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Digitalization uses financial technology to change a business model, provide new revenue and value-producing opportunities, or automate business processes. Digitalization can influence the products and services offered by community banks, affecting the scope of products and services, how they are offered, and the types of service providers with which institutions engage. The OCC is technology neutral and does not endorse any particular digitalization strategy.
The following is a non‐exhaustive list of relevant OCC rules, statements, and guidance that community banks can reference when pursuing their digitalization efforts.
Interagency Guidelines Establishing Safety and Soundness provides operational and managerial standards that address internal controls and information systems.
Interagency Guidelines Establishing Information Security Standards addresses administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information.
FFIEC Joint Statement on Risk Management for Cloud Computing Services addresses effective risk management principles for cloud computing in the financial services sector. (April 30, 2020)
Third-Party Risk Management: A Guide for Community Banks helps community banks implement third-party risk management programs. (May 2024)
Interagency Guidance on Third-Party Relationships: Risk Management issues guidance on managing risks associated with third-party relationships. (June 9, 2023)
Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks guides community banks when performing due diligence on prospective relationships with fintech companies. (August 2021)
OCC Bulletin 2017-43: New, Modified, or Expanded Bank Products and Services: Risk Management Principles outlines principles to prudently manage the risks associated with offering new, modified, or expanded products and services. (October 20, 2017)
Sound Practices for Model Risk Management: Supervisory Guidance on Model Risk Management articulates elements for effectively managing risks from using quantitative models in bank decision making. (April 4, 2011)
Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services notes potential risks related to arrangements between banks and third parties to deliver bank deposit products and services to end users. (July 25, 2024)
An Opportunity for Community Banks: Working Together Collaboratively presents regulatory views on collaborative efforts by financial institutions to pool or share resources to reduce costs and leverage specialized expertise. (January 13, 2015)
