With decades of experience in custom application development, we help clients achieve success through innovative, secure technology solutions.
A co-worker recently shared a story with me of an encounter with a potential financial client whose office is literally within 5 miles of Keller Schroeder’s headquarters. Despite their geographical proximity, this potential client was unaware of all the IT services that Keller Schroeder provides. The phrase that we typically hear is… “I didn’t know that Keller Schroeder does that!” If you are not familiar with Keller Schroeder, we are a premier technology company in the performance improvement business founded in Evansville in 1978. Our mission is to leverage technology tools and services to help our clients more successfully achieve their business objectives. Feel free to visit our website (www.kellerschroeder.com) for an in-depth view of services we provide.
I’ve worked in the Application Solutions Group at Keller Schroeder since 1997 and that phrase in the paragraph above never ceases to amaze me! When I heard it again just last week, it caused me to reflect on the software application development work I’ve done for financial clients stretching back decades, especially those initiated in compliance with federal regulations such as:
- GLBA (Gramm-Leach-Bliley Act, 1999) – Restricts the disclosure of nonpublic customer data by giving the customer an opportunity to “opt out” of sharing with unaffiliated third parties.
- Patriot Act (2001, immediately after the Sept 11th attacks) – Strengthens measures to prevent international money laundering and the financing of terrorism through tracking and reporting suspicious activities and scrutinizing large transactions with foreign financial institutions.
- SOX (Sarbanes Oxley, 2002) – Regulates financial reporting and internal audits to protect shareholders, employees and the public from accounting errors and fraudulent financial practices, post Enron & WorldCom corporate scandals.
- Reg E (Electronic Funds Transfer Act) – Protects customers when they use electronic funds transfers (POS, ATM, direct deposit, etc.), limits how much they can lose from unauthorized transactions, and requires financial institutions to investigate and resolve disputes quickly.
- Reg D (Truth In Savings Act) – Restricted withdrawals from savings and money market accounts to six convenient transfers per month, prior to 2020. However, the Federal Reserve reduced reserve requirements to zero and eliminated the six-transfer limit in April 2020 due to the COVID-19 pandemic.
Speaking of the pandemic, there are 2 significant events that especially stand out in their impact upon software application development during my work experience here at Keller Schroeder:
- Y2K (Year 2000) bug – Potential for system crashes and application software failures based on formatting and storing calendar dates with 2 digit years (“99”) instead of 4 digit years (“1999”) in order to save disk storage space which was expensive in the 1970s and 80s.
- Digital Transformation – COVID-19 pandemic accelerates the need for remote working conditions, automating business processes to run without manual intervention, and providing electronic documents with digital signatures instead of paper copies with ink signatures.
These two events required most industries – finance, healthcare, utilities, manufacturing, transportation, etc. – to change critical business processes, resulting in a large expense for the organization. I believe that AI is going to have a significant impact on software application development as well. I’m looking forward to seeing how companies use this as a productivity tool, with the appropriate guardrails in place of course.
The application consultants on the Keller Schroeder “Bank Team” (which I joined in my original role) have a deep knowledge of application development and support for our clients, and each consultant has 25+ years of experience in the financial industry. Here is a summary of the solutions we’ve delivered for our clients:
- Customization of purchased banking software solutions, including user interface enhancements, business logic changes, and custom reports
- Regular release upgrades of core banking systems, including patching and retrofitting custom programs
- Integration with internal and external software solutions, including credit bureaus and underwriters
- Business analysis, data mapping, and software development for mergers, acquisitions, and divestitures
- Custom consumer loan application development
- Experience with Fiserv and other core banking systems on IBMi and Microsoft platforms
- Integration with online banking providers, mobile banking providers, LaserPro, DepositPro, and Lawson
- Virtual document imaging solutions
- Disaster recovery and compliance solutions
- Intranet and collaboration solutions, including document management, automation workflows, custom training and workshops
- Security configuration and administration, including TLS/SSL, SSO (Single Sign-On), Kerberos, and EIM (Enterprise Identity Mapping)
Our application software developers understand the full application development lifecycle and have a solid track record of making positive impacts with our clients. We would love an opportunity to talk with you about your software application solution needs!
References: Included are links to additional information on the historical background of the federal regulations mentioned at the beginning of this article.
Chronology of Selected Banking Laws | FDIC.gov
Time Period: The Great Moderation | Federal Reserve History
Time Period: The Great Recession and After | Federal Reserve History
