- ICBA supports a legal and regulatory framework, coupled with a supervisory process and operational environment, that allows community banks to deploy technologies without impeding innovation and that permits community banks to fairly compete against other bank and non-bank financial services entities.
- ICBA supports the use of data analytics to help community banks identify and eradicate fraud and provide customers with better, cheaper services.
Community banks depend on information technology to stay competitive, efficient, and profitable. Deployment of technology continues to alter the way that consumers and businesses conduct banking and commerce and influences the products that community banks offer. Additionally, technology deployment is altering the risk profile of community banks and subjecting them to a myriad of regulatory requirements and expanded oversight. The regulatory agencies play a valuable role in defining and identifying the risks of existing and emerging technologies for both community banks and their service providers. Any guidance should be crafted in a manner that does not hamper innovation or impose undue burden.
Data Analytics. Community banks are using data analytics to: detect fraud, deepen customer relationship, and to create efficiencies in the marketplace. Industry-wide, use of data analytics continues to evolve. ICBA strongly believes that consumer privacy is protected by the current legal framework that is woven together by federal law, state law, regulatory guidance, and industry best practices.
Staff Contact: Cary Whaley