Content posted in February 2010
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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
Ex-Prez Clinton Urges Card Issuers to Serve the Unbanked
By Steve Kietz
Honor Roll: This Week's Top Banking Blogs (Feb. 21-27)
Our favorite banking technology-related blog posts from around the Web (February 21-27, 2010):
Punjab & Sind Bank Signs 10-Year Outsourcing Contract with Wipro
Bank to shift major IT infrastructure and services from Satyam to Wipro.
New York City's Underbanked Population: Growing and Mistrustful of Banks
New York City's underbanked population: New research show 13 percent of New York City households lack bank or credit union accounts.
KeyBank Prints Less, Saves $2.5 Million
Cleveland bank has already saved $2.5 million in reduced printing costs through the use of print tracking and reporting software.
UBS Offers Security Device to Online Banking Customers
Bank is using IBM's Zone Trusted Information Channel, a USB-connected smart card reader designed to thwart trojan attacks.
Banking Yields Growing Pains for the BankTech Community
A little over two years ago (January 10, 2008, Analysis & Opinion Brief 2008-01), my analysis of the coming crisis was accurate in some areas and understated in other areas.
BB&T Awards Exclusive 5-Year Managed Print Services Contract to Lexmark
BB&T awards exclusive five-year managed print services contract to Lexmark; agreement will help BB&T carry out corporate cost savings and business initiatives.
Microfinance Troubles Stem from Fast Growth, Not the Recession, World Bank Says
World Bank report says the repayment crises in four countries have been caused by excessive lending concentration, overstretched back-office capacity and a loss of credit discipline.
Cusip, Avox Launch Directory of Business Entity Identifiers
Initial offering contains identifiers and location data for over 250,000 entities from around the world.
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.
IronKey Offers Device to Secure Corporate Online Banking
Device provides secure browser, malware protection and two-factor authentication to protect online banking transactions.
Bank of Taiwan to Extend Its Use of Unisys Core Banking
New core banking system running on two Unisys ClearPath Libra Model 400 servers to support international branches and combat money laundering.
BofA Merrill Lynch Developing Electronic Bank Account Management for Corporate Clients
New system expected to reduce costs and improve efficiency by allowing clients to open accounts online.
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.
How Much Risk Lurks in Your Loan Portfolio?
A new, eBay-style electronic marketplace for troubled loans tries to give bankers a clear sense of what their distressed debt is worth.
Recalculating Risk: The New Rules of Risk Management
New data management and risk analytics tools are giving banks such as ING, HSBC and Union Bank insight into enterprisewide risk exposures and a head start on Basel II rules.
The Changing Role of the CRO
The personnel have changed and responsibilities have broadened for bank chief risk officers.
Bankster Rap?
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?
Huntington Bank Appoints Steve George Technology Shared Services Director
George formerly led retail architecture at JPMorgan Chase.
Burroughs Payment Systems and Ceto and Associates Partner to Improve Cash Management Capabilities
Burroughs Payment Systems and Ceto and Associates partner to improve cash management capabilities; Burroughs SmartCash currency recyclers and dispensers integrated with the Ceto Cash Calculator (C3).
India Bank Launches One-Time Password Card to Protect Online Banking Users
Corporate clients can now use one-time passwords generated by a small plastic card developed at the Indian Institute of Technology Madras.
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.
uMonitor and TransUnion Expand Relationship, Focusing on Account Opening and Funding
uMonitor and TransUnion expand relationship, focusing on Account Opening and Funding; goal is to help banks and credit unions make better decisions.
Associated Bank to Save $115K Per Year on Green Data Centers
Bank to use the chill Wisconsin winter air to naturally cool two data centers.
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.
Honor Roll: This Week's Top Banking Blogs (Feb. 14-20)
Our favorite banking technology-related blog posts from around the Web (February 14-20, 2010):
U.S. Bank Launches Remote Deposit for Small Businesses
Leverages technology the bank has offered large business customers since 2004.
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
IBT, SeerGate to Offer Secure Online Payment System
Bank core processing provider to offer SeerGate's Secured Lock
interbank payment and invoicing system.
Botnet Affecting 2,500 Organizations Discovered
"Kneber Botnet" gathers login credentials to online financial systems, social networking sites and email systems from infested computers.
Fundtech Reports 4Q Growth, Hires Industry Vet
Revenues up 10% and Ed Gainer, former CEO of Generated Systems Technologies, to run cash management business.
Accenture and SAS to Jointly Develop, Implement and Manage Predictive Analytics Solutions
Accenture and SAS to jointly develop, implement and manage predictive analytics solutions; Accenture SAS Analytics Group will target financial services, healthcare and government.
Donofrio to Lead BofA's Global Corporate Banking Business
Cathy Bessant recently appointed Global Technology and Operations Executive.
Citizens South Appoints Icenhour Chief Risk Officer
Twenty-eight-year banking veteran hired from SunTrust in Nashville.
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.
WSFS Bank Names New CTO
Former CIO of T. Rowe Price, James Mazarakis, to lead technology projects.
Oracle Offers New Risk, Performance Analytics
New and upgraded applications focus on managing interest rate and liquidity risk and planning for future performance.
Fed Governor Tarullo Asks Congress for More Bank Data-Gathering Powers
In a hearing held by the Senate Committee on Banking, Housing & Urban Affairs on Friday, Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System, made the case that the Fed should be given enhanced ability to collect data from banks.
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
Honor Roll: This Week's Top Banking Blogs (Feb. 7-13)
Our favorite banking technology-related blog posts from around the Web (February 7-13, 2010):
Kansas Woman Sentenced for Bank Fraud, Must Forfeit Airplane
Wrote fake checks against her employer's account, now must give him the airplane crafted from a kit purchased with stolen money.
Cambridge Scientists Demonstrate Vulnerability of Chip Cards
Small device can trick terminals into authorizing card transactions without an accurate personal identification number.
BofA Gives "Clarity Commitment" to 1 Million Borrowers
Former Countrywide unit has given a one-page loan summary to a million borrowers, in the interest of transparency.
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
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