MARCH | APRIL |2023
WISCONSIN BANKERS ASSOCIATION
By Hannah Flanders
Embracing a Culture of
Cyberattacks are ranked as one of the top threats to banks across the country. As these threats continue to become increasingly sophisticated and prevalent throughout our communities, bankers are looking to mitigate the risk for the safety of both their institution and all
customers served. As such, administrators — including members of the human resources (HR) department — have been tapped to take on a new role alongside the information technology (IT) department to protect the bank from falling victim. Prioritizing Cybersecurity According to ProofPoint’s
FOUNDED 1892
State of the Phish survey, approximately 79% of U.S. organizations reported at least one successful phishing attack in 2021. As cybercrime continues to rise — costing over $1 trillion a year worldwide, as highlighted in a report by McAfee Center for Strategic and International Studies — (continued on p. 24)
All staff needed to help mitigate risk
F INTECH Helps Reshape the Banking Industry Banks engage in embedded FinTech to meet consumer expectations By Hannah Flanders As competition throughout the banking industry continues to rise and digitalization takes the world by storm, many banks are turning to new opportunities with FinTech providers. Today, consumers throughout the U.S. seek immediate, safe, and easy solutions in every aspect of their
day-to-day lives — from transportation and grocery shopping to banking. As banks throughout Wisconsin look to best serve consumers, their ability to create innovative, flexible offerings is one of the most important factors to consider in remaining relevant and competitive in their communities.
» The Growth of Technology In 2021, nearly half of all households across the country utilized nonbank online payment services, including peer-to-peer payments (P2P), according to the Federal Deposit Insurance Corporation’s (FDIC) 2021 Survey of Unbanked and
Underbanked Households. P2P payment solutions — such as PayPal and Zelle — and other technology innovations, including Uber, DoorDash, and Zoom, have deeply engrained themselves into households
» Learn more about WBA’s upcoming FinTech Showcase on p. 7.
across America and become especially (continued on p. 20)
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Wisconsin Bankers Association