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Gauging Your Financial Institution’s Digital Maturity

Gauging Your Financial Institution’s Digital Maturity

To be successful with digital transformation financial institutions need to take a step back and evaluate their digital maturity, especially the extent to which they are driven by data and focused on solving real problems.    Financial institutions need to start by determining where they fall on the digital maturity scale. Especially considering that only 13 percent of banks were ranked as “highly mature” in Accenture’s latest Digital Maturity Index report. To truly progress, it is critical that your financial institution receives an unbiased assessment of how far along you are in your digital journey.  Understanding your maturity level makes it possible to plan

With Digital Transformation Gaining Traction Within Financial Services, Xtensifi Plays Pivotal Role in Connecting Fintechs and FIs

ATLANTA, June 10, 2021 –As digital transformation within consumer and business banking continues to accelerate, Xtensifi, a digital consulting and development firm that enables fintech organizations, banks and credit unions to create and execute their mobile and online strategies, continues to grow and is now actively managing projects with more than a half dozen different fintech firms and multiple financial institutions in key strategic areas including: mobile and online banking; payments and money movement; mobile security and ID theft; open banking; digital engagement; and card management and card controls.  “Xtensifi understands the needs of

The Rise of Fintech and its Implications for Financial Institutions

The Rise of Fintech and its Implications for Financial Institutions

Fast change is built into our modern society, and no industry can hold back time. The financial services industry may have come the closest by holding innovation hostage to risk management for decades. But, with the rise of fintech firms and heightened customer expectations, financial institutions must catch up or face the consequences, according to The Financial Brand.    While plenty has been written on the meteoric rise of leading fintech firms, it’s no secret that these firms have made borrowing, budgeting, collecting, saving and spending money as easy as playing games on a mobile phone. 

Why Cloud-Based Application Development Should Be A Part of Your Financial Institution’s Business Strategy

Why Cloud-Based Application Development Should Be A Part of Your FI’s Business Strategy

As far back as 2013, Forbes reported that more than half of US businesses were already operating in the cloud. Today, much of the software in use by American businesses and associated online tools are hosted in a public cloud.    While there are now a number of cloud providers, the four leaders in this rapidly growing market are Amazon (AWS), Microsoft Azure, Google and Rackspace. According to MarketsandMarkets

ISO 20022: What Financial Institutions Need to Know, A New Era for Global Payments 

ISO 20022: A New Era for Global Payments 

There are big changes on the horizon for the payments industry as, at the end of this year, global payments messaging will begin a transition to the new ISO 20022 standard. And over the next five years, the new standard will replace the existing patchwork of message formats to create a universal language and common platform.     So What is it Exactly?    Simply put, ISO 20022 is a set of XML

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Fintech Solutions

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Solutions 

Leading bankers are seeking out the innovative solutions that will allow their business to keep up with the rapidly changing world we live in – ones that can help them respond to changing compliance requirements, possible changes in federal legislation that could come with a new administration, and the changing needs of the clientele they serve.     Fortunately, there are a number of innovative new solutions out there, but the process of

The Future of Financial Data Sharing

There is an ongoing conversation amongst key players in the financial services space about the future of financial data sharing. We recently wrote a white paper that explores this topic in depth and offers a clear path forward for financial institutions and fintech firms. The Future of Fintech’s Access to Financial Data with Open Banking: What Open Banking in the U.S. Means for Financial Institutions, Fintechs and the Consumers and Small Businesses They Serve At the heart of the issue

Xtensifi Achieves ISO 27001 Certification, Demonstrating Commitment to Data Security

Atlanta, Nov 18, 2020 – Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced it has achieved ISO 27001 Certification, the only internationally recognized certifiable information security standard. ISO 27001 certification demonstrates that an organization has invested in its people, processes, and technology to ensure the confidentiality, integrity, and availability of all corporate data. It also demonstrates that an organization has identified risks, assessed the

How to Prepare for Post-Election Compliance Changes

Financial services is among the most regulated industries. Oversight occurs on every level of government and compliance mistakes can be incredibly costly. While the nation’s largest banks maintain large teams of compliance attorneys and other experts, most financial institutions must do their best to stay within the lines. On a global basis, banks spend $270 billion per year on compliance. Some 10 percent or more of most bank operating costs can be attributed to compliance, and some estimates suggest