WITHIN TWO YEARS, “MORE than half of all new bank account applications will involve mobile devices,” says Javelin Strategy & Research Director of Digital Banking Emmett Higdon. “Banks can no longer afford to stitch together piecemeal solutions for mobile prospects and must provide a consistent, compelling mobile experience across all lines of business.”
Banks’ legal needs reflect ever-changing market conditions, statutes, regulations and technological advances. Some banks choose to grow to absorb costs related to Dodd-Frank, and, in increasing numbers, we help them merge, acquire or be acquired. Some prefer to stay small, and we help them meet their obligations under state and federal regulations and laws. With much of banking going from storefront to remote and digital—mostly to satisfy younger customers—we guide banks on regulatory requirements regarding sensitive personally identifiable information like Social Security and account numbers. We negotiate contractual indemnification clauses with third-party providers of digital security. If banks get hacked, we guide them on appropriate responses— to their customers, to regulators and to law enforcement—after determining whether the hack represented a true breach. We represent a Central Jersey company developing biometric technologies, which can potentially be used to help banks and other financial institutions prevent identity theft.