Profile of Penny Crosman

Blog Posts: 662

Lack of Standards, Security Biggest Barriers to Mobile Payments

5/5/2011
After the lack of industrywide agreement around how mobile payments should be deployed, security is the No. 1 stumbling block to mobile payments, at least in the eyes of North American consumers.

Wells Fargo Leads in Business Mobile Banking

5/5/2011
Wells Fargo was among the first institutions to offer mobile banking to corporate and small-business customers. And it continues to build out its mobile business banking capabilities.

The Limits of Social Media Analytics and the Need for Human Analysis

5/5/2011
There's significant value in having people -- not just software -- monitor social media comments.

Q&A: How Citi Staff Use Social Media to Collaborate

5/3/2011
Bank Systems & Technology speaks to Paul Butcher, director of communications central for Citi to confirm a tip that bank's employees are uncommonly active at using social media tools for internal collaboration.

Banks Mining Social Networks with Analytics Tools

5/3/2011
With the help of social media analytics tools, savvy banks including Citi, SunTrust, ING Direct and First Tennessee are listening to and gleaning useful insight from social media conversations.

Top 6 Reasons Banks Are Upgrading Their Cores

4/28/2011
Core migrations are up across the industry, but each bank seems to have its own goals for the massive -- and risky -- projects.

12 Best Practices for a Core Banking Upgrade

4/28/2011
Bankers who have recently completed or are in the midst of a core system replacement share their tips for a successful migration.

MasterCard Approves Gemalto's NFC Mobile Payment Technology

4/1/2011
Gemalto's software can send cardholder credentials to the secure element in NFC-enabled phones.

Visa, Samsung to Provide Mobile Payments at 2012 Olympics

3/31/2011
Specialized NFC-enabled Samsung phones to be handed out to athletes, sold to consumers.

Q&A: BBVA Compass CIO Sergio Fidalgo on the Bank's Upcoming Core Systems Overhaul

3/30/2011
The bank's migration to Accenture's Alnova platform will provide it with a single customer information file and real-time transaction posting across all channels.

54% of Bankers Call Creating Mobile Corporate Banking Services A High Priority

3/30/2011
However, only 15% see it as an opportunity for revenue growth.

Berkeley, Calif., Credit Union Turns To Solar Power

3/30/2011
Cooperative Center Federal Credit Union is installing solar panels that will collect up to 75% of the power the organization needs; it's also offering green checking accounts and loans to members.

90% of Top-Tier Banks Say Their Pricing Models Must Change

3/29/2011
The status quo no longer works for banks in this post-Basel III and Dodd-Frank era, an IBM/Economist survey finds. For large banks to succeed, they need to change their pricing strategies and improve risk and client behavior data.

American Express Launches Digital Wallet for Mobile, Online Payments

3/28/2011
Rather than waiting for the kinks to be worked out of NFC mobile payment technology, American Express is jumping in with a PayPal-like mobile and online payment scheme.

Fresh Rumors Team Google, Citi, MasterCard and VeriFone in NFC Mobile Payment Project

3/28/2011
Citi and Google are said to be working together on a mobile payment project that would allow users of the Nexus S Android phone to make contactless MasterCard payments.

Mobile Payment Solution for Google Nexus S Debuts

3/25/2011
Charge Anywhere's software turns the NFC-enabled Google Nexus S into a merchant terminal for contactless payments, presenting a competitive challenge to Verifone and Square.

Number of U.S. Mobile Banking Users Surges 54% to 30 Million

3/24/2011
Use of mobile apps grew 120% from 2009 to 2010; mobile browser and text banking usage are also growing. However, nearly half these users still say their preferred way to bank is online using a computer.

Wells Fargo EVP Shares Channel Strategy

3/23/2011
Wells Fargo has been working for years to integrate its retail delivery channels and provide a consistent experience across branches, mobile devices, online banking and ATMs. EVP Jonathan Velline shares the bank's strategy.

Why the Retail Store Bank Branch Is Making a Comeback

3/23/2011
Banks are spending millions of dollars to renovate branches in the image of retail stores and install interactive technologies, such as touchscreens and videoconferencing, to entice and engage customers. Why now?

BankSimple Signs Processing Partner TxVia, Plans to Offer Payment Cards Later This Year

3/23/2011
Moving ahead with the promise of simple, uncluttered mobile, online banking and card services on behalf of bank partners.

Mobile Payment Users Expected to Surpass 375 Million by 2015

3/22/2011
Spotty global adoption of mobile payments to date has been due partly to lack of availability, notes research firm In-Stat.

Northwest Federal Credit Union Fights Financial Crime With Analytics

3/21/2011
Using SAS software to find suspicious transactions.

Cyber Attack on RSA's Online Banking Tokens Serious, But Not Life-Threatening for Banks

3/21/2011
RSA's security breach is a wake-up call for banks that rely too heavily on security tokens, says Gartner's Avivah Litan.

PCI Council Issues Advice for Securing Card Data in Call Centers

3/18/2011
Rule #1: If you don't need it, don't store it.

Fight Over Mobile Payments Heats Up

3/18/2011
Could an open standard for NFC weaken mobile operators' ability to control the digital wallet?

PA Community Bank Saves Time With Automated Mortgages

3/17/2011
Although customers aren't flooding rural Community Bank's website with online mortgage applications, loan officers' time and trees are being saved with mortgage software.

ATMs Resume Working in Japan

3/17/2011
Mizuho Bank has suffered system outages since the March 11 Japan earthquake, but ATMs seem to be up and running again.

Dwolla Rolls Out Mobile Payment Service With Geolocator

3/16/2011
Dwolla Spots, an iPhone app that lets users find Dwolla merchants and purchase goods from their bank account using their mobile device, goes live.

Visa to Offer P2P Payments through Fiserv and CashEdge

3/16/2011
Deal could help banks and Visa maintain a role in the emerging mobile payment market.

Elizabeth Warren Courting Banks Across the U.S.

3/15/2011
In what the Wall Street Journal calls a "charm offensive," the acting director of the Consumer Financial Protection Bureau has been criss-crossing the country trying to win bankers over.

Google Said to Be Planning Mobile Payment Test in New York, San Francisco

3/15/2011
Reports suggest Google is making a big bet on existing NFC technology, while Apple invents its own.

U.S. Bank Adds Remote Deposit Capture, Card Alerts to Mobile Banking

3/14/2011
Bank adds check imaging and credit card activity update to a mobile banking offering that already included person-to person payments.

iPhone 5 Reportedly Won't Support Contactless Payments

3/14/2011
Apple said to be coming up with its own version of near-field communication technology, to be released in 2012.

Is More Merger Fun in Store for Wells Fargo's Wayne Mekjian and Martin Davis?

3/11/2011
As Wells Fargo CEO John Stumpf scans the horizon for new acquisitions, possibly of non-banks, IT leaders Wayne Mekjian and Martin Davis continue to cope with the intricacies of the Wachovia merger.

Commonwealth Bank of Australia Defends Mobile Banking Security

3/11/2011
Mobile banking is in some ways more secure than online banking, Commonwealth Bank of Australia says.

Idaho Bank Finds A Balance Between Security and Convenience

3/11/2011
bankcda, in Coeur d'Alene, Idaho, finds the middle way between draconian and laissez-faire security policy enforcement.

VeriFone and Square Squabble Over Mobile Payment Security

3/10/2011
VeriFone says Square's card reader can be easily turned into a skimming device; Square counters that its transactions are protected by banks' monitoring and fraud prevention technology. How much security is enough?

SWIFT Launches Security Token Technology in U.S.

3/9/2011
Secure Signature Key designed to make corporate treasurers' lives easier by letting them manage accounts at multiple banks using one secure token.

CFPB's Top Cop Vows to Go After Non-Banks As Well As Banks

3/9/2011
Richard Cordray, the new head of enforcement at the Consumer Financial Protection Bureau, shared his top five priorities yesterday. Bankers will be glad to know that two of them are streamlining regulation and policing non-banks.

SWIFT CEO Reports Growing Payment Volumes, Hints At Future Projects

3/8/2011
SWIFT CEO Lazaro Campos laid out some of the organization's plans for payments, identity management and corporate actions at SWIFT's Operations Forum this morning.

MERS, Under Attack, Says It Can't Be Blamed for the Mortgage Mess

3/7/2011
Homeowners and county recordkeepers have been challenging the massive MERS mortgage database in courts all over the country. But while MERS is losing many of these cases, it's winning some, too.

Lending Club Thrives As Consumers Pay Off Credit Card Debt with P2P Loans

3/6/2011
Peer-to-peer lending site has negotiated $233 million in personal loans at 20-30% lower interest rates than banks.

Equifax, Interthinx Offer A Real-Time View of Mortgage Borrowers' Debt

3/4/2011
Fannie Mae requires mortgage lenders to know exactly how much debt their borrowers have, but credit reports that are 30-90 days old at the closing date don't show recently acquired credit cards and auto loans. Equifax and Interthinx offer credit report updates that can be incorporated into the underwriting process.

U.S. Consumers Still Don't Trust Banks

3/3/2011
Banker bonuses are a primary cause of general anti-bank feeling; however, Americans do express satisfaction with their own bank.

Square Now Processing $1 Million In Mobile Payments Per Day

3/3/2011
Astonishing success for a product that only launched last month.

Mitek Rolls Out Quick Mobile Banking Setup Tool

3/2/2011
Service lets customers link a checking account to a mobile account by snapping a photo of a check with their phone.

Citi Cards to Offer Manilla Online Bill Payment Hub to Customers

3/2/2011
Service stores bills, account statements and subscriptions online and provides bill payment reminders.

Fiserv Acquires Mobile Banking, Payments Software Company M-Com

3/1/2011
Core banking software provider hopes to be able to roll out new mobile banking features quickly post acquisition.

Bank of America to Test Mobile Payments on the BlackBerry

2/28/2011
The bank is inviting BlackBerry-bearing customers in Atlanta and San Francisco to join a mobile payment trial this spring.

60% of Bankers Consider Business Payments "Extremely Important"

2/24/2011
Unsatisfied with their current payment infrastructure for business clients, many banks are trying to integrate their payments systems, survey finds.

One in Five Smart Phone Owners Admit to Being Addicted

2/24/2011
65% of iPhone users would fish their beloved device out of a public commode, survey finds.

SAP Launches App for Monitoring Mortgage Portfolios

2/23/2011
New mortgage analyzer is meant to help banks track the health of their mortgage portfolio and adjust to Dodd-Frank reporting rules.

ATM Skimming 101: How It Works, How to Prevent It

2/22/2011
U.S. banks lose about $1 billion a year to ATM skimming, and it's said to be growing 10% per year.

New OddJob Malware Targets Online Banking Users

2/22/2011
OddJob Trojan silently joins online banking sessions and lets criminals conduct transactions after the legitimate user has logged out.

The Technology Behind Metro Bank's 15-Minute Account Openings

2/22/2011
Straight-through processing, a decision engine, strategic outsourcing all help create an efficient branch account opening process.

Banks Are Driving ERM Programs, But Believe Their Risk Technology Needs Work

2/18/2011
A Deloitte survey shows that an impressive 86% of banks have chief risk officers and 79% have an enterprise risk management program in place or in progress. But the numbers of those happy with their current risk technology are much lower.

Community Banker, Wall Streeters Hired to CFPB Posts

2/18/2011
Ex-bankers from Deutsche Bank, Capital One Financial, Morgan Stanley, Philadelphia National Bank and Start Community Bank to join the consumer protection agency for financial services.

Mobile Fraud Alerts Let Customers Respond

2/17/2011
Under ClairMail's new mobile fraud alert service, customers can confirm or deny transactions, letting fraudulent transactions be voided before they go through and reducing false positives.

90% of Financial Institutions Call Improving Risk Data A Priority

2/17/2011
More intrusive supervision and higher penalties are driving firms to improve their risk data infrastructure, according to analyst firm JWG.

Google's Schmidt Says Mobile Payments Will Boom As Part of Mobile Consumerism

2/16/2011
Consumer shopping will drive mobile payments, Schmidt believes.

BankSimple Aims to Declutter Mobile, Online Banking

2/15/2011
A small group of banks will offer basic checking and card accounts through BankSimple's stripped-down interface.

Intel Says New vPro Boosts Performance and Speed, for Laptops, Virtual Desktops

2/15/2011
More powerful Core processors, built in authentication features and a Citrix collaboration make the latest vPro laptops and desktops worth a look.

Chris Perretta, State Street CIO, on Building A Secure Cloud

2/15/2011
As part of an IT transformation project, State Street is creating a private cloud that the bank's CIO says will be more secure than the existing IT infrastructure.

Research Finds 67% Rise in Number of Companies Using Cloud Services

2/14/2011
But although companies are quickly adopting cloud computing, many are neglecting such fundamentals as integration, security, connectivity, monitoring, continuity planning and long-term staffing, the report found.

IBM's Watson Computer To Compete on Jeopardy Tonight

2/11/2011
Over time, IBM wants to sell Watson to banks and other companies to help them solve large, complex problems.

Through A Boomlet of PFM Tools, Banks Offer Consumers Budget Help

2/11/2011
PNC, Bank of Montreal and Lloyds TSB are rolling out or enhancing their personal financial management offerings, to meet consumers' psychological need to take control of their budgets.

Americans Misjudge When It Comes to Spending

2/10/2011
A Chase survey finds that when people think they're in control of their spending or have stuck to a budget, they're often wrong.

Mobile Banking Can Deliver 300% Returns, Accenture Says

2/9/2011
Banks in the Middle East, Asia Pacific and Europe are reaping high returns by offering extra services via mobile devices.

Can Square, Intuit and Other Mobile Payment Providers Compete With A 12-Cent Debit Card Transaction?

2/8/2011
They may provide ease of use, but new mobile payment providers targeting small and medium size businesses don't seem to offer transactions cheaper than post-Dodd-Frank debit card payments.

First Tennessee Upgrades Mobile Banking App

2/7/2011
Next generation to include bill payment via iPhone.

BofA, Chase and KeyBank Receive Online Banking Awards

2/7/2011
Corporate Insight evaluated 16 financial services websites for ease of use and navigation.

CFPB Meets YouTube

2/4/2011
The Consumer Financial Protection Bureau's new website courts consumers with friendly video messages.

Banks Have Yet to Create the Killer App for Mobile Banking

2/3/2011
Although 10 million U.S. adults use mobile banking, that doesn't mean they like it, says Forrester senior analyst Emmett Higdon.

Q&A: Tony Kerrison, CTO of ING, on How Cloud Computing is Changing IT

2/2/2011
Cloud computing pioneer Kerrison, who is building a private cloud and investigating the use of public clouds at the Amsterdam banking giant, believes cloud computing will profoundly affect IT executives' jobs.

USAA Formally Launches Its iPad App

2/2/2011
USAA continues to lead at offering innovative mobile applications for banking, insurance and investments.

Banks' Global IT Spending to Grow 3.7% in 2011, Celent Predicts

2/2/2011
Financial services firms around the world will spend $363.8 billion on IT this year, analysts estimate.

Large Banks Care About the Mass Affluent But Struggle to Serve Them

1/31/2011
Aite Group analysts believe that unless they make changes, banks risk losing the mass-affluent opportunity to online brokerage firms.

CIBC Launches Mobile App for Home Buyers

1/31/2011
New app for iPhone and BlackBerry smartphones gives Canadians mobile access to mortgage tools, advice, and neighborhood information, while they’re out looking for a new home.

Mobile Banking Ubiquitous Among Large Banks, Chase's Declared Best

1/26/2011
Corporate Insight has determined Chase's mobile banking offerings to be the best among the 16 large banks it tracks, largely because of its remote deposit capture offering.

Bank of China Reducing Paper Consumption 95% By Taking SWIFT Messages Paperless

1/26/2011
Bank of China's London subsidiary has stopped printing SWIFT messages, instead routing them with IBM software, cutting down on paper and making the messages easier to search.

Social Media Analytics Tools Bulk Up

1/25/2011
The tools banks use to monitor and analyze customer activity on social media networks are quickly expanding and adding new features.

Chase to Deploy Hundreds of Single-Slot NCR ATMs

1/24/2011
Consumers will be able to drop cash and checks simultaneously into a universal deposit slot.

Consumer Group Applauds CFPB's Efforts to Date, Including Its IT

1/24/2011
Technology team making quick work of new website and complaint database.

Banco Santander to Replace 670 ATMs

1/21/2011
Largest bank in Europe to roll out a fleet of Diebold Opteva machines.

Inside IBM's Mega Outsourcing Projects With ABN Amro and Bank of Ireland

1/21/2011
There was a boom in large outsourcing contracts among banks in 2010 and IBM was a big winner.

Frank Says He'll Work to Revoke 12-Cent Cap on Debit-Card Fees

1/20/2011
Dodd-Frank co-author says he will work with House Republicans to get the Fed to change its ultra-strict limits on debit card interchange fees.

Banco Sabadell Becomes First Spanish Bank to Offer Mobile Deposit Capture

1/20/2011
Letting customers deposit checks with a snap of their iPhone or Android device.

How Sheila Bair Would Fix the Foreclosure Crisis

1/19/2011
Mortgage servicers should be compensated differently and provide a single point of contact for troubled borrowers, for a start.

First Direct First U.K. Bank to Launch Mobile Payment Service

1/14/2011
iPhone app lets customers make person-to-person payments.

Americans' Use of Cash Dropping, Except Among Gen Y

1/14/2011
Aite Group's prediction that U.S. consumers’ use of cash will decline by a total of 17% between 2010 and 2015 is not surprising, given the rising popularity of debit cards and mobile payments. But why is Gen Y increasing its use of cash?

BBVA to Deploy 200 Custom-Designed ATMs in Spain

1/13/2011
Bank spent two years designing ATMs that would be simple to use.

Perception of Banks in Social Media Became Positive in Q4 2010, Analysis Finds

1/13/2011
Serendio's latest social media analytics study has found that American Express and Citibank have grown most in the estimation of social media network members.

90% of U.S., U.K. IT Managers Plan to Deploy New Mobile Apps in 2011

1/13/2011
Sybase survey finds that 21% look to introduce 20 or more mobile applications into their organization.

CFPB Releases Details of Complaint Database It's Creating

1/12/2011
The Consumer Financial Protection Bureau's implementation team, headed by Elizabeth Warren, is constructing a comprehensive archive of consumer complaints about financial products and services, with plans to share this information with other government agencies, Congress, contractors and others.

Wealthy Under-50s Getting Richer, But Long for Better Financial Technology

1/11/2011
Appealing to rich investors under 50 could win banks $18.6 billion in revenue, Cisco research finds.

Wells Fargo Rolls Out New PFM Tool

1/11/2011
My Money Map, a personal financial management tool from Wells Fargo, aims to help those more sure of their weight than their bank account balance.

90% of Companies Use Social Networking Internally, Survey Finds

1/11/2011
Yet only 10% of them consider their internal social networking systems successful, according to InformationWeek Analytics research.

Bank IT Spending to Rise 4% in 2011, Celent Predicts

1/10/2011
North American banks will spend an estimated $53.4 billion on technology this year, analysts say.

Q&A: Frank Eliason, Citi's New Social Media Guru, On the Right Approach to Twitter and Facebook and the Tools That Help

1/10/2011
Banks should not try to use social media for marketing or selling, but for obtaining actionable intelligence and turning around detractors, Eliason advises.

Holly Petraeus Joins Consumer Financial Protection Bureau

1/7/2011
Petraeus will set up a division devoted to protecting service members from abusive financial practices.