Banks like AIG and Bank of America have faced intense scrutiny in recent months over their handling of the financial crisis.
Now it looks like they’re also facing scrutiny for their financial management systems, too.
Financial management companies have been warning that they’re facing growing competition from technology companies like AIM, which have recently emerged as a powerful competitor to banks.
AIM’s AIM Financial Services has been aggressively courting banks to build out their own financial technology solutions.
“The fact that we’re at the point where there’s a major competitor in AIM is an indication that the banks are in trouble,” says Jeff Lassiter, AIM financial management founder and CEO.
The rise of technology companies has forced some banks to look to other banks for the right help.
AIG has had to use its own financial systems to deal with a financial crisis in the US.
The bank also recently said it would close a facility that it has used to house customer records.
Bank of American has said it has had some tough conversations with its own finance and technology teams.
And banks like Wells Fargo are already having to adjust their systems to help manage their own business.
The company has been working with the Office of the Comptroller of the Currency to review its financial management and cybersecurity policies, according to a memo to employees from the Federal Reserve Bank of Philadelphia.
That review could be a first step in how banks will deal with the technology giants, which are seeking to take over some of the banking business.
But that’s not the only company being pushed out of the bank’s turf.
“We have been in discussions with several banks and other service providers to provide services to assist them with the transition,” wrote the Federal Deposit Insurance Corporation in a letter to Wells Fargo employees.
“We believe these are important steps in helping ensure the banks continue to meet the needs of customers in the long term.”
Bank of America has also said it’s exploring a number of potential solutions to help it deal with these new threats.
The bank is taking steps to make its financial system more resilient.
It is working with other banks and regulators to establish an automated reporting system for customers and their accounts, according the company.
And it’s creating a network of experts to help customers manage their financial affairs, including virtual advisors who will help them manage their money, according a spokesperson.AIM Financial Management, which has offices in Miami and Philadelphia, also has some of its own cybersecurity experts working on its system, the spokesperson said.