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By Colgate Selden The Evolving Role of the Chief Compliance Officer in Selecting Tech and Tech Vendors The digital mortgage promise is compelling: new technology and better workflow meeting consumer, lender, servicer, investor and regulator needs and requirements — all built for compliance and protecting participants from unnecessary risk. If executed properly, the transition from analog to digital drives value all along the mortgage continuum: improving customer experience and education, expanding capacity, reducing cost, minimizing fraud and shortening marketing-to-application approval cycle timing. Regulators have thrown support behind this evolution. Digitally-repeatable processes can help eliminate manual errors and provide auditable, transparent workflows, making compliance elements more transparent and easier to examine. But digital success is not guaranteed: Get it wrong, and you’ve built a platform capable of automating repeatable defects, compliance errors and disclosure violations that could be viewed as fraud, unfair, deceptive, or abusive. Compliance and
BY PAUL C. KATZ Digital Transformation: The State of Play for Community Bankers Digital transformation was on the program – and on the minds of the attendees – at the American Bankers Association Conference for Community Bankers in San Diego this week. I moderated a panel featuring Bryan Luke, President and Chief Operating Officer of Hawaii National Bank, and two of my colleagues, Ken Janik and Colgate Selden. We spoke directly with conference attendees about the relationship community banks have with digital lending. Our panel – Digital Lending: Risks and Opportunities – explored the economic, technological and social forces driving digital transformation efforts. We examined different tech-implementation strategies bankers are considering and conducted real-time audience polls, providing timely insight into bankers’ thoughts on digital lending. Here are some of the highlights from Tuesday’s session. We set the stage by sharing some provocative predictions from leading industry consultants and
Borrower expectations are shifting. Fast, secure, and accessible digital services are no longer an advantage – they’re imperative to remaining competitive. With the rising popularity of non-traditional banks and lenders, banks are seeking innovative ways to meet changing expectations, compete with new challengers and remain profitable. Last week, banking professionals in the areas of information systems and security, compliance, risk and more gathered at the New York Bankers Association’s (NYBA) Technology, Compliance & Risk Management Forum to discuss industry trends, emerging technologies and best practices. I hosted a session at the Forum, where I spoke directly with attendees about the future of digital banking. The session – The Banking Technology Roadmap – explored best practices when partnering with fintech companies and previewed what’s on the fintech horizon. Here are some of the session takeaways: BEST PRACTICES WHEN PARTNERING WITH FINTECH COMPANIES PLAN Know the tech budget What percentage of your