News & Commentary
Content posted in June 2001
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AGGREGATION MODELS A TOUGH SELL OUTSIDE THE U.S.
News  |  6/29/2001  | 
Although popular in the United States, account aggregation services are having a tough time getting established in overseas markets.
AFFLUENT CUSTOMERS TURNING TO INDEPENDENT ADVISORS
News  |  6/29/2001  | 
The loyalty of wealthy clients to their financial services providers is undergoing a dramatic shift, according to a recent report.
U.S. BANCORP BUYS NOVA TO FORTIFY MERCHANT SERVICES
News  |  6/29/2001  | 
At a time when many banks have shed their credit and debit card processing businesses, U.S. Bancorp has purchased bankcard processor Nova.
BANK NEED FOR INTEGRATED CRM GROWING, STUDY SHOWS
News  |  6/29/2001  | 
Banks need to recognize the importance of companywide integrated customer management solutions, according to a Meridien Research report.
EXECUTIVE CHANGES
News  |  6/29/2001  | 
Richard Paraday elected chairman of the Supervisory Committee for Meriwest Credit Union; Carl E. Mergele appointed to the board of SER Systems AG; James Durack named president of European Operations for Cutter Associates; Denis A. Bovin of Bear Stearns joins the BISYS board of directors; Richard D. Lane named president of Domania.
INTERNATIONAL BYTES
News  |  6/29/2001  | 
Gemplus International integrates technology with Nextenso portal software; London International Financial Futures and Options Exchange selects Radianz for secure IP connectivity; Sumitomo Mitsui Card Company implements Fair, Isaac and Company decision engine; Bumiputra-Commerce Bank uses ALLTEL technology to integrate processing platforms; Six European banks tap e-security products and services from Baltimore Technologies.
NORTH AMERICA BYTES
News  |  6/29/2001  | 
Bank One will fold WingspanBank.com into its online services; Bank of New York improves its depositary receipt Website; Easton Cooperative Bank installs Open Solutions Inc., core processing product; Brokat Technologies debuts its wireless trading software; Stratus Technologies unveils a new series of fault-tolerant servers.
TRADE SHOW / ASSOCIATION UPDATE
News  |  6/29/2001  | 
BAFT announced theme for its 11th annual International Trade and Finance conference; American Bankers Association debuts Web banking insurance package for community banks; Call center professional conference will be held in Chicago at the end of July.
FINANCIAL SERVICES EXECUTIVES LOOK OVERSEAS FOR IT HELP
News  |  6/15/2001  | 
A growing number of U.S. financial services firms are looking offshore for help in developing and maintaining IT systems.
BANKS LAG IN THE RACE FOR EMERGING WEALTH CLIENTS
News  |  6/15/2001  | 
A recent survey shows financial institutions are overlooking the money management needs of customers with assets between $50,000 and $500,000.
NACHA AND ICBA ADAPT TO E-SIGN PROVISIONS
News  |  6/15/2001  | 
National Automated Clearing House and Independent Community Bankers Association amend rules to comply with the E-Sign law.
VISA LAUNCHES POS CHECK ACCEPTANCE SYSTEM
News  |  6/15/2001  | 
Visa is piloting a new point-of-sale check service designed to reduce check handling and fraud costs.
EXECUTIVE CHANGES
News  |  6/15/2001  | 
Dan Campbell and Nigel Cree leave Merrill Lynch for posts at Deutsche Bank; Michael A. DeVico becomes vice president of Operations and Information systems at Zions Bancorp; Steve Ely appointed vice president of Worldwide Marketing at S1; James F. Flanagan to head North America Transaction Services Group at PricewaterhouseCoopers; Carl E. Mergele named CEO at SER Solutions.
INTERNATIONAL BYTES
News  |  6/15/2001  | 
National Bank of Australia installs SunGard eProcess Intelligence products; Bank of New York appoints HSBC its subcustodian in Vietnam; Euroclear and Euronext finalize consolidation to simplify cross-border settlement; AMP Financial Services to use eBusiness application software from Siebel Systems; Thai Military Bank signs software deal with ALLTEL.
NORTH AMERICA BYTES
News  |  6/15/2001  | 
Royal Bank of Canada to use mortgage management tool from Basis100; First Hawaiian Bank to install Banklink cash management solution; Desjardins caisses selects wireless transaction system from Wysdom Inc.; JPMorgan launches Web service center for bond customers; GreenPoint Mortgage chooses proprietary marketing software from Domania.
TRADE SHOW / ASSOCIATION UPDATE
News  |  6/15/2001  | 
SWIFT extends membership to insurance companies and creates new membership category; AIIM names Reynolds C. Bish vice chairman of its Board of Directors; Risk Management Association appoints Maurice H. Hartigan president and CEO.
Bank Role Must Evolve With Electronic Business
News  |  6/12/2001  | 
With the advent of the digital marketplace, banks are discovering even more creative ways to provide services for their customers.
Data Mining Application Helps BB&T Increase Cross-Sell Ratio
News  |  6/12/2001  | 
When Winston-Salem, N.C.-based BB&T noticed inefficiencies due to redundant messages from its various departments being sent to the wrong customers, it took corrective action.
LabMorgan Lends A Helping Hand to New Financial Technologies
News  |  6/12/2001  | 
As the e-finance engine of J.P. Morgan Chase, LabMorgan occupies an excellent vantage point for the identification of emerging trends in financial services technology.
Key Bank Unlocks Internet Success
News  |  6/12/2001  | 
Patrick J. Swanick, president and chief executive officer of Key Electronic Services, discusses Internet banking.
Bank Uses Sedona System To Connect With Customers
News  |  6/12/2001  | 
Harbor Bank of Maryland recently selected Sedona's customer relationship management (CRM) solution.
Profitability Simple As 'ABC' for Maryland Bank
News  |  6/12/2001  | 
To better understand the relationship between channel usage and costs, Sandy Spring National Bank of Maryland has completed a three-month activity-based costing project .
Kiosks Cure Bank's Sign-Up Woes
News  |  6/12/2001  | 
Franklin National Bank installs Internet-wired kiosks in four branches.
Upstate N.Y. Bank Expands Switching Capacity
News  |  6/12/2001  | 
Adirondack Trust Company, a seven-branch institution, needed to expand its ATM network in order to stay ahead of the innovation curve in a wired world.
Modeling the Balance Sheet
News  |  6/12/2001  | 
For a little money, community banks can buy a lot of analytical capability.
Countdown To Privacy
News  |  6/12/2001  | 
Technology has played a leading role in helping banks meet the privacy deadlines imposed by Gramm-Leach-Bliley
Provident Central Credit Union Selects Sagent for Better Customer Service
News  |  6/12/2001  | 
Provident Central Credit Union, one of the largest credit unions in the country, recently implemented a customer analytic application in less than 90 days.
Texas Bank Licenses Software to Streamline Lending Operations
News  |  6/12/2001  | 
Riverway Bank, Houston, has licensed easyLENDER, a Windows-based loan origination and processing system from Fiserv.
Provident Goes For The Gold
News  |  6/12/2001  | 
Provident Bank, a regional bank serving the Baltimore-Washington corridor, will soon expand its Internet banking services to provide wireless access.
Chase Kicks Off Business Document Archive Service
News  |  6/12/2001  | 
Chase Manhattan Bank's launch of i-Vault!, an Internet-based image archive service, is another step toward achieving a paperless office.
Bank of NY Forms Asset Management Outsourcing Venture
News  |  6/12/2001  | 
Bank of New York has joined with Accenture and several leading technology and financial services companies to create a company that offers a comprehensive outsourcing solution for the fund management community.
CIBC Optimizes Processing With Real-Time Monitor
News  |  6/12/2001  | 
With more than 10,000 mortgage transactions a day, Canadian banking giant CIBC needed a solution to ensure that its mortgage processing system was performing at its maximum.
Fleet Installs Check Fraud Management Solution
News  |  6/12/2001  | 
FleetBoston Financial has signed on for the eRM Risk Management tool from Carreker.
Online Bank Targets Wealthy Individuals
News  |  6/12/2001  | 
VirtualBank caters to the "info-riche."
Silicon Valley Bank Chooses ASP for Speed to Market
News  |  6/12/2001  | 
Silicon Valley Bank deploys an ASP (application service provider) for its cash management solution.
Wells Fargo Kicks Off Aggregation Service
News  |  6/12/2001  | 
Wells Fargo's online banking customers can now use just one key to open many doors, with the launch of Wells OneLook.
World Briefs
News  |  6/12/2001  | 
UBS Switzerland To Develop Core Banking Component of SAP Software
News  |  6/12/2001  | 
UBS Switzerland, the banking group of $592 billion UBS AG, will implement and co-develop a new core banking component of mySAP Banking, SAP's suite of financial, customer service and planning applications for the banking industry.
Billing Companies Start To Employ Screen Scraping
News  |  6/12/2001  | 
Companies offering electronic bill payment and presentment services are starting to use screen-scraping technology to gather information from biller Web sites for presentation to customers.
Bank Bytes
News  |  6/12/2001  | 
Survey Shows More Consumers Willing To Try Online Banking
News  |  6/12/2001  | 
A new study reveals that consumers are a lot more bullish about online banking services than previously thought.
Bank One Subsidiary Hit With Regulatory Action
News  |  6/12/2001  | 
Banc One Capital Markets is fined because of accounting systems glitches.
Traditional Banks Rush To Fill Dot-Com Void
News  |  6/12/2001  | 
Having customers, domain expertise and capital suddenly counts again in the online world.
Ability To Identify Profitable Customers Key to CRM Success
News  |  6/12/2001  | 
Billions of dollars are being squandered on CRM projects that lack clearly defined goals.
Just Thinking
News  |  6/12/2001  | 
New technology, no matter how seemingly foolproof, is bound to fail at some time.
FIRST TENNESSEE OPTS FOR VIEWPOINTE ARCHIVE SOLUTION
News  |  6/1/2001  | 
First Tennessee is the first non-partner financial institution to use Viewpointe's archive and retrieval service for check images.
ROYAL BANK OF CANADA TAPS INEA PORTAL TO PROVIDE BUSINESS ANALYTICS
News  |  6/1/2001  | 
To better respond to business opportunities, RBC will extend INEA's analytic software to its branches through a Web Portal.
ALLTEL TO LAUNCH MORTGAGE SERVICE AND DATA PORTAL
News  |  6/1/2001  | 
Alltel hopes its Mortgage PhD portal will become a valuable resource for real estate industry executives.
GROUP DEBUTS SERVICE TO PROVIDE SMALL BANKS WITH ONLINE MORTGAGE CAPABILITIES
News  |  6/1/2001  | 
Three companies, including mortgage giant Fannie Mae, partner to produce online mortgage software for community banks.
EXECUTIVE CHANGES
News  |  6/1/2001  | 
John Rosenfeld joins Bank of America as Consumer E-Business executive; Stephen E. Canter and Ronald P. O'Hanley are appointed to the Executive Management Committee at Mellon Financial; Michael Cleary and Christopher Klein to head the Internet Business Group at Bank One; Scott M. McBrair and David Seim become board members for Pulse EFT Association; Dino Kos named executive vice president and head of New Markets Group for the New York Federal Reserve.
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