Career Academy of Texas First National Bank of Wynne AR Research Paper would you help me fixing the paper ? i forgot to tell you that you have to answer th

Career Academy of Texas First National Bank of Wynne AR Research Paper would you help me fixing the paper ? i forgot to tell you that you have to answer these questions on the essay

1 How has the institution used new or existing technology to meet BSA/AML requirements? What software does the bank currently use and why? How has this software assisted the bank in meeting BSA/AML requirements? What could the software better?

2 In October 2018, FinCEN and the federal banking agencies issued a joint statement explaining how community institutions with low-risk profiles could share BSA/AML resources in order to reduce compliance costs. Is the bank currently collaborating with any other financial institutions as part of their BSA compliance efforts? If not, would the bank be interested in exploring this further?

3 Does the bank have insights to share regarding their BSA-related interactions with local or state law enforcement, FinCEN, state and/or federal examiners?

4 Does the bank have any plans or ideas to change their BSA compliance methods through the use of innovative technologies or collaboration? Running head: TECHNOLOGY, INNOVATION, AND COLLABORATION
First National Bank of Wynne, AR
Student’s Name
Institution Affiliation
TECHNOLOGY, INNOVATION, AND COLLABORATION
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Technology, Innovation, and Collaboration
Today, technology has completely transformed various sectors and industries. The
banking sector is no exception. The international banking sector has undergone a number of
changes over the years. Research shows that more and more financial institutions are
increasingly becoming more technologically advanced to address the ever-evolving needs of
their customers while keeping competition at bay. Apart from becoming more and more
technologically advanced, most financial institutions are the issue of collaboration. In particular,
First National Bank of Wynne, AR, is today devising ways to improve collaboration between it
and financial institutions and technology and innovation. Therefore, this paper attempts to
discuss technology, innovation, and collaboration at the First National Bank of Wayne, AR.
Founded in 1987, First National Bank of Wynne is a full-service bank that provides its
customers with mobile banking facilities, loans, accounts, investments, and saving accounts.
With mobile banking facilities, its customers are always at liberty to make their payments from
wherever they are. The issue of payment is always one of the main areas of innovation in the
banking sector. In terms of technology, innovation, and collaboration, has completely
transformed in the past few years. According to Gomber et al. (2018), this bank has not only
become more strategically focused but also technologically advanced to address the changing
needs of the people it serves. Currently, First National Bank of Waynne places a lot of emphasis
on how it can digitalize its main business processes and how it can re-examine its structures and
employees to prepare themselves well for the changes that may occur in the banking sector.
There is no doubt in arguing that this change demonstrates its desire to be more and more
innovative and digitalized. This bank is becoming more and more technologically advanced and
TECHNOLOGY, INNOVATION, AND COLLABORATION
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innovative since it has expanded its services and integrated its payment systems. The bank has
also embraced blockchain technology.
Currently, First National Bank of Wynne is using novel mobile applications as well as
voice-enabled devices to enhance its delivery and ensure more personalized services. In fact, this
bank has continued to hasten how it invests in technology and innovation over the years. For
instance, the bank has continued to hasten how it invests in technology and innovation through
the expansion of open banking. As evident in the findings of Harris (2019), First National Bank
of Wynne has made account and payment information accessible through safe application
programming interfaces (APIs). Through APIs, its customers can freely interact with the bank.
Also, through the AIPs, the bank has provided its customers with the freedom and the ability to
define how they interact with one another. Additionally, AIPs, which is a form of open banking,
has also improved collaboration and innovation within this bank since it has resulted in a broad
banking ecosystem. Today, the banking ecosystem of this bank consists of various financial
services, something that has dramatically improved the lifestyle of the people it serves.
What is more, this bank has become more innovative and technologically advanced as it
currently uses digital platforms to offer services such as lending and investing. As a matter of
fact, the First National Bank of Wynne is focused on providing its customers with innovative
experiences while improving the value of its services. For instance, it uses advanced analytics to
make their interactions more personalized.
Apart from employing technology and being innovative, this bank has been increasing its
competitive advantage through collaboration. For instance, the First National Bank of Wynne has
been collaborating with its customers to ensure that it remains relevant to the needs of its
customers. The bank has also embraced the issue of collaboration in that it has started to work
TECHNOLOGY, INNOVATION, AND COLLABORATION
with fintech start-ups to improve its services and become innovative and technologically
advanced (Wonglimpiyarat, 2016).
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TECHNOLOGY, INNOVATION, AND COLLABORATION
References
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution:
interpreting the forces of innovation, disruption, and transformation in financial
services. Journal of Management Information Systems, 35(1), 220-265.
Harris, N. (2019). Stakeholder collaboration-led innovation is vital in achieving financial
inclusivity. Journal of Digital Banking, 4(1), 45-52.
Wonglimpiyarat, J. (2016). Electronic Payment System of Thailand: Mobile Banking Market
Competition. In The Book of Payments (pp. 269-281). Palgrave Macmillan, London.
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