The Art of Outsourcing
Technology executives at JPMorgan Chase describe the firm's seven-year contract with IBM Global Services to outsource major portions of its data processing technology infrastructure, including mainframe operations, data centers, help desks, distributed computing, data networks and voice networks.
Banks spend millions on software that watches for suspicious transactions and unusual patterns. That's why Wachovia seeks ways to squeeze more value out of compliance tools by extending their use across the business.
From Hard Drive to Card Drive
American Express has launched a new service, ID Keeper, that turns its smart card into a special-purpose storage device. Now, Amex "Blue" cardholders can store the user IDs, passwords, and addresses to their favorite Web sites onto the chip's memory.
Life on the Frontier
The best-seller, Who Moved My Cheese?, has found wide appeal in these uncertain times.
Branches Take Center Stage
The continued growth of branches over the last decade is testimony to their importance in the distribution chain.
More than most businesses, banking revolves around relationships.
TBW originates residential mortgages in direct competition with mortgage brokers.
Chevy Chase To Launch Wholesale Web Site
Chevy Chase Bank has tapped GHR Systems to design a wholesale lender Web site to provide broker network with online access to registration, lock-in, and underwriting submission services.
Dexia Bil installs Erase, an anti-money laundering system from NetEconomy; Bank of Queensland taps Fiserv CBS for core banking technology; ANZ Investment Bank installs divine MindAlign.
Regions Inks Deal With Alltel
Regions Mortgage decides to upgrade its mortgage processing services to gain access to the industry standard in loan servicing technology.
Bank of Hawaii licenses Spectrum Treasury System from Financial Software Systems to manage FX and international money market activities; First Hawaiian Bank taps SEI Investments to provide trust accounting and other processing functions; SunTrust Banks introduces online self-service customer support powered by SafeHarbor Technology.
BofA Acquires Software Firm
Bank of America has acquired Framework in a move intended to simplify mortgage transaction processing for consumers.
Banks Move To Protect Info Sharing
Legal wrangling over consumer privacy protection threatens to restrict the ability of banks to share customer information with outside parties.
Regulators Put Credit Card Companies On Notice
Amid growing public discontent with credit card companies, federal regulators publish guidance intended to curb "inappropriate" account management, risk management and loss allowance practices.
I remember the the town's savings bank being a zoo on Saturday mornings, packed with people withdrawing money, cashing checks, creating money orders and otherwise performing the hundreds of mind-numbing financial tasks we all did prior to the "electronification" of the banking process.
Open Doors to Growth
At the end of the 1990s, MetLife was still a mutual company--and a very successful one--with a style that reflected the past rather than the future of the insurance business. But by April 2000 "Mother Met" had gone public, and management had set in motion business and technology initiatives that would carry its offline success into cyberspace.
Resiliency in the Wholesale Payments System
In the wake of September 11th, regulators have grown increasingly concerned about potential points of failure in the payments system-particularly given consolidation among the larger banks, the concentration of banks and payments clearing systems in major cities across the globe, and the interconnectedness of various payments networks.
The USA PATRIOT Act: A Long-Term Financial Services Strategy
By addressing the USA PATRIOT Act compliance issues with a combination of short-term solutions and long-term strategy, financial institutions can mitigate their own risk of being implicated in money laundering and related fraud by spotting potential money laundering activities more quickly and with greater accuracy.
Do Not Delete!
As regulators begin to take a more active role in overseeing the financial-services industry, the rules for document retention and storage are coming under scrutiny.
Rethinking Branch Strategy: The Front Line
Three factors are increasing investments in the branch: the inadequacy of technology, the branch's role in retaining and acquiring customers, and the shift from transaction completion to customer service and sales.
I've always been a sucker for the futurists you see on TV. So in the spirit of these underappreciated seers, let me put on my turban, shake the magic Eight Ball, and prognosticate a few certainties of my own for 2003.
An Open Book
You can tell a lot about people from the books they read.
Before taking the reins of the ABA as chairman, Fergeson will spend the next year in meetings with ABA members to discover pressing concerns and goals.
Freddie Mac Unveils New Web Site
Freddie Mac's latest Web site, loanprospector.com, features additional tools that provide an easier way for lenders and brokers to originate mortgage loans.