The BrightFit logo and the Sterling National Bank logo on a plum-colored background

Digital banking services are essential to everyday life. They must always remain operational to ensure customers can access the financial tools they need to live their lives and run their businesses.

Recent years have seen a significant shift in the banking system as lockdowns forced the implementation of advanced digital banking platforms to bridge the gap left by bank closures and the reduction of in-person banking. Most customers now prefer doing their banking online versus in-person. Though most banks are already moving in this direction, there is an expectation for all banks to offer a digital banking experience where practicality meets superior user experience.

Demand for digital banking systems increased rapidly, as did the skill set of those attempting to defraud banking software. Remote onboarding customers in a purely digital environment presents inherent vulnerabilities that if not adequately considered, leave systems, institutions, and individuals involved at risk.

Cybercrime, money laundering, and terrorist funding are real and present concerns today and costs of failing, namely the requisite remediation efforts, extend well beyond the significant fines institutions face. It’s imperative to build and configure banking systems that meet compliance standards from the outset.

Third Party Onboarding Too Complex, Expensive, or Inadequate? It Doesn’t Have to Be

There is a general fear that the digitization process will be too complicated, expensive, or inadequate or that compliance measures will result in a cumbersome user experience. This does not have to be the case. Cutting corners in the interest of speed or cost often results in an incomplete solution needing replacement as new technologies emerge.

Most small banks and credit unions rely on their risk management software and compliance program tools to function “well enough” in addressing the threat environment. Still, there is concern that regulatory requirements will not be met over time or that new solutions will have to be implemented as threats evolve. The BrightFi product considers all aspects of the threat landscape by employing a team of risk experts, an in-depth understanding of tools and programs, and the capability to detect emerging risks.

The reliance on third-party digital banking platform providers performing critical compliance activities represents a significant risk. It is still the bank’s responsibility to ensure their data and systems are secure, so it is essential to choose vendors wisely. Every third-party vendor your third-party vendor partners with becomes your partner by proxy. Their vulnerabilities are yours also, as is their risk. BrightFi leverages “best of” technology and understands the vulnerabilities associated with vendor management, conducts due diligence on all vendors before beginning a professional relationship, and proactively manages its third party relationships.

Cybersecurity, Sanctions, and Anti-Money-Laundering Detection

BrightFi addresses security concerns both online and in-person. Our online tools work seamlessly to verify customer identity, and automated tools monitor risk and alert stakeholders to potential fraud, sanctions violations, and other threats before they cross the line.

BrightFi maintains an anti-money-laundering (AML) team to address today’s digital banking money laundering and illicit finance risk concerns. The highly skilled and technically savvy individuals conduct transaction monitoring and alert reviews for our customers, leveraging the latest detection tools. User-friendly dashboards provide internal teams with simple tools for effective oversight, real-time monitoring, and case management.

Sanctions are a method by which our governments prevent funding terrorist organizations or profiteering by sanctioned individuals or organizations. Complicity in these activities by any party, either directly or indirectly, can have severe consequences and must be avoided at the customer level.

BrightFi’s sanctions screening and monitoring features are designed to detect and identify any transaction attempt connected to sanctioned organizations or individuals. Our third-party AML/compliance risk software monitoring tools update daily for the purposes of sanctions screening, and monitoring for known AML risk typologies. Each tool is subject to periodic fine-tuning and review to ensure integrity.

Actively Preventing Data Breaches

BrightFi uses strong security practices through enforcement of security policies coupled with industry best practices as a front-line defense in preventing data breaches. Preparedness matters and should disruption happen, at BrightFi we are ready to respond with tested incident response capabilities, a comprehensive disaster recovery plan, and communication plans. Combined this allows for reduce organizational risk—and costs—by a significant margin.

To give you an idea of what’s at stake, IBMs Cost of a Data Breach Report 2022 states:

• The average cost of a breach in the U.S. is $9.44 million

• It takes an average of 277 days to detect and contain a breach

• Companies with fully automated threat prevention software reduce costs by $3.04 million

• 83% of companies have had more than one breach

With an ever changing dynamic threat landscape, automated security software helps banking organizations keep their systems secure so they can focus on what they do best. To round out our solution, BrightFi incorporates trusted third-party security software to track and stay on top of cyber threats in real-time, protecting the platform’s and customers’ security at the highest levels.

Our repeatable third party management practices allow us to partner or change out trusted security vendors to adjust and provide our customers access to the latest security solutions without giving the issue a second thought. Of course, awareness is equally important, as some of the most insidious threats come from targeted, highly sophisticated phishing campaigns.

BrightFi Software Meets Regulatory and Service Needs

The knowledgeable AML and Security staff at BrightFi have many years of experience in the rapidly evolving regulatory landscape. Training is conducted on an ongoing basis to ensure all staff is up to date with current regulatory requirements, upcoming changes, and imminent threats.

With our storied experience in community banking services, BrightFi understands the service needs of our customer base at the deepest levels. We’ve built our platform with a customer-centric approach, putting user needs front and center in the effort to provide simple holistic solutions that answer every need. Assistance and support are available 24/7 by phone and online, so you get the answers you need when you need them.

Benefits of BrightFi

BrightFi is an a la carte product explicitly designed for community banks to help them achieve advanced compliance and security and protect their digital banking framework. Our highly flexible model allows customers to choose what tools work best for their organization, helping them design a bespoke platform that delivers precisely what they need to serve their customers and satisfy their teams.

BrightFi’s seamless onboarding process saves time and reduces risk, providing a simplified yet comprehensive set of tools and services that are much more user-friendly than most fintech products on the market today.

To experience BrightFi in action, request a demo today.