Questions about the key challenges and barriers faced by community banks in adopting and implementing digital banking solutions are posed in a request for information (RFI) by the national banking regulator, with public comments due June 26.
The Office of the Comptroller of the Currency (OCC), in its RFI, poses 10 groups of questions on this topic and seeks answers within 45 days from the RFI’s publication in the Federal Register. In Register notice, it says digitalization, for the RFI’s purposes, “is the use of technology to change a business model, provide new revenue and value-producing opportunities, or automate business processes.”
“The OCC supports the strengthening and modernization of community banks and aims to facilitate community banks’ safe, sound, and fair transition to digital banking, including with regard to arrangements with technology providers and supporting a level playing field,” the OCC said in its announcement. It said the RFI will help the agency “better understand the specific obstacles that community banks encounter in their efforts to modernize operations, enhance customer experience, and remain competitive in an increasingly digital financial services environment.”
The RFI seeks input on matters related to planning for digitalization; board and governance matters; due diligence and implementation; related costs and budget; use of third parties; competition and market trends; use of artificial intelligence (AI) and machine learning; effect of applicable laws and regulations; associated risks; and data sharing.
OCC Issues Request for Information on Community Bank Digitalization
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