Chase and Wells Respond to Card Act with Creative Payment, Pricing Models
How are card-issuing banks coping in the aftermath of phase two of the Credit Card Accountability, Responsibility and Disclosure Act, which took effect last Monday (limiting fees and interest rate charges and requiring specific disclosures in cardholder statements)? According to Ted Landis, senior executive, financial industry programs for payments and strategic cost reduction at Accenture, forward-thinking issuers such as Chase, Wells Fargo and American Express are making the best of it by comi
The Innovation Factor: Going Lean and Green
By Patrick J. Moore, Senior Vice President, Director, Treasury Product Management, Fifth Third Bank
Just a few years ago, one of the hottest business trends in the nation was the move toward sustainable practices. If you weren't going "green," you were behind the curve. Then the economic crisis arrived and the prevailing focus shifted to survival.
How to Save Money on IT
The last time I addressed the subject of IT cost cutting for a mass audience was April 1978, at a BAI conference in Indianapolis. Bankers filled the room, but what surprised me was the absence of napping. Most of them were taking notes because my list was long and each bullet was self explanatory. To provide you with a sense of how much we have progressed in 33 years, I'll give you an example of what was on the list - "Recycle your microfiche processing materials to extract the precious metals."
How Banks Can Meet the Needs of Generation Y
A survey of 1,055 consumers finds banks have a lot of opportunity to reach the 18-to-30-year-old customer segment if they start catering to this group with SMS alerts, online financial advice and videoconferencing.
Jesse Jackson, bloggers and some journalists have taken to the word "bankster." What will it take for bankers to redeem themselves and for the term to fade from use?
Living with the Credit Card Act, Part I
I have a friend whom I'll call Bob because that is his name. Bob is bipolar, lives in a group adult home, and was the boyfriend of my mentally ill sister who passed away two summers ago. He receives a $720 monthly disability benefit check from the government, about $600 of which goes to the group home to pay for his room and board, the other $120 is his allowance for cigarettes, snacks and such; this is deposited in his checking account with a major bank. Bob has debit and credit cards from this
Bank BI Projects Abound, But Results Lag
Ness Technologies/IDG survey of 64 financial companies finds many business intelligence projects in progress in banks, but uncovers some disappointment in the results those projects are achieving.
BofA Squashes Cybersquatter, For Now
In an ongoing legal battle, Bank of America has been granted the right to the domain names bofaml.com and mlbofa.com, but an appeal has already been filed.
Q&A: Alex Cox, Discoverer of Today's Massive Botnet Attack
Data security expert Alex Cox tells how banks can protect themselves against the Kneber botnet he discovered that the Wall Street Journal announced today, that has infected 75,000 computers at 2,500 organizations around the world, and that is still active.
New Landscape Accelerates Core Banking Changes
By Steven Reiter and Fiaz Sindhu, Accenture
Post-crisis, banks are awaking to a new world order marked by a regulatory wave requiring greater transparency, more self-sufficient customers with rising expectations, and greater competition from traditional and non-traditional players
Yet most banks' ability to respond to these forces is highly constrained. The
processes, procedures and information technology that form the foundational layer of their operations are expensive to maintain and lack
Fraud and ID Theft: Are One-Time Password Bank Cards the Answer?
By Dennis Brestovansky, president and CEO of Aveso Displays
Over the past few years, fraud and theft of corporate and consumer information have escalated dramatically, reaching devastating proportions worldwide. It's becoming a far too frequent fact of financial life.
How to Negotiate A Bank Tech Contract
I'm not a fly, so I don't know how vendors negotiate IT deals with banks. But I do know how to direct my clients once the choice of primary vendor has been confirmed. I basically tell them to negotiate from a position of intelligence, not psychology. Don't chisel; don't beg; don't hang on to the banking crunch as if you were a welfare recipient; don't threaten; don't tease with "better" offers from other vendors; don't make claims that your deal will put the vendor on the map. They're already on
Why Bankers Should Make an Effort to Become "IT Savvy"
In May 2003, Nicholas Carr made a big splash in the IT world by writing an article for the Harvard Business Review titled "IT Doesn't Matter." Without getting into details, Carr differentiated between IT as an infrastructure commodity, like electricity, with no competitive advantage, and proprietary technology investments, which can be the foundation for competitive advantage. The commotion over this article among my clients was noteworthy. Among his conclusions, Carr argued for "managi