Gold Chip

A survey conducted by CGI shows consumer apprehension regarding a shift from traditional financial institutions to fintech services. Some of the survey’s key findings show that consumers show a lack of trust of fintech services, particularly with products that rank high in complexity. A majority of consumers also show a preference for receiving new digital services from their primary banking provider. The survey found that banks and fintechs will eventually move beyond competing with each other and create partnerships that will allow each to offer consumers a stronger product. This is due to the fact that consumers want the new digital services offered by fintechs, but they want them to come from a source they trust. Click here to learn more

FICO Enterprise Security Score Gives Long-Term View of Cyber Risk Exposure

ficoFICO announced the launch of its FICO® Enterprise Security Score, a metric that reveals the likelihood an organization will be breached due to a cyber attack. The cloud-based service combines a complex assessment of network assets involving billions of data points with predictive analytics to forecast the risk of a material breach event. The score is available for enterprises to self-assess, track, and manage their own cybersecurity risks, and is also offered as an important tool in vendor and supply-chain risk management, asset valuation, and breach insurance underwriting. Read more.

Agencies publish cyber assessment tool FAQ

FFIECThe FFIEC published frequently asked questions related to its Cybersecurity Assessment Tool. Released in 2015, the tool is a voluntary resource designed to help banks determine their risk profile, identify cybersecurity risks and assess preparedness. The FAQs address questions received by FFIEC member agencies from financial institutions over the past year.