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3. Regulatory Compliance. Regulatory compliance has become one of the most significant banking industry challenges as a direct result of the dramatic increase in regulatory fees relative to earnings and credit losses since the 2008 financial crisis.
Nov 5, 2024 · The Toronto-based bank was slapped on Oct. 10 with a $3 billion fine and the asset cap, which applies to its U.S. retail operations, as part of settlements with U.S. law enforcement and regulators. TD also pleaded guilty to criminal charges after failing to maintain adequate controls for money laundering.
May 30, 2024 · The banking sector is at a critical juncture, with regional banks facing intense scrutiny after several collapses. These failures have sparked discussions on bank resilience and their ability to handle financial pressures. Banks are now reporting Q3 earnings, highlighting strategies to navigate the competitive and evolving financial landscape. Challenges include offering competitive interest ...
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- Understanding customer expectations. The current generation of digital natives has high expectations of their FIs — namely, that service be comprehensive, fast, and tailored to their specific needs (or better yet, identifies their needs before they themselves even become aware of them).
- Optimizing the mobile experience. COVID-19 has had a major impact on the need for FIs to prioritize mobile and non-traditional delivery methods, such as two-way video banking.
- Leveraging social media to increase foot traffic. Social media has come a long way from status updates and photo sharing. Nowadays, it gives brands a chance to build relationships with their customers that can seamlessly translate to face-to-face interactions, provided these brands have a cohesive, multi-channel customer engagement strategy.
- Security and authentication. Whenever a new tech solution makes its debut, someone tries to hack it. Despite the growing popularity of mobile banking, security breaches continue to pose a significant threat.
Sep 17, 2024 · The risks facing modern banks exceed simple financial considerations or whether the markets are rising or falling. Identity theft and data breaches, mishandling consumers, or sidestepping ...
Elevated Rates & Credit Issues. Moving into 2024, banks are also facing emergent elevated rates and credit issues. Banks are dealing with higher interest rates, increasing deposit costs, and slower lending due to interest rate fears squeezing margins. Interest-rate volatility in the past few years is also increasing focus on asset-liability risks.
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Jan 3, 2024 · Rather than finding resolutions, those risks only seemed to grow last year and become more complex. That trend is clearly continuing into 2024, with risks such as cybersecurity amplified by the rapid adoption of artificial intelligence and in particular generative AI technologies. The greatest worry expressed by bankers and experts, however ...
