BRUCE GOETSCH National Sales Manager bgoetsch@myservion.com 651-497-4734 myservion.com We provide financial institutions and borrowers the support they need to reach their financial goals. Re-envisionyour mortgage strategy. Correspondent Retail Wholesale Delegated Conventional FHA, VA, USDA Jumbo/Non-Conforming Quality control Contract processing Contract closing Servicing Appraisal review Servion Mortgage is a DBA of Servion, Inc. NMLS #1037 Equal Housing Lender partnership channels mortgage products additional services Matt Herren is the Director of Payment Strategy at CSI. With a strong focus on emerging technologies and how they apply to the financial industry, Matt has led CSI’s effort to drive innovation in the payment space. In his role, Matt has worked to enhance customer experience and helped direct innovative product offerings to increase bank profitability, allowing banks to realize industry-leading results and maximize program performance. Institutions should look for additional clarity from the agencies throughout 2022 and beyond to best understand policies, potential gray areas and what might come next. Looking ahead, it’s wise to keep an eye on the Federal Reserve and additional regulatory changes. Keep in mind that while there may be risk in emerging spaces, inaction could pose risk as well. What is Crypto Custodial Management? Bankers needn’t worry about the ins and outs of crypto to offer custodial management services. Banks can simply become channels through which customers engage. A bank’s role in working with a custodial management system is to remove some of the risks and act as a trusted vault of information. The implications are straightforward: • A bank partners with a technology provider to offer Bitcoin wallets through digital banking. • Customers buy, sell and hold Bitcoin as an asset rather than currency. • Banks generate fee revenue, gaining a certain percentage for each transaction amount. • The technology partner facilitates tax filings and offers downloadable tax forms. Effective custodial management uses best practices to safeguard crypto assets and the keys to access them. These safeguards require avoiding hot wallets, whose keys are still connected to the internet and therefore vulnerable. Another best practice is breaking keys into parts so that no one person has access. Getting Ahead of Digital Currency Trends The adoption of digital banking, bank apps and self-service options shows that financial institutions can adapt to new trends in technology. Banks must now continue to innovate to meet consumer needs in an increasingly competitive landscape. This space deserves continued attention by all financial institutions, and it is time to craft a strategy before someone else does it for you. Listen to CSI’s Fintech Focus podcast for additional insight into cryptocurrencies and how financial institutions should move forward in this space. ■ Continued from page 27 28 | The Show-Me Banker Magazine
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