Independent Banker - September 2023 - 73

can vary. This flowchart helps you
understand which one your vendor
should provide.
funding: annual reports,
financial statement, auditors'
opinions as available and list of
funding sources
SOC report evaluation
yogesh.pandit@hexanika.com
HEXANIKA's smart, simple
and effi cient solution to
Fair Lending and CRA
Given recent events, regulatory changes and
fi nes, compliance with Fair Lending and CRA
laws will be at the forefront of regulators'
agendas. Below are key challenges:
A guide to due diligence
forfintechs
3. Changes in credit evaluation processes
for banks to demonstrate compliance
at reasonable cost and effort.
Conducting Due Diligence on
Financial Technology Companies:
A Guide for Community Banks helps
community banks evaluate the risk
that may come with a third-party
relationship. In addition, it details
considerations for banks when
surveying a fintech partnership,
including:
 Business factors: client
references, complaints,
HEXANIKA's intelligent platform essentially
addresses these challenges with automated
experience with other community
banks, media reports and
banking-specific experience
data management for compliance and provides
timely insights for risk assessments. In
collaboration with former regulators,
HEXANIKA developed a solution that is
 Market information: publicly
available market information
regarding competitors
 Financial analysis and
effi cient and effective. Our solution offers:
1. Fast and simple setup and usability:
SaaS and integrated services allow
easy onboarding and simple user
interface provides easy management.
A supplement to the report selection,
this resource evaluates what a SOC
report must cover. Using this SOC
report evaluation flowchart can
assist in proving and ensuring that a
vendor's internal controls are present,
relevant, effective and operating
efficiently. It's also a good tool for
assessing if there's any risk within
this vendor relationship and the
outsourced services.
Yogesh Pandit
CEO
hexanika.com
 Legal and regulatory
compliance: charters,
certificates of good standing,
licenses, patents, intellectual
property, lawsuits, settlements
and consumer complaints
Nicky Senyard
CEO
fi ntelconnect.com * 604-566-8020
nicky@fi ntelconnect.com
Driving digital growth in net
new banking customers
There has never been a more
 Risk management: policies,
procedures, risk and compliance
staffing, results of control
reviews and audit reports, issue
management policies, schedule
of planned control reviews
and audits, and inventory of
key risk, performance and
control indicators
1. Changing credit application patterns and data
2. Technology changes
4. Constant changes in regulatory expectations.
All these challenges make it diffi cult
important time for community banks
to invest in digital-and this includes
your marketing efforts. Your bank
may have launched a new website
or implemented digital account
opening systems, but how are
 Information security:
complete information security
controls assessments, incident
management and response
policies, incident reports and
policies regarding relevant
safeguarding and privacy laws
and regulations
you reaching potential customers
to drive them there?
That's where Fintel Connect can help.
We are a proud ICBA ThinkTECH
alum that is on a mission to
help community banks reach and
acquire net new customers online
in a cost-effective way.
 Operational resilience:
business continuity plans, incident
response plans, documented
system backup processes and
insurance documents
To access the complete IT
Outsourcing Toolkit, visit icba.org/
our-positions-a-z/technology 
-Rachel Hatcher
Trusted by institutions big and small,
we've helped our bank partners
save up to 70% on their digital
acquisition costs and, in some
cases, represent 45% of their
net new customer growth.
Watch the webinar
2. Intelligent data management and reporting:
Our solution provides predictive and detective
analytics on key metrics that regulators
focus on, cutting through the confusion
created by a plethora of information.
We do this through our end-to-end
tracking and reporting technology
and targeted database of websites,
infl uencers and bloggers who
promote bank products on a
If you want a more immersive way to learn what IT outsourcing
can do for you and your bank, check out the " IT Outsourcing:
Navigating the Decision Process " webinar, accessible through
the ICBA IT Outsourcing Toolkit at no additional cost.
3. Cost-effective pricing: Our competitive pricing
is tailored to your size, needs and usage.
Go to hexanika.com/offers to
learn more about our product.
results basis. This means your
bank only pays once someone
becomes a customer.
Our platform gives you the tools
to track campaigns and measure
what is delivering the best results.
We're advancing the way
community banks market online-
one customer at a time.
IndependentBanker.org
Our full library of
FREE, expert-led
webinars helps
community bank
leaders stay ahead
of the curve!
Visit the Independent
Banker website to
access relevant,
insightful and FREE
webinars for community
bankers! Gain valuable
knowledge on industry
developments, trending
technology and
innovative products
& services that you
can use to take your
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the next level.
REGISTER TODAY!
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library of free on-demand
webinars, visit the Independent
Banker Webinar Center at
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Independent Banker - September 2023

Table of Contents for the Digital Edition of Independent Banker - September 2023
