4 process tactics banks should employ today — Medium

Banks should embrace process improvements now in order to improve the bottom line and pave a smooth road to the future

As the financial industry continues to evolve in the face of rapid technology advances and ever-changing compliance regulations, banks today are faced with the challenge of constantly retooling internal processes or risk falling behind more enlightened competitors. Rather than fear the dynamics of change, however, banks should lean into it and embrace process improvements and reengineering as ways to improve the bottom line. By taking a deep look into your bank’s programs and processes, you’ll likely find several opportunities where simple process changes can improve efficiencies across the board.

In fact, here are four areas of focus where you can easily start the process:

1) Know your high-risk customers

One of the most frequently asked question by regulators is how many high-risk customers do you have? If you are not able to answer that question, it’s time to make improvements. . . Click here to read the rest of this story: 4 process tactics banks should employ today — Medium

Are you ready to Lean? — Medium

Regardless of industry, today’s consumer-centric world requires organizations to challenge the status quo and move into a new way of looking at how to better deliver products and services

A business can only go so far in its race to bottom-line pricing; the key is to find differentiators that deliver increased customer value. There’s no better way to achieve this than through reengineering and optimizing your organization’s business practices.

Continuous process improvement, sometimes referred to as Lean Six Sigma and Design for Six Sigma, offers an ongoing improvement program that can define how an organization embraces change. The principles of Lean were first applied to automotive manufacturing in the U.S., but refined by the Japanese after World War II. Toyota Motor Company recognized that workers had much more to offer than just muscle, and initially experimented with Quality Circles. Eventually, this was distilled into principles that improved process and quality control to increase productivity.

Today, continuous improvement principles are at the heart of organizations across the economic strata. In the financial services industry, we successfully introduced Kaizen principles. . . Click here to read the rest of this story: Are you ready to Lean? — Medium

Mexico’s Know Your Country Problem – Medium

Mexico develops a U.S. dollar transfer business to thwart money laundering and encourage international commerce

Bloomberg Business broke the news last week that Mexico will soon enter the dollar transfer business in an effort to catch money laundering before it causes harm and to promote the continued exchange of U.S. currency by legitimate Mexican businesses. Mexico’s money laundering woes, followed by subsequent de-risking and this proposed dollar transfer solution, are prime examples of the impact ‘Know Your Country’ can have on a nation’s economy.

Money laundering leads to punishment and de-risking

When it comes to criminal activities, money laundering is a necessary evil. Criminal enterprises in Mexico were finding it a little too easy to launder illicit pesos through U.S. banks. For example, banks were failing to flag transfers linked to Mexican drug cartels, with Wachovia’s gaffe of failing to alert authorities to billions of dollars in wire transfers, travelers checks and cash shipments through Mexico being one of the most egregious. This led to a crackdown by U.S. regulators and law enforcers, causing many banking institutions to back out of working with Mexican businesses entirely as a way to avoid the risk of money laundering and the millions of dollars in penalties associated with it. This process of de-risking, while understandable, does not foster economic growth.

What happens now? Click here to find out on Medium.com. . .







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