TOPIC: Fintech

De Novo Banks vs. FinTechs: What do you think the future of start up banks will be?

Hi Everyone,
Did you get a chance to see Jelena McWilliams, Chairman of the FDIC speech last week?
If not here it is https://www.fdic.gov/news/news/speeches/spmar1419.html. We found the part about De Novo Banks the most interesting. Only 2 were created from 2010-2016. Do you think the initiatives are enough on the FDIC’s part to help to create more banks, or do you think Fintechs are going to be the new banks? What are your thoughts?

    Infographic - Marijuana-Related Businesses The Risks & Rewards of Banking a Growing Industry

    Marijuana-Related Businesses
    The Risks & Rewards of Banking a Growing Industry

    Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

    Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

    This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as MRBs in the Verafin Cloud to date, and offering insight into identifying and assessing compliance risk related to MRBs.

    Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

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      Collaborative Investigations: Connecting the Dots to Stop Crime - Join us on March 20

      March 20 at 12:30 PM - 01:30 PM EST
      Collaborative Investigations: Connecting the Dots to Stop Crime
      How sharing information can help provide actionable intelligence to law enforcement

      Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

      Fraudsters and money launderers do not limit their illicit activities to a single institution. As crime rings evolve, they find new and innovative ways to avoid detection, creating challenges for financial institutions to uncover connected criminal activity.

      Collaboration is a critical tool that helps you see the complete picture of activity across multiple institutions, ultimately mitigating risk and reducing losses. Verafin combines the power of cross-institutional analysis in the cloud with collaboration tools, enabling institutions to work together to strengthen investigations into crime ring activity.

      Join us to learn how Verafin helps you connects the dots on crime with cross-institutional alerts and information sharing. Learn how our approach will warn you of potential risks or connected criminal activity that spans multiple institutions, allowing you to collaborate with investigators for stronger cases and improved reporting to law enforcement.

      Highlights of this presentation on Collaborative Investigations will include:

      • Best practices for 314(b) information sharing including collaborating on potential money laundering activity and Specified Unlawful Activities (SUAs).
      • Walk through of real-life examples of crime ring activity
      • Demonstration of crime ring detection to alert you and related institutions to connected criminal activity
      • Overview of collaboration functionality in Verafin allowing you to securing share information with other 314(b) institutions in a single integrated platform.
      • Overview of multi-institution Joint Work Product in Case Management that allows multiple investigators to contribute to a shared investigation.

      Register now: https://verafin.com/event/collaborative-investigations-connecting-the-dots-to-stop-crime/?src=cbanc

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        Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

        March 6 at 12:30 PM - 01:30 PM EST
        Using Big Data Intelligence for Big Gains in Fighting Crime
        How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

        Part of a Special Series on The New Future of Fighting Crime

        Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

        Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

        To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

        Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

        Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

        • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
        • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
        • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
        • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
        • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

        Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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          Webinar - Banking Marijuana Related Businesses - Join us on March 13

          Banking Marijuana Related Businesses
          Regulatory & Due Diligence Challenges for Financial Institutions
          March 13 from 12:30 – 1:30 PM EST

          Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

          As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

          Join us for an educational webinar, during which we will cover:

          • Highlights from FinCEN Guidance on Marijuana-Related Businesses.
          • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies.
          • Technology to improve due diligence and compliance processes for MRBs.

          Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

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            Sneak Peek at FRAMLxTour Hot Topics - Join us at a Seminar Near You

            2019 Fraud Detection & AML Regional Seminars
            Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

            The 2019 FRAMLx Tour is coming to a city near you! Join expert speakers at this industry-wide event as we discuss emerging trends and cutting-edge technology in the fight against financial crime. Topics at this year’s complimentary regional seminars will include:

            Combatting Crime Rings

            • Walk through a real-life crime ring involving at least 32 institutions, across 5 states, and involving 29 risky accounts. See firsthand how a collaborative approach enabled by 314(b) information sharing improves reporting to law enforcement.

            Fraud Trends & Technology

            • Learn about emerging fraud trends, including Synthetic Identity Fraud, Online Account Takeover, and Employee Fraud. See how technology like Machine Learning helps improve detection and mitigate losses from evolving illicit activity.

            Managing & Monitoring High-Risk Customers

            • Enjoy an illuminating discussion on due diligence requirements for categories of high-risk customers in the year following the final CDD rule. Exploring CDD/EDD challenges for Marijuana-Related Businesses, Private ATM Owners, Money Service Businesses, Non-Governmental Organizations and Charities, Cash Intensive Businesses, and more.

            Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

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              Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

              March 6 at 12:30 PM - 01:30 PM EST
              Using Big Data Intelligence for Big Gains in Fighting Crime
              How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

              Part of a Special Series on The New Future of Fighting Crime

              Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

              Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

              To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

              Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

              Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

              • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
              • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
              • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
              • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
              • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

              Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

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                5 Things Banks Should Know about Email Marketing

                According to a 2017 Econsultancy report (from thefinancialbrand.com, "10 Essential Email Marketing Insights for Banks & Credit Unions"), marketers rate email as a tactic that has one of the highest returns on investment. This can be true when email marketing is done right. But when done wrong, the consequences can be bad (and even ugly!).

                LISTEN: To learn how businesses can successfully leverage email marketing, listen to this podcast from Bankers Healthcare Group listed at the bottom.

                DOWNLOAD: We’ve also summarized the five biggest takeaways from the episode in the attached doc.

                  Is This Partnership a Right Fit? More than 50 Banks Found Out Firsthand.

                  In January, 56 community banks from 20 states joined Bankers Healthcare Group for a behind-the-curtain experience at our Informational Regional Seminar in Nashville, Tenn.

                  Our 75 attendees heard from BHG’s Founder/Chairman/CEO Al Crawford and c-suite leadership team in finance, credit, underwriting, compliance, marketing, sales, and analytics. This was a great opportunity for them to learn about our business model, commercial medical loan program and financial strength, and uncover new revenue opportunities for their banks.

                  We had a great mix of prospective customers and current customers from some of BHG’s 940 bank partners, which gave everyone a chance to network and learn. Prospective customers love to hear about the experiences of current customers, while current customers appreciate the business and product updates, as well as the opportunity to connect with key BHG contacts.

                  Our seminars are a great way to get to know BHG—and we hold them throughout the year, across the country. If you’d like to attend an upcoming seminar, please email bhgbanks@bhg-inc.com or call 877-731-6562 to get the details!

                  About BHG: Bankers Healthcare Group (BHG) is the leading provider of financial solutions for licensed healthcare professionals. The company originates, underwrites and funds medical and professional loans before selling them to local banks nationwide.

                  To date, BHG has underwritten nearly $15 billion in commercial loan requests with an average size of $100,000, providing a network of more than 940 U.S. community banks a source for premium loans, portfolio diversification, and competitive yields without overhead costs traditionally associated with this quality borrower. Banks purchase BHG loans through a secure, online system that allows for daily sale and delivery of loans. This has been a highly effective channel for a bank to quickly approve and purchase loans according to their underwriting standards. BHG’s 2018 sales distribution has averaged $4 million per day and new loans are posted daily.

                  Pinnacle Financial Partners, Inc., and its subsidiary Pinnacle Bank hold a 49% total interest in BHG.

                    Expert Panel on Fighting Crime with Artificial Intelligence. Join us on January 23.

                    January 23 at 12:30 PM - 01:30 PM EST
                    Artificial Intelligence and Machine Learning to Fight Financial Crime: A Panel Discussion
                    ACAMS Webinar Rebroadcast
                    Originally Presented: August 15, 2018

                    Register now: https://verafin.com/event/artificial-intelligence-and-machine-learning-to-fight-financial-crime-a-panel-discussion/?src=CBANC

                    “Excellent discussion. Great presenters. Top practical experts!”
                    Senior Investigator / Analyst, WA State Attorney General’s Office

                    “Great content and intel from knowledgeable people!”
                    ASM, HSBC

                    “Great information regarding AI technology and where the Financial industry is headed”
                    AML Team Lead, Promontory Financial Group

                    An engaging panel of industry leaders will provide their insights into the role of new technologies to fight financial crime. The experts will highlight the need to separate reality from the hype by discussing the benefits of artificial intelligence and machine learning through the lens of real-life cases.

                    Learning objectives of this educational webinar:

                    • Understand the challenges and limitations of conventional technology in an increasingly complex financial crime landscape.
                    • **Review of real-life cases **where technology played a critical role to enhance detection, strengthen investigations, and improve reporting to law enforcement.
                    • Gain insights from industry leaders on the future of crime-fighting technology, including artificial intelligence and machine learning.

                    Register now: https://verafin.com/event/artificial-intelligence-and-machine-learning-to-fight-financial-crime-a-panel-discussion/?src=CBANC

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                      Don't Miss Out: Free January Webinar on 2019 Risk Trends

                      You are invited to our January webinar discussing the top risk trends to expect in 2019. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

                      What does 2019 hold for risk, and what can you do about it? From fintech to Brexit and everything in between, this engaging webinar will explore the most notable risk trends for 2019 and what they mean for the industry and your institution.

                      You’ll gain insights into a variety of known and emerging risks addressing:

                      • Technology investments & cyber risk
                      • Compliance
                      • Economic issues
                      • Industry concentration & the environment
                      • Competition - including products and markets
                      • M&A activities & de novos

                      This analysis of the industry’s most recent trends will give you the information you need to get 2019 off to a strong start.

                      Register Today!

                        Free January Webinar: Top Risk Trends of 2019

                        You are invited to our January webinar discussing the top risk trends to expect in 2019. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

                        What does 2019 hold for risk, and what can you do about it? From fintech to Brexit and everything in between, this engaging webinar will explore the most notable risk trends for 2019 and what they mean for the industry and your institution.

                        You’ll gain insights into a variety of known and emerging risks addressing:

                        • Technology investments & cyber risk
                        • Compliance
                        • Economic issues
                        • Industry concentration & the environment
                        • Competition - including products and markets
                        • M&A activities & de novos

                        This analysis of the industry’s most recent trends will give you the information you need to get 2019 off to a strong start.

                        Register Today!

                          FinCEN and Federal Banking Agencies Encourage Banks to Innovate

                          Joint Statement Supports Adopting New Technology to Combat Money Laundering and Terrorist Financing

                          December 4, 2018 by Verafin

                          FinCEN and its regulatory partners released a joint statement yesterday, encouraging financial institutions to embrace innovative approaches to combat money laundering, terrorist financing, and other illicit financial activity.

                          By reassuring institutions that the new approaches or participation in pilot programs will not increase regulatory expectations, financial institutions should be encouraged to evaluate innovative solutions and new technologies with confidence.

                          In this blog, we discuss some of the key takeaways from the statement and outline the potential benefits for BSA/AML compliance programs that are considering innovative approaches and technologies.

                          Read the full blog now: https://verafin.com/2018/12/fincen-and-federal-banking-agencies-encourage-banks-to-innovate/?src=CBANC

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                            Announcing the 2019 FRAMLx Tour

                            Fraud Detection & Regional Seminars

                            Verafin is pleased to announce dates and locations for our 2019 FRAMLx Tour. Join us for a complimentary Fraud Detection & AML Regional Seminar near you.

                            At these free educational events, join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology. You will receive in-depth training on detection and investigation strategies to help stop financial crime.

                            Register now: https://verafin.com/regional-seminars/?src=cbanc

                            2019 FRAMLx Tour Locations:
                            Portland, OR – Tuesday, January 30
                            Seattle, WA – Thursday, January 31

                            San Francisco, CA – Tuesday, February 26
                            Los Angeles North, CA – Wednesday, February 27
                            Los Angeles South, CA – Thursday, February 28

                            Charlotte, NC – Tuesday, March 26
                            Orlando, FL – Wednesday, March 27
                            Atlanta, GA – Thursday, March 28

                            Dallas, TX – Tuesday, April 23
                            San Antonio, TX – Wednesday, April 24
                            Houston, TX – Thursday, April 25

                            Washington, DC – Monday, May 13
                            New York, NY – Tuesday, May 14
                            Boston, MA – Wednesday, May 15

                            Detroit, MI – Tuesday, June 11
                            Minneapolis, MN – Wednesday, June 12
                            Chicago, IL – Thursday, June 13

                            Visit the FRAMLx Tour website for more information, and keep checking back for updates on additional locations, accreditations, speakers and agenda details. https://verafin.com/regional-seminars/?src=cbanc

                            We look forward to seeing you at an event in your area!

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                              5 Trends To Discuss While Planning For 2019

                              Will 2019 be like 2018? What new opportunities or threats will present themselves? We think there are 5 themes that will shape community financial institutions next year.

                              1. Deposit flight
                              2. Rising cost of funds
                              3. Marketing modernization
                              4. Customer retention
                              5. FinTech

                              For each of these, we explain how we think it will impact your institution and provide questions/resources to help guide your internal conversations. https://communityrising.kasasa.com/2019-strategic-planning/

                              Are there other trends that you are focusing on?

                                Free October Webinar! Fintech Disruption & Risk: Leveraging ERM to Manage Disruption in the Marketplace

                                You are invited to our October webinar discussing Fintech disruption and risk. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

                                With fundamental changes occurring in our industry from peer-to-peer payment to online mortgage companies, the financial services sector is undergoing tremendous changes. How do these changes impact your organization’s strategic plan for growth? How does one plan in a market that is being disrupted by technology, changing customer demands, and a volatile regulatory environment? Knowing the answers to these external factors can make a huge difference when asking key questions. For example, will spending more in marketing really create more client demand?

                                In this webinar, you will learn how to factor external circumstances into your enterprise risk management model, including:

                                • How to identify key assumptions
                                • How to identify risks from market assumptions
                                • How to define and implement controls on these market assumptions

                                By using case studies, you will hear best practices to get more out of your enterprise risk management programs to create better results.

                                Register Today!

                                  We have a new poll! Tell us about how you work with fintech providers.

                                  Hi all,

                                  Thank you to all who participated in our last survey! We'll be releasing the results shortly. We have a new poll up that will take 30 seconds (6 questions) regarding how your FI views and works with new and innovative fintech providers in the industry. Would love to get your input and we will share the results with anyone who participates once the survey is closed. Thanks!

                                  Take the survey here.