ING Direct Launches Enhanced iPhone, Blackberry App
Wilmington, Del.-based ING Direct USA has launched an enhanced mobile application for iPhone and Blackberry, allowing a number of new functions for customers of the nation's largest direct bank who use those devices.
Analysts Offer Scathing Critique of Metro Bank
Yesterday we ran news about a new financial institution, Metro Bank, opening its doors in London, and its founder Vernon Hill, who also founded the U.S.'s own Commerce Bank. Metro Bank promises to offer better service than its local competitors by keeping its branches open 361 days a year and offering a 24/7 London-based call center, along with online banking and quick account opening service
Wells Fargo Named Best Consumer Internet Bank
San Francisco-based Wells Fargo was named Best Consumer Internet Bank and Best Corporate/Institutional Internet Bank in the United States by Global Finance magazine, the bank said in a release.
Does Citi's iPhone Glitch Mean All Banks Should Review Their Mobile Banking Code?
Citi's confession this week that a glitch in its iPhone application was saving customers' personal information on their phones was a wake-up call for other banks who customize or develop their own mobile banking code, according to Alex Kwiatkowski, principal analyst - financial services technology at Ovum, who spoke to us this morning.
Tripwire Adds Compliance Functionality With New Release
Tripwire, an IT security and compliance automation solutions provider, yesterday announced the availability of the latest version of its configuration control and file integrity monitoring solution, Tripwire Enterprise 8.0, which now includes Remediation Manager, a capability that automatically repairs configuration errors reported by Tripwire Enterprise's Compliance Policy Manager. The new functionality is what Thelander believes will bridge the gap between security and compliance.
Citi Fixes, Discloses iPhone App Security Glitch
Citi has been remarkably proactive and upfront about a mobile banking glitch affecting users of its iPhone app. The bank identified a problem with the application in a routine security review, created a fix for it, and notified customers about it in a letter dated July 20.
"During a recent review, we discovered that our U.S. Citi Mobile iPhone banking app was accidentally saving information related to customer accounts in a hidden file on their iPhones," the company said in a statement. "This
Keeping the Love Alive: How Banks Can Strengthen Client Relationships
By Jeff Ficke, Senior Vice President and Treasury Management Sales Director, Fifth Third Bank
While clients have always looked to their banks as trusted advisers, the depth to which that trust is needed and the desire for strong strategic counsel has never been greater. The financial challenges of the last 18 to 24 months have altered the way bank-client relationships are perceived. Clients today have higher standards and expectations for their banks than ever before, and as a result,
BofA, Merrill Lynch Earn Gartner CRM Award
Bank of America announced today that Merrill Lynch received a Customer Relationship Management Excellence Award from IT research and advisory company Gartner, Inc. and 1to1 Media. Merrill Lynch was honored for its enterprise-wide alignment of multiple customer interaction channels and the resulting increase in client engagement and satisfaction, according to a release.
Citi Endorses IBM's New zEnterprise Mainframe As Banks' Mainframe Reliance Continues
IBM's hyperbolic announcement yesterday of its new zEnterprise mainframe (Big Blue said the new system provides 60% more performance and capacity in the same power envelope than the previous generation of IBM mainframes, z10, and is 56% less expensive to run than a comparable farm of Intel servers) interested us because in the past few weeks, we've spoken to several CIOs about their reliance on mainframes.
Credit Scores Aren't Broken, But Are Being Enhanced With New Analytics
Dr. Andrew Jennings, Chief Research Officer, FICO
The recent economic crisis has led some to wonder whether analytics that measure consumer credit risk are fundamentally broken. I can reliablystate that they're not broken - the robust measures, such as the FICO score, still rank-order consumers by credit risk.
Where's the Love for Android?
With the large public debacle that was Steve Jobs' and Apple Inc.'s "Antennagate," a growing number of smart phones and connected devices on America's other wireless carriers and an ever-maturing mobile OS and app marketplace, Android is looking more attractive all the time. And while mobile banking apps and features seemingly pop up everyday on iOS, the same can't be said for Android.
How to Do Cloud Right
Bank IT departments are feeling pressure to compete with Amazon's cloud services. But they need to form a sound cloud strategy first, advises Innovation Councils cofounder Julio Gomez.
How Safe Is the Cloud?
Who can access data in the cloud, and how data and tasks are audited are critical issues for banks exploring cloud computing, security experts say.
BS&T Survey: Banks Take to Cloud Computing
The agility and cost-efficiency enabled by cloud computing has some large banks proactively testing the technology. But other bankers are cautiously awaiting answers to security and regulatory questions. Still others aren't even quite sure what cloud computing is.
Data Management at Heart of New Regulation
Among the changes sought by new financial regulation, data protection and integration requirements to reduce risk and improve reporting will drive change in bank IT policies, according to a report from Deloitte.
Financial Overhaul May Improve Banks' Customer Relationships
My experience as a bank customer began early. I was the treasurer of our household at age nine, and the custodian of five Christmas Club accounts. That was my grand total understanding of banking. Every week I went to the bank like clock-work. My first encounter with pretty girls occurred at the teller line, and my first disappointment in that awkward adventure presented itself when Mr. Tyler would flag me down to his station. He had accumulated a week's worth of advice that had to be delivered
Citi's Mobile Shopping App Goes Live
Citi today debuted its CitiShopper application, which provides information about offers and deals from local retailers. I tried this out on my iPhone. I typed in the site URL (https://citishopper.citi.com/mp), then my office zip code. Up popped a list of Local Deals, each followed by an exclamation point, as in "This refrigerator is perfect for your home!" CitiShopper suggested I purchase a $600 red microfiber sofa at a Wal-Mart in Secaucus (a bit of a hike from 19th Street in Manhattan), a $500
Is An IPO in Prepaid Cards a Green Light for Growth?
A wide range of interested parties are contemplating the growth prospects for future growth in the prepaid card market. The unusual Green Dot (GDOT) IPO that is currently going to market is providing some existing shareholders with the opportunity to monetize a portion of their holdings. Green Dot will not receive any proceeds from the estimated $130 million IPO. Its shares will be available for purchase by new investors and the remaining shareholders will have a market for selling shares in the
New BofA Account to Charge for Paper Statements, Tellers
Bank of America plans to offer an online bank account that charges an $8.95 monthly fee if a customer receives a paper statement or goes to a teller, as it looks for ways to make up for income lost because of new regulations. The new account will steer customers toward using ATMs and online banking rather than branches. The bank is also phasing out its free checking program for college students. Its other checking accounts carry monthly fees unless the customer maintains a certain balance or mee
Visa Publishes Best Practices for Tokenization
In an ongoing effort to eliminate or reduce sensitive card data from payment systems and simplify data security and compliance, Visa today announced global industry best practices for tokenization.
BBVA Pilots Sleek New ATMs
BBVA has rolled out a set of sleek new ATMs the bank refers to as "The Future of Self-Service Banking." It hired San Francisco design firm Ideo, which studied the way customers use ATMs and worked on the design for two years. NCR and Fujitsu also worked on the project.
Banks Need to Turn Black Boxes into Glass Boxes
By David Sherriff, Microgen
Traditionally, many financial services companies have treated their internal operations like the black box on an aircraft: only when the plane goes down do outsiders get a glimpse into what happened leading up to the crash.