Independent Banker - September 2022 - 63

ŇķŤĮĞ³ĻÏå
Having a Community-first Approach to Compliance
Ě±ĮĮåĻďå× As regulatory burdens and compliance weigh heavy on community banks, the customer experience
feels the greatest impact.
ŇĮƒĞŇĻ× With Payments One from FIS®, community banks can automate processes, provide real-time servicing,
and streamline data and reporting - all while reducing compliance burdens and enhancing fraud mitigation.
Ellen Winterod
Director of Commercial Payments
What sets
community banks
apart from larger
banking institutions
is their ability to
build relationships,
empower local
businesses and
directly serve their
community. When
customers walk into
your community
bank or open your
banking app, they
want a customerfirst
experience. Yet,
in the background,
regulatory burdens
and compliance weigh heavy, and the customer
experience often feels the greatest impact.
Today's community banks are challenged with a
disproportionate regulatory compliance, recordkeeping
and reporting burdens. Keeping up with multiple levels
of compliance-like federal regulations, state audits, PCI
compliance, network compliance and more-challenges
their ability to serve their communities. Failure to maintain
compliance can also lead to excessive man-hours and
huge fines that can tarnish a bank's reputation.
According to an Independent Banker's Community Bank
CEO outlook survey, nearly two-thirds of community bank
executives plan to maintain their compliance budgets this
year. Another 31.4% say their compliance budgets will go
up 5% or more.
On top of that, community banks are trying to keep up
with financial institutions in their ability to offer more
sophisticated banking services. We've seen massive
adoption of the digital cardholder journey in the past few
years. Customers want to pay with virtual cards and take
advantage of the convenience of electronic banking. But
community banks must ensure they have the security
features-and meet the compliance requirements-to
deliver on all of their customers' needs for today and
tomorrow.
A major obstacle community banks face is that many
are plagued by poor data quality, which could otherwise
be a competitive advantage for mitigating fraud and
compliance fines. Payments One from FIS uses analytics
as the foundation for a consolidated data experience to
remove the complexities of aggregation, normalization,
governance, privacy and compliance.
Payments One is a connected ecosystem that houses
robust protection solutions to help community banks
manage fraud, compliance and disputes without
the risk. FIS reduces risk by a quarterly gross fraud
average of nearly 20% with industry-leading fraud, risk
and compliance strategies that maximize business
performance. The result is the ability to improve
operations, reduce costs and deliver a personalized and
differentiated customer experience.
As compliance regulations and requirements continue
to change, community banks must stay proactive.
Compliance hurdles will always be a factor but partnering
with innovative technology that prioritizes compliance
and removes complexities can allow community banks to
focus on their top priority - serving their community.
Ellen Winterod
ellen.winterod@fisglobal.com / 877-776-3706
fisglobal.com

http://www.fisglobal.com

Independent Banker - September 2022

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