The rise of digital banking, fueled by fast-paced technological advances and recent global events, has reshaped customer expectations. Banks now operate in an increasingly online world where convenience, speed, and digital services are paramount to customer retention and acquisition. Simultaneously, these technologies offer unprecedented opportunities for revenue growth and customer engagement.
But this transformation has not come without its hurdles. Banks now face increased challenges related to cybersecurity threats, data privacy concerns, and regulatory compliance. This places banks in a precarious balancing act between innovation, customer protection, and compliance.
According to the report What’s Going On In Banking from Cornerstone Advisors, more than one in three bank executives list regulatory burden and cybersecurity as a top concern in 2023. It’s easy to see why. The consequences are steep: hefty fines, reputational damage, loss of customer trust, and in extreme cases, the possibility of losing banking licenses.
Is it possible there’s an “easy button” for community banks that want to leverage fintech opportunities without getting their staff bogged down in the complex web of regulatory compliance?
Core10’s Suite of Services Is the Trusted “Easy Button” for Future-Proofing Your Bank
Core10 serves as a valuable partner, bringing deep banking expertise and access to cutting-edge fintech solutions. This helps community banks seamlessly integrate innovative technologies without compromising on security and compliance.
In this blog post, we’ll explore Core10’s comprehensive three-pronged approach to embracing fintech partnerships with confidence and ease. We’ll highlight two of our solutions that tackle prevalent banking security and compliance challenges. You’ll also gain insight into Core10’s organizational commitment to security.
Accrue: Streamline Digital Lending and Account Opening
What Is Accrue?
Accrue is a digital account opening and lending platform that offers consumer and commercial solutions. Accrue provides pre-built integrations to core systems and other critical fintechs, supporting customizable, automated workflows. This vastly improves the customer and staff experience while significantly decreasing the time it takes to open an account or fund a loan. With its ability to be up and running in 90 days, Accrue was developed to help community banks compete in a digital world.
How does it Benefit Banks from a Compliance POV?
Accrue maintains the rigorous standards of SOC 2 Type 2 compliance. It also offers several security and compliance benefits for financial institutions, keeping your institution up-to-date with new regulatory guidance.
Secure transfer of data. When using Core10’s Accrue solution, customers fill out applications in a secure environment. Whether through SSO with their digital banking provider or through a user- specific login, they stay safely behind a protective firewall. Within this space, they can confidently share sensitive information, knowing it goes straight to the bank via their secure Accrue interface.
The solution doesn’t just enhance security when submitting applications; it also helps when customers need to provide additional documents or information. Using the customer portal, they can directly upload their documents to their customer record. This process prevents bankers from sending external links or email attachments, which introduces more opportunities for fraud and exposure to risk.
Automated communication. Manual communications can be one of the most time-consuming and burdensome tasks for a bank team. Whether it’s sending ticklers to remind a customer to update a covenant for a quarterly review or completing adverse action notices for a declined loan, these action items can significantly eat into your team’s calendar and decrease overall productivity.
Core10’s Accrue solution can automatically generate and send critical communications to customers, eliminating this manual process for bankers. This not only saves significant time and resources, but it also ensures that the bank remains compliant with necessary regulations.
Compliance with Dodd-Frank Rule 1071 and regulations. In response to recent regulatory changes, such as the implementation of Rule 1071, banks are now required to collect and report even more detailed data regarding small businesses and their owners. Whether it’s Rule 1071, the MLA, CRA, or another regulated report, Accrue is designed to seamlessly gather all required information as part of the application process. The system can then package the data into an automated report or generate an export file, making it easier for banks to prepare the required documents for regulators.
Core10 works with the bank throughout the implementation of Accrue to alleviate the strain on staff. We work hand-in-hand with the bank to create necessary reports and provide training on how to manage and update these reports. We also provide dedicated support hours to each client, ensuring they receive the help they need when they need it.
Mesh: Stand Up Transparent BaaS Integrations
What Is Mesh?
Core10’s Mesh middleware layer gives banks a flexible, modern infrastructure to connect their entire technology ecosystem with their core. Mesh can serve as Integration-Platform-as-a-Service (iPaaS) to seamlessly connect your cloud-based Software-as-a-Service (SaaS) applications with traditional on-premises solutions, enabling efficient integration and data flow between the two environments. Mesh also enables banks to stand up and expand a BaaS solution by offering integrations to core and other technology partners.
With Mesh’s data and analytics solutions, you can leverage integrations to aggregate data to drive a 360- degree view of the customer they are serving through their iPaaS and BaaS opportunities and minimize the risks.
How does it Benefit Banks?
Mesh, which also follows strict security standards (SOC 2 Type 2), serves as a crucial bridge between banks and fintech partners. It offers real-time financial updates and helps banks understand their new customers better. Mesh helps banks attract new customers and diversify revenue while keeping their operations secure and in line with digital banking rules and regulations.
Professional Services: Core10’s Culture of Compliance
At Core10, we understand the incredible pressure the financial services industry faces when it comes to banking security and compliance. Our goal is to help our banking clients execute risk assessments, develop mitigation strategies, and implement security solutions and controls.
Here are three ways we instill a professional services culture that values security and compliance:
SOC 2 Type 2 Compliant
We maintain our SOC 2 certification and fully evaluate any partner to identify if they meet these distinguished criteria as well. This is the base-level standard of security. If a vendor doesn’t have it, there’s a massive vulnerability to risk.
Follow Principle of Least Privilege
Our team members receive the least amount of privilege, or access, needed to complete their job functions effectively.
Continuous Security Training and Updates
From top to bottom, all employees complete routine security awareness training. We also follow the OWASP Top 10, which identifies the most common web application vulnerabilities.
Understanding and managing risk is key when incorporating new fintech solutions. To deliver innovative services, banks must have a robust plan and the right solutions to neutralize threats. Thankfully, with solutions like Mesh, Accrue, and our professional services from Core10, banks aren’t left to tackle these challenges alone.
Transform your bank while managing security and compliance with Core10’s trusted easy button solutions. Contact us.