Technology

Bank Director’s 2024 Technology Survey Examines Technology Plans at U.S. Banks

Published

2 weeks ago

September 10, 2024

Bank Director’s 2024 Technology Survey highlights the state of technology adoption and concerns among U.S. bank leaders.

NASHVILLE, Tenn., Sept. 10, 2024 /PRNewswire/ — Bank Director, the leading information resource for directors and officers of financial institutions nationwide, released the results of its 2024 Technology Survey, sponsored by financial technology provider Jack Henry. The findings reveal how today’s bank leaders think about strategy, resources, emerging technologies and fraud.

Banks increasingly rely on data analytics to improve back-office productivity and manage regulatory compliance duties. According to the survey, improving operational efficiency (49%), attracting and retaining customers (29%), and growing low cost deposits (10%) are identified as banks’ primary technology objectives.

“Given today’s revenue challenges and elevated labor costs, it’s little surprise to see efficiency as a key driver behind bank investments in technology,” says Emily McCormick, Bank Director’s vice president of editorial and research. “However, just 21% of senior technology executives, CEOs and board members say they measure return on investment for their technology projects — indicating it could be difficult to know whether they’ve attained those strategic goals.”

Three-quarters of respondents report increased technology budgets for fiscal year 2024. Over the past 18 months, bank leaders say their organization has invested in payments (53%), digital retail account opening (46%), digital business account opening (37%) and data analysis (32%).

While most banks are actively discussing budgets for data analytics (80%) and artificial intelligence (66%), few realize they have only a fraction of their customers’ financial data on hand.

“Due to financial fragmentation, banks must embrace open banking to access a comprehensive view of an account holder’s data necessary to feed algorithms and tune foundational AI models,” says Greg Adelson, President and CEO of Jack Henry. “Without broad customer data, banks can’t identify small business owners from retail accounts, enhance personal service at scale, and deliver personalized product and service recommendations.”

The survey includes the views of 111 independent directors, chief executives, chief operating officers and senior technology executives of U.S. banks below $100 billion in assets. Full survey results are now available online at BankDirector.com.

Additional Key Findings

A Shifting View of Competition
Compared to prior surveys, respondents still identify local banks and credit unions (52%) and big or superregional banks (49%) as their primary competitive threats, along with neobanks that compete for consumer deposits (43%). However, bank leaders report increased concern about the competitive threat posed by retailers such as Amazon and Walmart, with 12% citing them as a competitive threat compared to 5% a year earlier.

Delayed Projects
Sixty percent say one or more technology projects weren’t completed on schedule over the prior 18 months, and 36% say they experienced issues integrating the new technology into existing systems. Just 21% say they had no issues with planned technology projects.

Hiring: Developers
Just a quarter of respondents say their bank employs developers or programmers, double the percentage who said as much a year ago. Banks over $1 billion in assets are more likely to make these hires.

Board Priorities
Sixty-one percent say that leveraging technology is a strategic priority for the board. Half of respondents say their board has a technology expert. Of those without a technology expert, 29% say their board is seeking to add one.

About Bank Director
Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Since 1991, Bank Director has provided board-level research, peer-insights and in-depth executive and board services. Built for banks, Bank Director extends into and beyond the boardroom by providing timely and relevant information through Bank Director magazine, board training services and the financial industry’s premier event, Acquire or Be Acquired. For more information, please visit BankDirector.com.

About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their account holders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

For more information, please contact Bank Director’s Director of Marketing, Deahna Welcher, at dwelcher@bankdirector.com.

View original content:https://www.prnewswire.com/news-releases/bank-directors-2024-technology-survey-examines-technology-plans-at-us-banks-302242587.html

SOURCE Bank Director

Technology

DANAconnect and eSource Capital Launch PayrollTrace for Digital Payroll Compliance

Published

2 hours ago

September 22, 2024

PayrollTrace is an innovative, secure platform for paperless payroll receipt delivery, ensuring regulatory compliance and real-time traceability.

FORT LAUDERDALE, Fla., Sept. 22, 2024 /PRNewswire-PRWeb/ — DANAconnect, the leading company in automated business communications, in collaboration with eSource Capital, a prominent Google Cloud Partner in Latin America, announce the launch of PayrollTrace, an innovative platform designed for the secure and efficient digital delivery of payroll receipts, ensuring regulatory compliance and complete traceability in every transaction.

Paul Kienholz, CEO of DANAconnect, highlighted: “PayrollTrace is the next step in automating critical business processes, enabling companies to eliminate paper and manage payroll receipt deliveries with full confidence and transparency, while ensuring regulatory compliance.”

PayrollTrace automates the delivery of payroll receipts through multiple channels, including email and SMS, completely eliminating the use of paper or reliance on email. This solution not only simplifies human resources processes but also ensures regulatory compliance with verifiable technical reports that allow companies to manage and audit receipt deliveries in real time.

Juan Aguilera Franceschi, Managing Partner at eSource Capital, added: “Our partnership with DANAconnect allows us to offer companies in the region a robust solution that optimizes payroll management. PayrollTrace provides the security and flexibility companies need to manage payments efficiently and sustainably.”

The partnership between DANAconnect and eSource Capital combines DANAconnect’s strength in omnichannel business communications with eSource Capital’s expertise in cloud digital transformation. Together, they aim to provide businesses across the Americas with a comprehensive solution that not only optimizes payroll delivery but also ensures compliance with local regulations, guaranteeing that every transaction is backed by complete audits.

About DANAconnect

DANAconnect is a North American company and a leader in communication automation for financial companies through its omnichannel platform. It sends communications to more than 10% of the population of the Americas every month, ensuring secure deliveries, traceability, and large-scale regulatory compliance.

About eSource Capital

eSource Capital is a leading Google Cloud partner in Latin America, specializing in digital transformation and cloud solutions. With a focus on Google Workspace and Google Cloud, eSource Capital helps companies optimize their operations in the digital environment.

Media Contact

Fabiana Arroyo, DANAconnect Corp., 1 8556003262, info@payrolltrace.com, https://www.payrolltrace.com

Twitter, LinkedIn

View original content to download multimedia:https://www.prweb.com/releases/danaconnect-and-esource-capital-launch-payrolltrace-for-digital-payroll-compliance-302254651.html

SOURCE DANAconnect Corp.

Technology

Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing

Published

8 hours ago

September 22, 2024

Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.

WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.

“Siemon is very familiar with NVIDIA reference architectures and has worked with many customers to design and deploy NVIDIA clusters… Siemon offers a full range of AI-ready fiber cabling, DAC, and AOC solutions that support 400G, 800G, and 1.6T applications.”

As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.

NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html

SOURCE Siemon

Technology

AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions

Published

9 hours ago

September 22, 2024

AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.

ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSA. This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.

Institutions in the Wisconsin Technical College System:

Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College

The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.

Media Contact

LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com

Twitter, Facebook, LinkedIn

View original content:https://www.prweb.com/releases/amsimpkins–associates-awarded-wisconsin-technical-purchasing-consortium-contract-rfb-25-002tp—for-identity-verification-solutions-302253867.html

SOURCE AMSimpkins & Associates