TOP BUSINESS ISSUES
Online Banking (Anywhere/Anytime Banking)
Delivering paperless statements, viewing real-time account activity, instantaneous funds-transfer, online bill-pay, mobile alerts, all 24 hours per day and all completely secure.
Disaster Recovery Planning
Governed by State and Federal regulations and guidelines, the idea is to protect critical assets in the event of disaster and to create a plan for continuance. Within IT, our focus is on the core infrastructure technologies (network, telephone systems, data center, and security), applications (customer and operational) and data (current and historical).
Servicing Remote Facilities
There is an on-going challenge to support all the physical locations (headquarters, operation centers, remote branches, and ATM's) regardless of geographical footprint with a limited IT staff.
REGULATORY / COMPLIANCE CHALLENGES
Federal Financial Institutions Examination Council (FFIEC)
The Council is a formal interagency body empowered to prescribe uniform principles, standards and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision* (OTS), and to make recommendations to promote uniformity in the supervision of financial institutions.
Gramm Leach Bliley Act (GLBA)
The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999. It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies. The Glass–Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank and an insurance company. The Gramm–Leach–Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.