Swedish Banker Unplugs Fraudsters
Wow. Talk about catching something in the nick of time. According to an AP report, a gang of fraudsters in Sweden were just seconds from pulling off a heist worth millions when an alert bank employee literally yanked the plug on the activity.
The Sky Might Be Falling, But IT Companies Are Protected
Three conditions affecting the banking business seem quite real and have already become visible in the form of poor earnings reports from the giants - losses in investment banking, the credit crunch and subprime mortgages. So it's natural to look to the left and right for other industries that might be affected. Of course, IT is a likely candidate for losses because as bank profitability goes, so goes IT investment. Maybe.
Health Savings Accounts Present Huge Opportunity to Banks
Health Savings Accounts HSAs offer banks an opportunity to attract new deposits and deepen business banking relationships. But the extent to which they must service account holders, plus banks' ability to navigate regulatory requirements, may determine if they can seize that opportunity.
Banks Increasingly Deploying Green Technologies in Data Centers
As energy consumption and costs continue to mushroom, banks increasingly are tapping new technologies -- such as IT asset management, virtualization and cooling solutions -- to improve the efficiency (and environmental friendliness) of their data centers.
To Think Globally, Scotiabank Acts Locally
According to Bob Grant, SVP, global transaction banking, Scotiabank, even if a bank offers an integrated, global cash management platform, it still needs an extensive branch network to meet corporate clients' full range of needs.
Were People or Technology to Blame for Multibillion Dollar Societe General Fraud?
Societe General is in big trouble-about $7 billion worth of trouble. Today, it was revealed that the French banking giant suffered this staggering fraud loss at the hands of trader Jerome Kerviel. The bank said it will seek emergency funds as a result, according to a Reuters report. The implications of this huge oversight are many.
There's A Big Void In the Bank Tech Community, And It's In The Sales Department
The problem is that most vendor sales organizations are still selling "left over" products, and that game ended about three years ago. The game now is to sell capabilities that will improve the performance of their customers - commercial banks, credit unions, thrifts and mortgage companies. If you don't know what I mean, let me use two examples to explain - Accenture and IBM Global Services.
2008 Persons of the Year - Bank Tech Sales Reps
With all due respect to the Cs in every bank tech company, show me a salesman who brings in the business, and I'll show you the person who is going to propel our industry into one very sweet higher level. I have met only 9 tech sales reps in 35 years who left a lasting impression on me, so don't expect a smashing 2008 unless the new breed of salesman is going to hit the streets soon.
Pulling the Plug On Banking In Second Life
A little while back, I blogged about the financial services community in the virtual world of Second Life, the brainchild of Linden Lab. These banks and brokers deal in Linden Dollars, which is the money of Second Life. According to wikipedia, although the exchange rate between real dollars and Lindens does fluctuate, there are approximately 270 Lindens to one U.S. dollar.
FIs Continue to Dial 'M' for Mobile Banking
Throughout 2007 (and even into 2008-see our Jan. issue), BS&T talked about mobile banking and mobile payments until we were blue in the face. From the way things are shaping up, it doesn't look like our mobile mania will abate any time soon. Deals continue to be inked and banks are slowly starting the process of getting the word out to customers about what exactly mobile financial services are. Mind you, I speak only of the U.S. market, which is still a mobile f
Add Intelligence to Data to Create Competitive Advantage
In the age of Web 2.0, banks are going to experience competition from non-traditional firms. In order to effectively compete against this new rival, they will need to continue to add value to their online offering. Adding intelligence to data through advanced reporting tools is one such way of doing this.
Getting Personal with Customers Using Interactive Documents
By Jerry Driscoll, Exstream Software
Despite the large number of mergers and acquisitions within the industry over recent years, banking still remains highly competitive. Walk down any street in an average American city, and you're likely to pass three or four bank branches marketed to attract more customers and encourage them to do more business by opening more and different types of accounts. As always, however, the most effective way to do this is to build personal relations