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Core Bank and Kobalt Labs: Improving Risk & Compliance Strategies

Core Bank is embarking on a significant transition focused on enhancing its risk and compliance framework through technology-driven investments. The bank has recently announced a partnership with Kobalt Labs, a recognized leader in AI-based risk and compliance technology. This collaboration aims to fortify Core Bank's operational backbone, upgrade customer experiences, and elevate its overall mission of 'Building Better,' not just for its clients but for the broader community and business banking ecosystem.

In today's fast-evolving financial landscape, regulatory pressures for thorough third-party oversight are intensifying. Core Bank is addressing these challenges head-on by integrating Kobalt’s state-of-the-art compliance platform. With increasing regulations, it becomes vital for banking institutions to establish robust and scalable compliance operations. Kobalt’s technology aims to automate and streamline critical processes such as due diligence and ongoing monitoring, ultimately making them significantly more efficient. This will pave the way for Core Bank to responsibly expand its portfolio while maintaining high standards of risk management.

Why Kobalt?

Core Bank's team was impressed with Kobalt Labs' ability to automate repetitive high-volume workflows while improving accuracy during risk assessments. Kobalt's platform was put through a rigorous evaluation against other third-party risk management solutions, and it emerged as a clear frontrunner, vastly reducing turnaround times for onboarding from several days to mere minutes. Furthermore, Kobalt has established itself as a trusted name among fintech companies, banking professionals, and regulatory agencies, which played a crucial role in Core Bank's decision to select them as a partner.

The synergy between Core Bank and Kobalt Labs is evident in their shared vision for innovation and excellence. Suzanne Mendlik, Core Bank’s Chief Risk Officer, emphasized that this collaboration is a fundamental part of the bank’s strategy to embrace technology in its operations, asserting that effective risk management is a crucial driver of growth rather than a limitation.

Commitment to Community and Innovation

With this partnership, Core Bank is not only reinforcing its commitment to responsible innovation but is ensuring that their service offerings meet the growing needs of their community clients. In a digitally-driven world, the concept of Banking as a Service (BaaS) necessitates a solid foundation in risk and compliance that Core Bank is eager to enhance.

Core Bank prides itself on being a community-focused financial organization, founded on principles of safety, integrity, and a clear commitment to fostering customer success. Headquartered in Omaha, Nebraska, Core Bank has carved out a niche with its five locations across the Midwest, specifically in the Omaha and Kansas City areas. As it moves forward, the bank is ready to adapt to market demands while investing in technology that ensures customer satisfaction and a stable financial ecosystem.

Kobalt Labs offers an innovative solution that reshapes the approach companies take to manage relationships with third-party vendors and fintech partners. By automating evidence extraction and highlighting gaps in documentation swiftly, Kobalt allows financial institutions to operate more seamlessly while staying aligned with evolving regulations.

Conclusion

Overall, the partnership between Core Bank and Kobalt Labs represents a pivotal step toward redefining risk and compliance standards within the banking industry. As Core Bank continues to innovate and expand its offerings, the integration of Kobalt's AI-driven capabilities will serve as a cornerstone of their compliance foundation. This initiative not only supports Core Bank's growth ambitions but also reflects a broader commitment to better banking practices in the community it serves.