Data and information management

A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike.

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs.

The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers.

After digging deep into member data, Randolph-Brooks FCU in Texas developed a marketing campaign aimed at persuading JPMorgan Chase clients to switch to the credit union's own card. It's an effort its peers could imitate.

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

As the Consumer Financial Protection Bureau weighs rules on protecting customer information shared between banks and third parties, it should consider giving consumers full authority over their financial data and committing to direct oversight of everyone involved, including data aggregators and fintechs.

New measures in California and Virginia give consumers more control over their information and may prevent banks from using geolocation services or analyzing personal data without obtaining consent first — except when preempted by federal law.

Data connectivity is key to adding products and addressing customers, says Flinks' Yves-Gabriel Leboeuf.

Technology is helping some institutions find new growth opportunities as lending contracts, but many CUs also were able to use data to assist members during the early days of the pandemic.

Less than half of consumers believe financial services providers adequately protect their personal information, according to an Arizent survey. Banks such as Wells Fargo and Bank of Idaho are offering mobile tools and cybersecurity education that could help rebuild trust.