an advertising supplement to the san diego ...2014/09/08 · chief banking officer silvergate bank...

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Banking and Finance: Emerging Banking TechnologiesAN ADVERTISING SUPPLEMENT TO THE SAN DIEGO BUSINESS JOURNAL

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AN ADVERTISING SUPPLEMENT TO THE SAN DIEGO BUSINESS JOURNAL September 8, 2014www.sdbj.comPage A24

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Q&AIn today’s technology-driven world where an all-encompassing “Internet of Things”

has come to dominate our business and personal lives, financial organizations have been at the forefront of developing innovative online systems for businesses, while

maintaining state-of-the-art cyber security defenses to keep critical data safe. We asked two local financial executives what their institutions are doing to keep on top of changing trends and opportunities in this digital banking age.

Robert ArmstrongSenior Vice President Business Banking and Advisor Group HeadBof I Federal Bank

BofI has an automated platform from which loan applications can be completed online for easy customer access. Similarly, the approval process is streamlined to quickly review and assess credit information, financial statements, and other credit risk-rated metrics. Through technology, BofI is working on ways to quickly scan such information into systems that through automation, electronically complete a process that manually took analysts weeks if not months to complete. This includes real time updates online to ensure timely and accurate responses to our customers. Additionally, we review customer information to deliver the right products and services in an efficient and effective manner, embracing technology as it moves onto mobile platforms and other cloud-based applications. Through these and other technologies, BofI is able to operate more efficiently, while at the same time provide the customer with a better overall experience.

Dino D’AuriaExecutive Vice President/Chief Banking Officer Silvergate Bank

Technology is a continually evolving, all important part of serving customers in the banking industry. At Silvergate Bank, we make a significant investment in improving and continually enhancing our technology to provide our business customers with faster and more efficient service, along with real-time access to their banking information — from accounts and loans online. This

includes giving customers the ability to transfer funds and make payments online. On the lending side, Silvergate Bank uses specialized software systems for spreading financial statements to expedite the loan underwriting and approval process, preparing loan documents quickly and speeding up the closing process. Technology allows us an efficient and streamlined way of communicating with various lender partners such as the California Small Business Development Corporation, SBA, California Capital Access Program, and others. Our software allows us to monitor and track individual loans and entire loan portfolios so that we have quick access to information, further ensuring our ability to provide our customers with excellent service and response time.


As a digital bank, we are consistently evaluating ways to support and enhance the mobile lifestyle, by speeding up delivery of the user-friendly solutions customers want. Approximately 85 percent of our current business customers use the BofI mobile app (BofI Fed Business for Apple devices and BofI Federal Bank Business for Android). The display on our mobile app is optimized to fit the device, easy to use, and provides convenient around the clock access. Embracing this self-service channel as one of our most important “store fronts” has allowed us to enhance the customer experience and increases loyalty, while keeping

costs down. Business customers can view accounts, make transfers and deposit checks around the clock. All digital solutions are supported by a team of knowledgeable customer service representatives and relationship managers, when you just can’t find what you are looking for.


In addition to mobile banking on iPhone and Android devices, Silvergate Bank’s small business clients can use an iPad to make deposits, view check images, transfer money between accounts, and view transactions and balances. While consumer adoption of online and mobile technology for banking services has received a lot of attention, expanding mobile and tablet access to treasury management services is becoming increasingly important. As tablet adoption rates grow, advanced treasury management services such as wire and ACH transfers, positive pay, and even user-provisioning and entitlements will become more and more common on mobile and tablet devices. It’s not that business users will always want to conduct their banking on a tablet device; but should the need arise they will expect the capability to be there.


We are very prescriptive with the implementation of security best-practices that relate to mobile technology and mobile-based transactions. In addition, we ensure that our platform and related infrastructure are consistently secure via regular penetration tests and checkpoints. Though we cannot control a user’s device or mobile connection, we can ensure that access to our platform, the platform and platform data are properly secured and we vigilantly monitor our computing environments. In addition, our data is securely encrypted. Last, we continue to strive for continued customer education and encouraging customers to understand the steps necessary to avoid security concerns (e.g. malware, fraudulent emails, and phishing attempts).


Ensuring financial privacy and preventing fraudulent transactions is among Silvergate Bank’s highest priorities. When it comes to mobile banking with Silvergate, information is not stored on the device itself but is instead encrypted and passed back and forth as necessary. Additionally, Silvergate requires authentication each time the mobile banking service is launched to help prevent fraudulent access. At the transaction level, token devices are also required when utilizing our online banking system to transmit ACH or wire transfers. While these are all great tools to assist in providing safe online banking services, the best line of defense for any business is to have an information security program in place and to follow industry proven best practices.



1 How are you leveraging technology to improve the lending process for small businesses?

2 What tablet-specific apps do you offer to small business clients so they can optimize the customer experience?

3 Almost one half of small business mobile banking customers curtail their use of mobile banking over security concerns. What are you doing to help businesses mitigate risk and prevent cyber fraud?

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© 2014 BofI Federal Bank


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We actively collect client-centric data in our corporate data warehouse that is made available to the appropriate and authorized business units for business analytics. Our various business unit leaders are able to analyze and synthesize this information to optimize service, product quality assurance, improve process and remove redundancies. Information used in this fashion supported by a management framework, has transformed our organization into one of the most efficient banks in the country (efficiency ratio of 35 percent at 3/31/2014). Many small businesses are looking for cash flow analytics from the account inflows and outflows. This data can help track income, manage outgoing cash, and project capital needs. We are mindful of this and work to integrate with the company’s accounting software to assist with these analytics. Recognizing these trends, we work with companies to provide account data and useful reporting tools to make sense of it.


In the course of providing financial services, banks aggregate large amounts of data that can be helpful for business owners and managers operating a business. Banks not only should offer tools that assist the customer in gleaning useful information from this data (online banking, treasury management, etc.); but should also provide customers a way to securely access the information in a format that can be easily imported into accounting and other business systems. Silvergate Bank’s goal is to efficiently and securely provide relevant data to our customers in a convenient and universally recognizable format. Whether through an online interface to popular accounting software such as QuickBooks or Quicken, a customized lockbox solution, intuitive account analysis, or some other form of data extract/integration tailored to the request of a given business, Silvergate and the data we aggregate both exist to support the businesses that we serve.


On-line retailers have created core competencies around the buying experience, built on a deep understanding of data patterns and how to use it to improve the customer experience. Simply put, they understand their customers and have tailored products and service to capture a greater share of the market. Intelligent access and ability to have relevant interaction is the new currency. Many social media companies have been purchased in the past several years for huge multiples because of this relationship capital. It is a natural extension of this business model to control the currency, with ever more sophisticated entries into the payments space. PayPal, Venmo, and iTunes are all payment portals that open a huge door to unregulated competition and trains customers to look elsewhere for solutions. We need to think more holistically at how our customers financially interact and either create or partner our way into sustainable relevance.


Major technology and online service providers will continue to enter the banking space and this increased competition will help drive much needed innovation in the financial services sector. Whether through online reputation-based systems that assist individuals or businesses in getting a loan or line of credit, or non-bank deposit/payment services, the banking industry will continue to see major players enter this space and make it more competitive. Another interesting development is the rise of crypto-currencies such as bitcoin that are able to move units of value between two entities without utilizing a trusted third party or intermediary. While the long-term success of crypto-currencies is still uncertain, one thing is clear — if the last 30 years have yielded less than exciting innovation in the financial services sector, the next 10 years promise to shake things up a bit!

4 5 How are you utilizing data to better service your clients?

How will non-bank players like Amazon and Facebook impact the industry?


Cyber Security and What it Means for Banking Customers

Submitted by Silvergate Bank

By Dino D’AuriaExecutive Vice President/Chief Banking Officer Silvergate Bank

Dino D’Auria is Executive Vice President and Chief Banking Officer with Silvergate Bank, a San Diego-

based bank that specializes in meeting the needs of small businesses through a comprehensive offering of lending products and personalized banking services. For information, visit the bank website at www.silvergatebank.com, or call 858.362.3303.

t the end of 2013, Target was the victim of a massive data breach that has been highly

publicized, putting the company under the microscope for shareholders, regulators

and the media to scrutinize. The results have been a negative impact on the company’s reputation and profits, with the added burden of more than $60 mil-lion in expenses related to the breach including costs of the investigation and offering credit monitoring to customers.

For Target and other companies that have been hacked, including Neiman Marcus, American Express, Visa, Honda, and Master Card, the causes of these damaging breaches are related to malware installed on their systems which have been successfully hacked despite firewalls, anti-virus protection and intrusion prevention systems. More than 90 percent of the organizations that were penetrated did not know it until told by an external third party, according to a report by the San Diego law firm of McKenna Long & Aldridge LLP.

Cyber risks are unique because they change quickly and can be executed by almost anyone, from anywhere and at any time. Cyber threats include loss of stored company information, loss of stored customer and third party information, and liabilities to third parties and reputational damage – including exposure to class action suits, litigation threats from state Attorneys General, fines and other harms.

The Poneman Institute Annual Study shows that 85 percent of organizations have had a data breach event. Yet the Private Rights Clearinghouse, in its Chronol-ogy of Data Breaches, says only 35 percent of the Fortune 500 IT professionals say they are equipped to deal with lost corporate or personal data. General Keith B. Alexander, former head of the military’s Cyber Command, recently referred to cyber theft as “the greatest transfer of wealth in history.”

The three primary sources of cyber threats are: insiders and former disgrun-tled employees; loosely affiliated hackers and criminal networks; and advanced persistent threats, which are typically foreign governments with the intent to tar-get a specific entity. For example, China (The Blue Army) has admitted that it has poured massive investment into the formation of a commando unit of “cyberwar-

riors” aimed at American companies and government agencies.

In 2013, for the first time, the Office of Comptroller of the Currency (OCC) named cyber-attacks as being among the financial industry’s top operational risks. OCC Comptroller Thomas Curry warned in April 2014 that third party security risks are creating increasing vulnerabilities for community banks.

Silvergate Bank’s concern for its customers and their security is a top priority. We make a significant annual investment in technology to improve the delivery and management of business and loan services to our cus-tomers. Just as significant is our committed attention to

staying abreast of cyber security threats and how to mitigate them. At Silvergate Bank, we believe that engaging our customers and keeping them

updated on the proper use of online banking is vital. The very best line of defense for any business is to have an information security program in place and to follow industry proven best practices.

Information for this article was also sourced from McKenna Long Aldridge.

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How to Prepare Financially for a Longer Life

Submitted by Northwestern Mutual

By John O. Todd III, Northwestern Mutual

Article prepared by Northwestern Mutual with the cooperation of John O. Todd III. John O. Todd III is a Financial Representative with Northwestern Mutual based in San Diego, CA. and is a licensed insurance agent. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM),

Milwaukee, WI, and its subsidiaries. To contact John O. Todd III, please call (619) 230-8035 or email at [email protected].

When making your plans for a secure retirement, it’s also important to consider long-term care needs as a way of

helping to protect your assets so they aren’t exhausted by possible extended-care costs.

If you ask people, many of them will tell you that they are not afraid of dying so much as they may be afraid of outliving their resources. No one looks forward to the time when you can no longer care for yourself. When that time comes, your ability to live as good a life as physically possible will depend

on what preparations you make today. Exercise, eat right, stay mentally fit and financially prepared.

Long-term care can be expensive and costs can quickly impact a person’s financial security. People are living longer, which increases the odds of developing a chronic illness that could require on-going care. If the day comes that you are unable to do basic things, such as dressing yourself, getting in and out of bed, eating a meal or going to the bathroom alone, you will need to be prepared for the costs of paying professional caregivers for the help you need.

As health care costs escalate, an increasing number of people are protecting themselves by planning for long-term care. Though Medicare covers skilled care for acute conditions such as heart attacks and broken bones; in general, it does not cover the custodial care required for chronic medical conditions.

When making your plans for a secure retirement, it’s also important to consider long-term care needs as a way of helping to protect your assets so they aren’t exhausted by possible extended-care costs. By planning ahead, you can help maintain your independence and help ensure you have financial security to live your life your way.

There are quite a few factors to consider when planning for long-term care. For this reason, it’s important to work with a financial professional who understands your needs, and who can design a plan that will meet those needs at a cost you can afford. Specifically, look for a financial professional who is supported by a well-established company with a solid history of strength and stability — a company that is well-positioned to deliver long-term value and will be there when you need it most.

The right long-term care plan can provide you with options on how you receive the care you need and where. It gives you choices about how your final years are lived and where. And maybe, such a plan can help reduce the fear of outliving your resources.

Follow financial principles, not fads or trends.

05-3054 © 2014 Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life and disability insurance, annuities) and its subsidiaries. Northwestern Mutual Investment Services, LLC (NMIS) (securities), a subsidiary of NM, broker-dealer, registered investment adviser, and member of FINRA and SIPC. John O Todd III, Insurance Agent(s) of NM. John O Todd III, Registered Representative(s) of NMIS. NCAA® is a trademark of the National Collegiate Athletic Association.

John O Todd IIIFinancial RepresentativeCA# 0B63645600 W Broadway Ste 600(619) 230-8035johntoddiii.com

Discover the power of planning with a Northwestern Mutual Financial Representative. Together, we’ll design a disciplined and balanced approach that keeps you on solid financial footing, so you can takeadvantage of life’s opportunities. Who’s helping you build your financial future?


Emerging Technologies in Banking

What if you had the chance to design your own bank… put it together with the rel-evant client-centric technol-

ogy, analytics and thinking that permeates all other aspects of our life today? Would you improve the customer experience by harnessing, understanding and protecting personal data at an enterprise level? Could you improve customer interface with a dynamic application process, supported by informed service professionals? Could the use of relevant technology improve performance and efficiency to the point that it becomes a disruptive model in the industry?

We ask these questions every day at BofI Federal Bank, a diversified financial services company, with approximately $4.4 billion in assets. We use our low cost structure and technology to deliver superior pricing and product to customers and are a disruptive model in the industry.

The Rise of the Digital BankThe gap continues to widen between traditional brick and mortar channels and

digital solutions in all industries. Progressive and efficient companies like Amazon appear to have cracked the code to consumer buying patterns, rapidly gaining market share. The financial services industry is not immune to this innovation and must similarly leverage process and people to efficiently deliver a superior customer experience.

Customers and entrepreneurs are unlikely to wait for brick and mortar banks to catch-up. Consumers are highly in tune with the online world; digital options are expected in other industries. Digital must be embraced across the organization, as banks are driven to compete based on their intellectual property, technology, licenses and marketing rather than their branch network geography.

Consumers are Leading the ChangeBank branch traffic has declined approximately 4 percent per year for an

aggregate decline of 51 percent over the last 16 years1. Check writing declines 6-10 percent per year1. 53 percent of customers prefer to become aware of financial products and services through electronic channels2. Branch usage is plummeting and branches are largely idle, except for the activities of employees.

Technology has removed the final barriers to branchless banking — remote deposit capture, reload networks, enhanced ATMs for depositing cash. The synchronization of mobile and smartphones is a powerful force in our industry. Internet banking is and will continue to be the new preferred method of banking as 64 percent of customers ages 35-54 prefer to bank electronically3. Consumers can feel connection and relationships via electronic media (phone, video, chat, social). Human touch points must continue to be available, but should be considered options, not the defaults.

Even physical cash is becoming less relevant. Electronic payments have come a long way. In a very short time frame, with debit, peer-to-peer, and photo check deposit options, the role of cash has diminished. Think about how consumers use their phones. It’s unclear if cash may be replaced or who will ultimately control the space. It may not be a bank, but it will most likely be supported by one.

The Future is Already Here; It’s just not Evenly Distributed90 percent of all data in the world has been generated over the past two years.

More data than ever is being generated, but most companies are unaware of or unclear on what to do with it. Harnessing Big Data and analytics are critical for risk management and business growth. Information must be synthesized in real-time allowing more accurate, adaptive and relevant solutions. Data manage-ment and analytical acumen are critical to just keep up with the current highly regulated, sophisticated and competitive landscape. Not to mention the ever grow-ing risk of data breaches (i.e. Target). How are banks going to process, filter, mine, find and protect the quantitative data they process and need to make day-to-day decisions? This at a time when most banks’ IT budgets have fallen way behind. Solid data management can provide more consistent information, better identifi-

cation and management of risk, and enhance the customer experience. If this becomes a core-competency, greater focus and resourc-es can be committed to innovation. At some point in the very near future, when a cus-tomer enters the bank’s domain this type of knowledge-based analytics will produce a pre-populated personal profile from avail-able public information, preferences will be

uploaded, product recommendations will be tailored and dynamic price and risk models will help determine your offer. It’s already happening on many of the sites you visit now4.

The Internet and the Importance of Mobile Emergence Information can be gathered from public sources (including the Internet), or

purchased from information suppliers. This is rapidly changing as the Internet of Things links objects through wireless networks, often using the same Internet Protocol (IP) that connects the Internet. These networks provide connectivity within the general activity, with huge volumes of relational data available for analysis. Objects interact with the environment, sensing and communicating, becoming tools for understanding complexity and allowing robust interaction. Advertisements can “look” at a customer, assessing their profile, and instantly tailor the message based on those assessments. Business models based on static information will lose ground to those who know how to capture and create value with the information. Dynamic pricing and CRM will increase sales efficiency, real time credit and purchase information will improve risk management, dynamic performance assessment will improve employee morale and efficiency.

Submitted by BofI Federal Bank

By Robert ArmstrongSenior Vice President Business Banking and Advisor Group HeadBofI Federal Bankwww.bofifederalbank.com858.649-2032

BofI Holding, Inc. operates as the bank holding company for BofI Federal Bank that provides financial services to consumers through the Internet in the United States. The company’s deposit products include demand accounts, savings accounts, and time deposits. Its loan portfolio comprises residential single family and multifamily mortgage, home equity, commercial real estate and land secured mortgage, recreational vehicles and auto secured, factoring, and other loans. The company also offers various solutions, such as FinanceWorks, a financial management solution; Popmoney to send and receive money through email or text messaging; and My Deposit, a remote deposit solution that enables customers to scan checks from their computer and have the scanned images electronically transmitted for deposit. In addition, it provides mobile banking, mobile deposit, online bill payment, text message banking, ATM cards or VISA debit cards, and overdraft protection services. The company serves single and multifamily residential properties, small-to-medium size businesses in target sectors, and specialty finance receivables. BofI Holding, Inc. was incorporated in 1999 and is based in San Diego, California.

1. FMSI 2013 Teller Line Study2. Mercator Advisory Group Customer Monitor Survey Series, Banking and channels 2013, Question 273. AlixPartners study, Nicklaus internal reports, SNL Financial, American Bankers Association and Wall

Street Research – February 2013 4. http://www.sciencedaily.com/releases/2013/05/130522085217.htm

The gap continues to widen between traditional brick and mortar channels and digital solutions

in all industries.

Solid data management can provide more consistent information, better identification and management of

risk, and enhance the customer experience.


San Diego County Credit Union® (SDCCU®) is San Di-ego’s largest locally owned financial institution serving San Diego, Riverside and Or-

ange counties. After 76 years of deliv-ering “WOW” service to their custom-ers, SDCCU continues to lead the way in delivering breakthrough banking products to customers, such as: FREE checking with eStatements, SDCCU Mobile Deposit, mortgage loans, auto loans, Visa® credit cards and business banking services. These priorities com-bined with a steadfast focus on customer service and convenience, resulted in the launch of several product and service enhancements to meet the demands of their customers’ busy lifestyles.

In fulfilling our commitment to serving customers’ needs, information security is a high priority and strong security standards are embraced and executed in the financial services in-dustry. SDCCU has implemented sev-eral new security systems, including real-time system alerting and moni-toring controls, online fraud detection and advanced cyber-phishing takedown services. Enhancements to existing se-curity programs range from data loss prevention, technology risk auditing and online member authentication con-trols to sophisticated encryption sys-tems that keep customer information and data secure.

SDCCU Leading the Way: Technology Advances and Enhances Customer Services

All financial institutions face the challenge of keeping up with the rap-idly changing technological environ-ment. SDCCU responds by offering a myriad of innovative solutions and has launched several product and service enhancements to improve customer service, make banking easier and more convenient. They continually strive to improve the overall customer experi-ence, by fulfilling the needs of custom-ers and delivering breakthrough bank-ing products and services.

As a result, SDCCU’s mobile services have seen rapid growth as customers have become more comfortable embrac-ing new technologies and have signifi-cantly contributed to the organization’s growth and success in 2014. Improv-ing member service and convenience through technological enhancements also helped maintain their position as a top credit union in the nation. SDC-CU has been voted BEST Credit Union for the 15th consecutive year, Best Auto Lender for the 1st time and for the 5th year in a row: BEST Place to Work, BEST Financial Planning and BEST Mortgage Provider in the U-T San Di-ego Readers Poll.

SDCCU is appealing to younger gen-erations of socially savvy customers who prefer Internet banking versus any other method. SDCCU customers are

accessing their accounts quickly, easily and securely. These customers expect real-time, responsive member service, most of which they want to occur on-line, in order to meet their preferred communications channels and their desired convenience for anytime bank-ing. SDCCU Internet Branch online banking includes online chat featuring a secure single sign-on (SSO). While online chat is not new, security features such as encryption and account number masking in the chat window help cus-tomers feel assurance that their sensi-tive financial information is protected.

A recent study found that banking consumers who use mobile banking say they most often use the mobile banking feature to check their account balances, use ATM and branch locators, complete money transfers, check account activity alerts and remote check deposit. SDC-CU offers all five features and is con-stantly upgrading the SDCCU mobile

banking app to include new features, such as the ability to view, modify and delete pending bill payments.

To further enhance customers’ mobile experience, SDCCU was the first local financial institution in San Diego to offer mobile deposit through the SDCCU mobile banking app. This service offers a new level of convenience to customers who may be too busy to visit a branch or ATM to make a check deposit giving them a secure way to freely access SDCCU accounts and make deposits using a mobile phone. The SDCCU mobile banking app is available for Internet Branch online banking users with iPhone®, iPad®, Android™ and BlackBerry® phones as well as web-based and SMS text banking. SDCCU quickly made the app available for business account customers in early 2014 as well.

SDCCU was the first to market with the SDCCU Easy Balance TransferSM app.

This new technology allows customers looking to transfer their high rate credit card balances to SDCCU by simply taking a photo of their credit card statement using their smartphone.

In order to meet customer expecta-tions in which technology must deliver a more seamless and personalized expe-rience, SDCCU became one of the first credit unions to offer online appoint-ments via web and mobile service. By empowering customers and businesses to book an in-branch appointment on-line, SDCCU is creating a streamlined customer experience and revolutioniz-ing interaction and engagement with customers. Customers are provided with flexible scheduling options when it comes to setting a time to meet with a SDCCU representative.

With a focus on the big picture and complete consumer experience, SDC-CU developed a strategic partnership with Mogl, a San Diego-based com-pany that gives consumers cash-back for dining at participating restaurants. SDCCU Dining Deals™ was launched to complement the popular SDCCU Paybacks™ cash-back rewards program. Powered by Mogl, SDCCU Dining Deals provides its customers with up to 25 percent cash back when they dine at hundreds of participating restaurants with their enrolled SDCCU debit and/or credit cards. The cash back is then deposited hassle-free into the custom-ers’ designated SDCCU account.

SDCCU stays ahead of the curve and continues to offer convenient ways for customers to stay connected. As a re-sult, SDCCU remains in the forefront of innovation with a continued empha-sis on providing accessibility for their customers; strengthening SDCCU’s strategic market position as southern California’s preferred financial insti-tution; and contributing to SDCCU’s continued growth.

Credit Union Prioritizes Customers’ Cyber Security

Submitted by San Diego County Credit Union

San Diego County Credit Union is San Diego’s largest locally owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $6.6 billion, over 270,000 customers, more than 30 convenient branch locations and 30,000 surcharge-FREE ATMs. SDCCU provides breakthrough bank-ing products that meet the demands of today’s lifestyle and delivers banking services that save customers money. SDCCU is leading the way, offering FREE Checking with eStatements, SDCCU Mobile Deposit, mort-gage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. For more information, visit sdccu.com.

SDCCU has implemented several new security systems, including real-time system alerting and monitoring controls,

online fraud detection and advanced cyber-phishing take down services.


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