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Bridgeforce LLC
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Fraudsters continue to find digital spaces as targets. The latest is in payments, hitting a record high in 2017 with wire fraud losses averaging about $63,000 per incident. Getting controls in place and continually monitoring them is critical in staying ahead of cybercriminals. https://www.americanbanker.com/news/resurgent-payments-fraud-heightens-id-challenge-for-banks
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With only one chance to make a great first impression in originations, there are a few things you can do to ensure you don’t miss your shot. See our blog for the top 3 areas of focus that we recommend to make a great first impression. http://go.bridgeforce.com/3steps
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Synthetic fraud continues to rise, costing an estimate of $2 billion a year and accounting for 85% of identity fraud in the US. Awareness of fraud trends and proactive planning can help financial institutions allay customer security concerns. http://ww2.cfo.com/fraud/2018/03/banks-losing-synthetic-id-fraudsters/
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A rise in credit card debt and interest is raising UK regulator concerns and leading to new rules.  This is prompting a change in collections compliance.  Bridgeforce recommends an independent review of policies, procedures, and respective controls before the rules go into effect to get ahead of any needed changes or enhancements.  http://go.bridgeforce.com/l/106332/2018-05-02/3gzgdc
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Banks continually face waves of technological change and Bridgeforce is pleased to bring support to help them meet their challenges. Meet Marc Trudeau, an expert in Marketing and Analytics who partners with clients to resolve their most difficult marketing, growth and analytics challenges. https://www.bridgeforce.com/About-Bridgeforce/Our-Leadership/Marc-Trudeau.aspx
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Technology, customer experience and fraud were some of the key industry themes discussed at this year's Consumer Bankers Association conference (CBA LIVE 2018). Here's the rest of the industry intelligence we pulled together from attending and speaking at CBA LIVE 2018. http://go.bridgeforce.com/l/106332/2018-04-24/3f8wmt?utm_source=CBA_LIVE_2018&utm_medium=LinkedIn&utm_campaign=Learnings
Bridgeforce LLC
Bridgeforce LLC
bridgeforce.com
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Customers wanting real-time access to their position in the loan process is a driving force for back-office automation.  Automation lends itself greatly to the customer and increases productivity of the back-office positions, by letting them work and not answer customer concerns that now are readily available through the automation.  Bridgeforce encourages our clients to have active conversations with both internal technology teams, existing vendors, and independent consultants to understand what’s hype versus reality in this high focus area. https://www.americanbanker.com/news/back-offices-key-to-customer-focused-banking-survey-finds?utm_source=Article&utm_medium=LinkedIn&utm_campaign=Back%20_Office_to_Customer_Focus
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American households have exceeded the $1 trillion mark for the first time in history for credit card debt. With these balances and other increasing debt, coupled with changes in the ways that customers expect to communicate and work with their creditors when they fall behind, the time has come for lenders to aggressively pursue digitization within their collections and recovery processes. https://wallethub.com/edu/credit-card-debt-study/24400/
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UK consumers that have been in persistent debt for 36 months will be offered a way to repay their balance over a reasonable period (such as between three and four years) by transferring the debt to a lower-interest personal loan with set monthly payments. The Financial Conduct Authority stated that changes will help the four million credit card customers with continuous debt. This new regime went into effect in early March and will be in full force by September 2018 and should be watched as a potential future multi-regional trend. https://www.moneyexpert.com/credit-cards/fca-proposes-new-rules-crack-credit-card-debt/
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Be proactive with these steps from Bridgeforce in planning and action against cybercrime and data breaches.
https://www.bridgeforce.com/documents/Bridgeforce_Data_Breach_Considerations_2018.pdf
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