New Technologies in Banking are Changing Work Habits-Bankers Are Working Harder
Bank of America announced last week it is cutting 7,500 employees. Unfortunately, it's not because of improved technology-it's because of Countrywide. The best employee-reducer in banking is acquisitions. I'm sorry to report the bad news, but today's technologies are going to make bankers at the top work harder and overworked bankers at the bottom will be welcoming additional coworkers. Before you take that double-shot of Jose Cuervo, hear me out.
Patents: Don't Change the Landscape Too Quickly
By Alan Tenenbaum, Cohen Pontani Lieberman & Pavane, LLP
Over the past few years, we've seen an enormous amount of patent litigation against companies in the financial industry. The patents at issue in these litigations primarily concern business methods, covering such things as financial email alerts, systems for trading treasuries and other securities, Check21 technology, pre-paid gift cards, and online credit applications, to name a few. The trend is continuing, with recent infringement sui
Pursuing the Promise of SOA
Though service-oriented architectures have the potential to improve IT integration and business agility, the lack of standards is hindering widespread adoption of the strategy in banking. But that's not stopping some institutions from pursuing the promise of SOA.
There's Something About Silos
Sometimes I like to post stories about my personal experiences with banking technology. I think what happened to me the other day with my debit card fits the bill.
Mobey Forum Gives Mobile Financial Services Another Boost
It wasn't too long ago that I wrote a blog about a new mobile financial services standards working group that was being established by the Financial Services Technology Consortium (FSTC). The group hopes to address the interoperability issues facing the industry to help adoption rates. Now, over the Atlantic in Finland, the Mobey Forum, a nonprofit financial industry forum that he
Banks Turn to SaaS to Stretch IT Budgets
By Randy Rodriguez, Bluewolf
One word summarizes today's banking climate: volatile. Bank CEOs are focused on capital markets, fall-out from the subprime debacle, and the pace of merger and acquisition. FDIC's last Quarterly Report for 2007 points out the realities facing today's banking leaders. With banking quarterly income at the lowest levels in 16 years, eroding margins, earnings volatility, non-current loans rising and one in four banks losing money, IT managers will continue to face enor
Pay Attention to the Bad News When Converting to a New Core System
There's a bit of an uptick in the marketplace right now regarding core conversions among banks of all sizes, even the giants. But be aware that this is the kind of stuff that arrives at the Gillis Gossip Gateway. It's mostly hearsay, whereas I deal in proof as supported by numbers. In 2007, the churn rate for core conversions among the 16,881 financial institutions was only 2.7 percent. It's been dropping every year for at least the past six years. So the accurate realization will arrive this ti