News & Commentary
Content posted in February 2003
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The Art of Outsourcing
News  |  2/28/2003  | 
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.
Beyond Compliance
News  |  2/28/2003  | 
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
News  |  2/28/2003  | 
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
News  |  2/27/2003  | 
The best-seller, Who Moved My Cheese?, has found wide appeal in these uncertain times.
Laying a Foundation For Check Fraud Prevention
News  |  2/27/2003  | 
The fear of identity theft and check fraud has begun to escalate.
First National Reaps Automated Mail Savings
News  |  2/27/2003  | 
First National Bank & Trust installs mail automation software to cut mailing costs by four cents an item.
Card Issuers Face E-Commerce Liability Shift
News  |  2/27/2003  | 
Online merchants to shift fraud liability to banks in new programs from Visa and MasterCard.
Branches Take Center Stage
News  |  2/27/2003  | 
The continued growth of branches over the last decade is testimony to their importance in the distribution chain.
Riggs Opens High-Tech Financial Center
News  |  2/27/2003  | 
The Riggs Financial Center combines latest technology with personal service.
CIBC Revitalizes Branches Using Eontec Software
News  |  2/27/2003  | 
Canadian Imperial Bank of Commerce is being equipped with new operating platform and application software.
Wamu/Unisys Ink Check Image Pact
News  |  2/27/2003  | 
Wamu signs a seven-year business process outsourcing agreement with Unisys.
Outsourcing in Financial Services: Cost Savings or Competitive Advantage?
News  |  2/27/2003  | 
Outsourcing is gaining strategic significance in the financial services industry.
Core Values
News  |  2/27/2003  | 
More than most businesses, banking revolves around relationships.
Technology Will Drive RESPA Reform, Says HUD
News  |  2/27/2003  | 
Changes to RESPA have a substantial impact on consumer mortgage settlement services , according to HUD.
Online Advantage
News  |  2/27/2003  | 
TBW originates residential mortgages in direct competition with mortgage brokers.
Hudson City Boosts Efficiency With Technology
News  |  2/27/2003  | 
Mortgage loan volume at Hudson City Savings Bank zoomed to record levels last year.
Desert Schools CU Taps Corillian
News  |  2/27/2003  | 
Desert Schools Federal Credit Union licenses latest Corillian's Voyager Internet banking platform
Due Diligence Registry Is Proposed
News  |  2/26/2003  | 
An international registry for due diligence documents would cut red tape out of anti-terrorism compliance.
Chevy Chase To Launch Wholesale Web Site
News  |  2/26/2003  | 
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.
World Briefs
News  |  2/26/2003  | 
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
News  |  2/26/2003  | 
Regions Mortgage decides to upgrade its mortgage processing services to gain access to the industry standard in loan servicing technology.
U.K. Bank Fights Money Laundering
News  |  2/26/2003  | 
Nationwide Building Society sees quick results after installing enterprise risk monitoring software from NetEconomy.
China's Banks Hike Tech Spending
News  |  2/26/2003  | 
Banks in China will see a $6 billion increase in technology spending by 2005.
UniBank Taps Archiving System
News  |  2/26/2003  | 
UniBank has licensed SERsynergy to manage customer account information.
Swiss Post Installs Payment System
News  |  2/26/2003  | 
PostFinance installs enterprise application integration software from SeeBeyond.
Bank Bytes
News  |  2/26/2003  | 
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.
ABN AMRO Hikes Efficiency Via Captiva
News  |  2/26/2003  | 
ABN AMRO uses InputAccel, a document capture system from Captiva Software, to boost processing efficience.
New Information Security Guidelines Issued
News  |  2/26/2003  | 
Federal regulatory agencies issue new guidelines for banks on information security policies.
Banks Install SunGard Trading System
News  |  2/26/2003  | 
Banks implement the InTrader SafeKeeping Web Portal from SunGard
BofA Acquires Software Firm
News  |  2/26/2003  | 
Bank of America has acquired Framework in a move intended to simplify mortgage transaction processing for consumers.
Banks Move To Protect Info Sharing
News  |  2/26/2003  | 
Legal wrangling over consumer privacy protection threatens to restrict the ability of banks to share customer information with outside parties.
Referral System Leads to Connectivity
News  |  2/26/2003  | 
Banks implement the InTrader Safekeeping Web Portal for SunGard.
Regulators Put Credit Card Companies On Notice
News  |  2/26/2003  | 
Amid growing public discontent with credit card companies, federal regulators publish guidance intended to curb "inappropriate" account management, risk management and loss allowance practices.
Community Affairs
News  |  2/26/2003  | 
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.
CLS Bank Seeks To Expand From Trillion-Dollar Mark
News  |  2/24/2003  | 
CLS Bank management and shareholders aim to increase the strategic value of critical industry infrastructure.
Open Doors to Growth
News  |  2/24/2003  | 
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
News  |  2/24/2003  | 
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.
Reality Check: Are You Ready for Section 326?
News  |  2/14/2003  | 
After meeting with more than 60 U.S. institutions, Deloitte & Touche concludes that the industry remains highly vulnerable. "Know Your Customer" has never mattered more.
The USA PATRIOT Act: A Long-Term Financial Services Strategy
News  |  2/14/2003  | 
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.
Bankers Should Outsource Finance and Accounting Operations, Says Accenture
News  |  2/14/2003  | 
Just because a bank excels at deposit-taking and lending doesn't mean that it's the best organization to handle the ever-shifting vagaries of financial accounting, the painstaking labors of cost accounting, or the drudgery of paying the bills.
Do Not Delete!
News  |  2/14/2003  | 
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
News  |  2/14/2003  | 
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.
Future Imperfect
News  |  2/10/2003  | 
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
News  |  2/10/2003  | 
You can tell a lot about people from the books they read.
Imaging a Better Life At Cape Cod Savings Bank
News  |  2/10/2003  | 
Managing the paper morass across branch offices is a challenge that every bank faces. Karen Belken thinks she has found a solution.
ABN AMRO Notifications Get a Voice
News  |  2/10/2003  | 
Recent business history is replete with instances of overoptimistic projections of technology adoption and revenue.
Ethical Leadership
News  |  2/10/2003  | 
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.
Compass Bank Installs Check Image System
News  |  2/10/2003  | 
Compass Bank licenses two products from Sterling Commerce-Vector Returns and Vector Exceptions.
Freddie Mac Unveils New Web Site
News  |  2/10/2003  | 
Freddie Mac's latest Web site, loanprospector.com, features additional tools that provide an easier way for lenders and brokers to originate mortgage loans.
NBC Mortgage Locks in Efficiency Gains
News  |  2/10/2003  | 
NBC Mortgage has noticeably hiked efficiency after its first six months of using RateSheet Generator and LenderOnline from Sollen Technologies.
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