News & Commentary
Content posted in August 2007
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Without M&A Activity The Top Six Core Vendors Would Account For Only 13% Of Their Current $14 Billion Annual Revenue
News  |  8/31/2007
There's a rule for survival in the consulting business - Publish or Perish. Here's my rule for bank tech companies - Acquire or Be Acquired.
Flu Pandemic Test Not Necessarily an Exercise In Futility
News  |  8/31/2007
By Maria Bruno-Britz, Bank Systems & Technology We haven't heard too much this year about the flu pandemic. News of isolated outbreaks have been few and far between when compared with the feverish reporting during the earlier part of the year and 2006. However, the idea of a pandemic is still fresh in the minds of the financial services industry and the U.S. government as they gear up for a wide-scale test later this month called the
Does Oxley See Sarbox Relevance to Subprime Mortgage Mess?
News  |  8/29/2007
NOTE: This blog was written in conjunction with the 2007 Gartner Financial Services Technology Summit held in New York City from Aug. 27-29. It was too bad that Michael Oxley, former U.S. congressman, co-author of the Sarbanes-Oxley Act and currently Vice Chairman of the NASDAQ and Advocate for Corporate Accountability, didn't take any
Wachovia's Scott Flemming Automates 500 Internal Processes
News  |  8/27/2007
Scott Flemming, vice president, information technology at Wachovia, discusses how he turned his focus towards automating the smaller, often-ignored IT processes to help fulfillment organizations become more efficient. Flemming also discusses how financial services IT has changed during his career.
Arizona Federal Credit Union CIO Jim Phillips Aims High With His Strategic Plans
News  |  8/27/2007
Arizona Federal Credit Union CIO Jim Phillips talks about the ambitious strategic plans that's he's implemented since his arrival at the organization in late 2005. In order to keep up with AZFCU's rapid growth and the rapid pace of change in technology, Phillips aimed to make sweeping changes in the organization's IT systems.
BancorpSouth's Michael Lindsey Discusses Mobile Banking
News  |  8/27/2007
BancorpSouth's Michael Lindsey, SVP and Manager of Electronic Delivery Services, explains how he was able to create an approach to mobile banking that helped propel the mid-sized bank to the status of early adopter at a time when many large banks are still in the pilot stage.
National City's Joseph McCartin Says IT Is Key to Differentiation
News  |  8/27/2007
National City's Chief Information Office Joseph McCartin is a firm believer in IT as the key to differentiation in financial services. McCartin discusses the importance of IT to the customer experience, as well as the bank's core systems refresh and two programs he initiated to help with National City's project execution st
ING DIRECT's Brenda Rideout Focuses on Automation, Architecture, Simplicity and Security
News  |  8/27/2007
Brenda Rideout, CIO and senior vice president information technology at Toronto-based ING DIRECT, says that as an enabler to the business IT is focused on making sure its products are simple and can be automated. She discusses how this has been accomplished through development of an architecture that embraced SOA principles
Wells Fargo's Wayne Mekjian Discusses Vendor Working Group
News  |  8/27/2007
Description: After 40 years in the financial services industry, Wayne Mekjian, Wells Fargo's Group Technology Executive and Chief Information Officer, has witnessed quite a bit of change. However, nothing compares to the possibilities opened to banks by the Internet, he says. Mekjian also discusses the bank's Technology Info
Bank CIOs Must Combine Tech Expertise With Business Acumen
News  |  8/27/2007
Bank CIOs these days must be tech savvy and have good business sense, but they also must be capable of dealing with an accelerated pace of change on an increasingly global stage.
Banks Must Engage Customers to Secure Online Transactions
News  |  8/27/2007
Securing online banking requires cooperation among banks, customers and vendors.
Online Transfer Features Vary Greatly at Top Banks
News  |  8/27/2007
Study finds that beyond basic functions, no standard exists for online account transfers.
Central National Bank Finds Growth Opportunities In Prepaid Card Space
News  |  8/21/2007
Deal with Postilion enables CNB to issue and process prepaid cards for other banks, retailers. By Maria Bruno-Britz, Bank Systems & TTechnology
CIOs Must Execute on Innovation
News  |  8/20/2007
IT leaders are getting too bogged down in me-too decision-making at the expense of true innovation, says Gartner analyst Stephen Prentice.
A New Kind of Executive Needed for Future Bank CIOs
News  |  8/20/2007
From globalization to regulation, today's bank CIO needs to be both business manager and tech guru.
Sometimes Even The Best Research Doesn't Produce The "Right" Answers
News  |  8/20/2007
I'd like to begin this blog with story about a nice experience dating back to the sixties when I worked for a large consulting firm. Our client was an airline called TWA. The board of directors hired our firm to answer a question that management and the board couldn't resolve - Should TWA move its reservations center to Rockleigh, New Jersey or leave it in Kansas City?
Celent and Millennial Banking Behavior: A Second Look
News  |  8/20/2007
A few weeks ago, I wrote a blog titled, "Surprise! Kids Are Going to Bank in New Ways." I admit, the entry was a bit snarky and I was a little harsh on Celent's report, "The Millennials, Financial Services, and the Web." It's just, as an almost Millennial, I wasn't thinking like a bank
GUEST COLUMN: A Greener Data Center Starts with a Better Handle on IT Assets
News  |  8/20/2007
By Richard Muirhead, CEO and Founder, Tideway Systems Going green is a red hot issue these days, particularly in the data center which is a big consumer of energy. Rising energy costs, combined with the increasing number of servers, cooling equipment and related infrastructure being deployed, are creating new pressures on corporate bottom lines in financial services organizations and in many other industry sectors.
Bank Regulation Meets the Virtual World
News  |  8/20/2007
By Maria Bruno-Britz, Bank Systems & Technology Typically, when a person goes online and decides to join a virtual world like Second Life, it's to escape the every day problems of the real world. What better way to get away from it all than to create a virtual persona and live vicariously through him or her? Well, a trip to Hawaii might also work, assuming you've got the cash! But I digress.
Wachovia IT Exec Scott Flemming Focuses on Process
News  |  8/20/2007
For Wachovia vice president Scott Flemming, process improvement isn't just an IT initiative, it's a way of life.
Arizona Federal Credit Union CIO Jim Phillips Lets His Innovative Strategic Plans Guide the IT Way
News  |  8/17/2007
VP and CIO Jim Phillips has a clear strategy for guiding Arizona Federal Credit Union's IT toward meeting consumers' evolving needs.
Fiserv Acquisition of Checkfree Expands its Core Offering
News  |  8/17/2007
The recent deal between Fiserv and CheckFree changes the core systems and online payment landscape.
IT Professional Need to Improve Soft Skills to Ensure Job Security, Experts Say
News  |  8/17/2007
Project management, leadership and communication among sought-after IT skills.
Wharton to Offer Exclusive Training for CIOs
News  |  8/17/2007
In a partnership with Gartner, the Wharton now offers high-level CIO education with a focus on the CEO-CIO relationship.
2006 Most Innovative CIOs In Banking Find Roles Changing
News  |  8/17/2007
According to Bank System & Technology's 2007 "Most Innovative CIOs in Banking," banking CIO responsibility continues to grow as banks' strategies change with market demands.
National City's Joseph McCartin Says IT Is Key to Differentiation
News  |  8/17/2007
National City's Joseph McCartin says IT is the place for banks to differentiate themselves in the eyes of the customer.
BancorpSouth's Michael Lindsey Discusses Mobile Banking
News  |  8/17/2007
BancorpSouth's Michael Lindsey has helped propel the financial institution to the front lines of the mobile banking movement.
ING DIRECT's Brenda Rideout Focuses on Automation, Architecture, Simplicity and Security
News  |  8/17/2007
As CIO of the first ING DIRECT, Brenda Rideout focuses on automation and architecture to simplify banking for the Canadian institution's customers.
Wells Fargo's Wayne Mekjian Discusses Vendor Working Group
News  |  8/17/2007
Wells Fargo's Wayne Mekjian learned early on to step back and look at the big picture when it comes to technology decisions.
Price Optimization is Catching On
News  |  8/17/2007
With an increasing number of banks taking up price optimization, industry analysts insist it is time to bring the practice to light.
Lenders Turning to Alternative Credit Data
News  |  8/17/2007
Nontraditional credit data for credit scoring is gaining acceptance among lenders seeking new sources of growth.
BS&T’s "Banking’s Most Innovative CIOs 2007" Balance Strategic Vision and Technical Expertise
Commentary  |  8/17/2007
The six executives recognized as Bank Systems & Technology's "Banking's Most Innovative CIOs 2007" apply a range of technical and leadership skills to help their banks perform more competitively and profitably.
NACHA Issues Ruling On International ACH Transmission Format
News  |  8/16/2007
By Maria Bruno-Britz, Bank Systems & Technology The world of payments just got a tad less confusing, thanks to NACHA, the Herdon, Va.-based payments organization. Effective March 20, 2009, all international payments made via the ACH Network will be identified as International ACH Transactions using a new Standard Entry Class (SEC) Code-IAT. The new rule will also require that IAT payments include specific data elements defined by the Bank Secr
BRIEF: Refinski and Fortney Promoted at Metavante
News  |  8/14/2007
Executive VP Gary A. Refinski was named chief information officer of Milwaukee-based Metavante. He will be responsible for operations and service delivery, technical support, technology infrastructure and corporate systems. Also, SVP Dave Fortney was named chief technology officer of the company. He will report to Refinski and will provide leadership for Metavante's technology direction and also lead
BRIEF: Purzycki Named Barclay's US Card COO
News  |  8/14/2007
Joe Purzycki was appointed chief operating officer for Barclay's U.S. credit card business (Wilmington, Del.). Purzycki is responsible for all operational aspects of the business, including customer support, collections and technology.As the COO, Purzycki will lead efforts to drive bank-wide efficiency, innovate with new technologies, improve the customer experience and provide foundational support fo
There Are 14 Good Ways To Do Banking, And Then There's Mobile
News  |  8/13/2007
First, let me warn anyone who is still reading my techno rants and raves, that I am not a fan of mobile banking. The reason is simple. There are 14 better ways for a commercial or retail customer to handle banking chores. And I believe there are still wonderful activities in life that one can enjoy without being wired to a bank.
Cookie-based Security Creates False Sense of Online Banking Security
News  |  8/13/2007
- By John De Santis CEO, TriCipher Throughout 2006, a series of high-profile incidents occurred that very painfully and very publicly highlighted how flimsy usernames and passwords are in protecting a person's online identity. Phishing and various other forms of online fraud sent the e-business community--particularly in financial services, which bore the brunt of these attacks--into a tailspin. In a bold move, one of the world's largest
Blogging Is An Effective Way for Banks to Improve Their Web Sites
News  |  8/13/2007
Banks should start up their own blogs, according to research compiled by Javelin Strategy. According to the research firm, 20 percent of all U.S. consumers read blogs and readership rises to 34 percent among the more affluent tech-wise surfers.*
BRIEF: Hexaware, Pemtrad In Risk Management Venture
News  |  8/10/2007
IT services provider Hexaware Technologies (Mumbai) and Pemtrad International will launch Risk Technology International (RiskTech). The new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech will have offices in U.K., U.S. and India.
BRIEF: First Data and mFoundry Team Up for Mobile Banking
News  |  8/10/2007
Payments solutions provider First Data (Denver) and mobile solutions company mFoundry (Sausalito, Calif.) entered a partnership where they will work together to deliver mobile banking and payment services to U.S. and international mobile subscribers. The firms hope the newly forged relationship will leverage each company's respective strengths to offer mobile operators, mobile subscribers, merchants and financial insti
IT Departments Must Face the Reality of IT Consumerization
News  |  8/9/2007
By Maria Bruno-Britz Will the days of corporate IT's imperious reign over all matters tech-related soon end? When it comes to the immediate needs of the end-users within a company, it will. In fact, according to Yankee Group, it's already happening.
Bank Execs Discuss ATM Technology Developments
News  |  8/8/2007
ATMs Technology developments and functionality enhancements, as well as emerging global economies, offer opportunities for ATM advancement.
Citi’s Chief Data Officer Turns Data Into a Business Asset
News  |  8/8/2007
Data management issues can be a challenge. But Citi Markets and Banking Chief Data Officer John Bottega and Citi COO say they are turning their firm's data into a business asset.
First Horizon National Standardizes Contact Centers on Interactive Intelligence Platform
News  |  8/8/2007
First Horizon's cost for IVR-based calls has dropped from 7 cents per call to 4 cents, saving the bank about $50,000 a month.
Remote Deposit Capture Rollouts Not Very Numerous
News  |  8/8/2007
RDC initiatives are more conservative than originally thought.
Deutsche Bank’s Harold Young Predicts SEPA Opportunities
News  |  8/8/2007
Single Euro Payments Area, or SEPA, will open new doors to differentiation and payments standards for banks.
Banking Customers More and More Mistrustful of Financial Institutions
News  |  8/8/2007
Consumer mistrust likely to shape future competitive landscape in banking.
Lenders Focus on Customer Relationships
News  |  8/8/2007
Faced with the realization that the boom times are at an end, lenders are looking inward and developing strategies to boost customer relationships.
Banks Eye Finance, Accounting Outsourcing Revenue
News  |  8/8/2007
Lagging cash management revenue has prompted many banks to start offering new elements of finance and accounting outsourcing to their corporate customers.
JPMorgan Chase, Syracuse University Partner for Tech Future
News  |  8/8/2007
JPMorgan Chase and Syracuse University partner to develop tomorrow's IT workforce.
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