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

Why Satoshi Nakamoto doesn’t matter — Medium

All eyes should be on the emerging technology’s disruption of the banking technology instead of finding the Bitcoin founder

The financial industry is increasingly shadowed by the image of Satoshi Nakamoto; the supposedly reclusive Bitcoin digital currency inventor who has been publicly outed by the press on numerous occasions, only to find once the headlines have ceased that the person in question was not Satoshi Nakamoto. The latest Nakamoto? Australian Craig Wright claimed to be the Bitcoin founder last year, but his claims were largely rebuffed by the Bitcoin community and by the press. Now he is back and begging the world to believe he created Bitcoin, claiming he has ‘extraordinary proof’ to back up his claims.

I say, who cares? The founder of Bitcoin doesn’t matter in the greater scheme of the financial world. What really matters is Bitcoin’s disruption of a technology resistant financial industry, which is taking place on a scale that goes beyond just digital currency.

In fact, 60 Minutes ran a groundbreaking story about fintech’s disruption of the financial arena recently and it pointed out something key to the fintech debate — the banks, by and large, are not mapping to the trends and changes happening in just about every industry that are being caused, not by technology, but by banking customers’ adoption of technology into their everyday lives. One of the fintech startups featured in the story, Stripe, was founded by a couple of millennials from Ireland. Their view of the world is focused on the internet-driven society they were raised in, but is also surprisingly customer focused. . . Click here to read the rest of this story: Why Satoshi Nakamoto doesn’t matter — Medium

AML Scandals that Flew Under the Radar in ’15 – American Banker’s BankThink Blog

Screen Shot 2016-06-20 at 3.03.02 PMIn addition to anti-money-laundering scandals involving global banks and worldwide organizations such as FIFA that grabbed headlines last year, there were plenty of damaging laundering convictions and accusations in 2015 that went unnoticed but still took a heavy toll on midlevel banks.

Money laundering is a crime that occurs more often than the general public realizes, and in most sectors of our economy. In the past year alone, charity officials, a mortuary owner, a church director and a doctor providing chemo treatments were at the center of appalling cases you probably never heard about.

1. Tayfun Karauzum, of Newport Beach, Calif., was sentenced to five years in prison for distributing $1 million to $2.5 million of Potion 9, which contained a solvent that metabolizes in the body to become gamma-Hydroxybutyrate, or GHB, a known date-rape drug. He then laundered the proceeds.

2. Charles and Diana Muir were sentenced to 48 and six months in prison, respectively, and forced to return the $1.1 million they stole from a 140-year-old college scholarship charity in Louisville, Ky. — the Woodcock Foundation — that was run by Charles Muir. The couple then laundered the proceeds through Diana Muir’s dental business.

To view the rest of the top 10 most unheralded, yet just as disturbing money laundering stories from 2015 please click here.

A place for your gold or a mini $ laundromat? – Medium

5 ways to identify suspicious activity with safe deposit boxes

Swiss banks are synonymous with anonymity. But the threats of money laundering and terrorist financing are enough to force some banking changes — particularly when it comes to safe deposit boxes.

Recently, India and Switzerland have been working closely together to identify Indians who have potentially been stashing illicit money in Swiss safe deposit boxes. Switzerland has already disclosed account information at the request of the Indian government, an action that would not have taken place 20 years ago. But the Swiss government also issued assurances that its safe deposit box regulations are sufficient to deal with increased money laundering risks at this time.

Just how popular are safe deposit boxes today? Click here to read the rest of this story. . .







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