News & Commentary
Content posted in July 2010
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Q&A: Dennis Risinger, CIO, FCS Financial is Building A Loan App for the iPad
News  |  7/30/2010  | 
Rural Missouri lender already images loan documents and is in the process of modifying its online loan software for the iPad.
ING Direct Launches Enhanced iPhone, Blackberry App
News  |  7/30/2010  | 
Wilmington, Del.-based ING Direct USA has launched an enhanced mobile application for iPhone and Blackberry, allowing a number of new functions for customers of the nation's largest direct bank who use those devices.
Analysts Offer Scathing Critique of Metro Bank
News  |  7/30/2010  | 
Yesterday we ran news about a new financial institution, Metro Bank, opening its doors in London, and its founder Vernon Hill, who also founded the U.S.'s own Commerce Bank. Metro Bank promises to offer better service than its local competitors by keeping its branches open 361 days a year and offering a 24/7 London-based call center, along with online banking and quick account opening service
Wells Fargo Named Best Consumer Internet Bank
News  |  7/29/2010  | 
San Francisco-based Wells Fargo was named Best Consumer Internet Bank and Best Corporate/Institutional Internet Bank in the United States by Global Finance magazine, the bank said in a release.
Metro Bank Opens in U.K. Using Temenos Core Banking Software
News  |  7/29/2010  | 
Suite of banking products implemented in 9 months.
J.P. Morgan Aims to Strengthen Global Trade Practice with Strategic Hires and Updated Organizational Structure
News  |  7/29/2010  | 
J.P. Morgan aims to strengthen global trade practice with strategic hires and updated organizational structure; enhanced product strategy will leverage institution’s U.S. commercial bank franchise and contribute to stronger trade partnerships with financial institutions globally.
Miss. Credit Union Continues to Improve On Its Katrina-Inspired DR Overhaul
News  |  7/28/2010  | 
A disaster recovery plan developed in the wake of Hurricane Katrina is being enhanced with a network upgrade and data encryption.
Does Citi's iPhone Glitch Mean All Banks Should Review Their Mobile Banking Code?
News  |  7/28/2010  | 
Citi's confession this week that a glitch in its iPhone application was saving customers' personal information on their phones was a wake-up call for other banks who customize or develop their own mobile banking code, according to Alex Kwiatkowski, principal analyst - financial services technology at Ovum, who spoke to us this morning.
Grameen Hires ThoughtWorks to Expand Microfinance Platform
News  |  7/28/2010  | 
Thoughtworks to use agile development methods to scale up Grameen's Mifos platform.
Q&A: Martin Zorn, CAO, Tennessee Commerce Bank, on Dodd-Frank and on Building New Mobile Banking Apps
News  |  7/27/2010  | 
To prepare for new regulations, chief administrative officer Zorn is analyzing IT and other departments for places to squeeze efficiency out of the system. At the same time, he's creating mobile banking apps and seeing use of mobile deposit capture grow.
Tripwire Adds Compliance Functionality With New Release
News  |  7/27/2010  | 
Tripwire, an IT security and compliance automation solutions provider, yesterday announced the availability of the latest version of its configuration control and file integrity monitoring solution, Tripwire Enterprise 8.0, which now includes Remediation Manager, a capability that automatically repairs configuration errors reported by Tripwire Enterprise's Compliance Policy Manager. The new functionality is what Thelander believes will bridge the gap between security and compliance.
Small Bank Tech Companies Stay Focused, Have Longevity and Serve Thousands
News  |  7/27/2010  | 
There are 82 companies (vendors, researchers and associations) in Automation in Banking - 2010 (my annual report on the bank technology industry). Fourteen of them are small. My definition of "small" is companies with fewer than fifteen employees. The average here is eleven. They are:
Quantifi Releases Basel III-Ready Risk Modeling Software
News  |  7/27/2010  | 
Takes into account recent market changes, tries to assess counterparty risk, automates mapping of loan information from trustee reports.
Citi Fixes, Discloses iPhone App Security Glitch
News  |  7/26/2010  | 
Citi has been remarkably proactive and upfront about a mobile banking glitch affecting users of its iPhone app. The bank identified a problem with the application in a routine security review, created a fix for it, and notified customers about it in a letter dated July 20. "During a recent review, we discovered that our U.S. Citi Mobile iPhone banking app was accidentally saving information related to customer accounts in a hidden file on their iPhones," the company said in a statement. "This
Keeping the Love Alive: How Banks Can Strengthen Client Relationships
News  |  7/26/2010  | 
By Jeff Ficke, Senior Vice President and Treasury Management Sales Director, Fifth Third Bank While clients have always looked to their banks as trusted advisers, the depth to which that trust is needed and the desire for strong strategic counsel has never been greater. The financial challenges of the last 18 to 24 months have altered the way bank-client relationships are perceived. Clients today have higher standards and expectations for their banks than ever before, and as a result,
Credit Union Upgrades Global Payments System
News  |  7/23/2010  | 
Members United can now provide wire transfers using the destination currency rather than U.S. dollars, avoiding foreign exchange fees.
BofA, Merrill Lynch Earn Gartner CRM Award
News  |  7/23/2010  | 
Bank of America announced today that Merrill Lynch received a Customer Relationship Management Excellence Award from IT research and advisory company Gartner, Inc. and 1to1 Media. Merrill Lynch was honored for its enterprise-wide alignment of multiple customer interaction channels and the resulting increase in client engagement and satisfaction, according to a release.
Citi Endorses IBM's New zEnterprise Mainframe As Banks' Mainframe Reliance Continues
News  |  7/23/2010  | 
IBM's hyperbolic announcement yesterday of its new zEnterprise mainframe (Big Blue said the new system provides 60% more performance and capacity in the same power envelope than the previous generation of IBM mainframes, z10, and is 56% less expensive to run than a comparable farm of Intel servers) interested us because in the past few weeks, we've spoken to several CIOs about their reliance on mainframes.
KeyCorp Building Analytic Tools to Prevent Fraud
News  |  7/22/2010  | 
Starting a two-year project to create analytics that will find and address fraud in real time, before transactions are completed.
Credit Scores Aren't Broken, But Are Being Enhanced With New Analytics
News  |  7/22/2010  | 
Dr. Andrew Jennings, Chief Research Officer, FICO The recent economic crisis has led some to wonder whether analytics that measure consumer credit risk are fundamentally broken. I can reliablystate that they're not broken - the robust measures, such as the FICO score, still rank-order consumers by credit risk.
U.S. Consumers More Willing to Bank, Make Payments Via Mobile Device
News  |  7/22/2010  | 
They still lag the rest of the world, but 16% of U.S. consumers now say they're comfortable with mobile banking and mobile payments, according to a KPMG study.
ClairMail Adds Tsukahara as VP and CMO
News  |  7/21/2010  | 
Mobile banking and payment provider ClairMail, Inc. announced today the addition of Carl Tsukahara as VP and Chief Marketing Officer.
Where's the Love for Android?
News  |  7/21/2010  | 
With the large public debacle that was Steve Jobs' and Apple Inc.'s "Antennagate," a growing number of smart phones and connected devices on America's other wireless carriers and an ever-maturing mobile OS and app marketplace, Android is looking more attractive all the time. And while mobile banking apps and features seemingly pop up everyday on iOS, the same can't be said for Android.

Q&A: Brian Ware, SVP Compliance at FNCB, on How Dodd-Frank Will Affect Bank IT Departments
News  |  7/21/2010  | 
The law will place a greater administrative burden on banks, accelerate their online projects and automation of account opening, and perhaps cause more risk because of that, Ware believes. The silver lining: the bill should provide job security for compliance experts.
Three Ingredients of a Successful Cloud
News  |  7/20/2010  | 
Successful cloud computing requires virtualization, automated provisioning and the ability to charge users only for what they use.
Some Bank Apps Belong on a Cloud, Others Should Stay Far Away
News  |  7/20/2010  | 
Some bank applications, such as compute-intensive pricing models, are well suited for a cloud computing environment. Others, including those using sensitive information, should steer clear.
How to Do Cloud Right
News  |  7/20/2010  | 
Bank IT departments are feeling pressure to compete with Amazon's cloud services. But they need to form a sound cloud strategy first, advises Innovation Councils cofounder Julio Gomez.
ING Looks to Halve App Runtime Costs with Cloud Computing
News  |  7/20/2010  | 
By leveraging cloud computing, ING estimates it can cut application runtime costs in half while doubling processing speeds.
How Safe Is the Cloud?
News  |  7/20/2010  | 
Who can access data in the cloud, and how data and tasks are audited are critical issues for banks exploring cloud computing, security experts say.
Banks Still Face Obstacles to Cloud Computing
News  |  7/20/2010  | 
Security fears, old programs, vendor licensing issues and the risk of spreading the 'IT mess' stand between banks and a successful cloud.
BS&T Survey: Banks Take to Cloud Computing
News  |  7/20/2010  | 
The agility and cost-efficiency enabled by cloud computing has some large banks proactively testing the technology. But other bankers are cautiously awaiting answers to security and regulatory questions. Still others aren't even quite sure what cloud computing is.
Data Management at Heart of New Regulation
News  |  7/20/2010  | 
Among the changes sought by new financial regulation, data protection and integration requirements to reduce risk and improve reporting will drive change in bank IT policies, according to a report from Deloitte.
Sterling Savings Bank Outsources Core Banking to FIS
News  |  7/20/2010  | 
Bank seeking faster customer onboarding and better sales support.
Financial Overhaul May Improve Banks' Customer Relationships
News  |  7/20/2010  | 
My experience as a bank customer began early. I was the treasurer of our household at age nine, and the custodian of five Christmas Club accounts. That was my grand total understanding of banking. Every week I went to the bank like clock-work. My first encounter with pretty girls occurred at the teller line, and my first disappointment in that awkward adventure presented itself when Mr. Tyler would flag me down to his station. He had accumulated a week's worth of advice that had to be delivered
Mopay Rolls Out Mobile Payments That Bypass Banks
News  |  7/20/2010  | 
Offering mobile payments to the unbanked, by billing payments to their landline phone bill.
Citi's Mobile Shopping App Goes Live
News  |  7/19/2010  | 
Citi today debuted its CitiShopper application, which provides information about offers and deals from local retailers. I tried this out on my iPhone. I typed in the site URL (http://citishopper.citi.com/mp), then my office zip code. Up popped a list of Local Deals, each followed by an exclamation point, as in "This refrigerator is perfect for your home!" CitiShopper suggested I purchase a $600 red microfiber sofa at a Wal-Mart in Secaucus (a bit of a hike from 19th Street in Manhattan), a $500
Bank Execs Plan to Revise Long-Term Strategies Post Dodd-Frank, Survey Shows
News  |  7/19/2010  | 
Two-thirds anticipate an increased focus on growth.
71% of Lenders to Adopt Online Lending Technology, Survey Finds
News  |  7/19/2010  | 
Study also projects that online mortgage-application volume will triple by 2013.
Is An IPO in Prepaid Cards a Green Light for Growth?
News  |  7/19/2010  | 
A wide range of interested parties are contemplating the growth prospects for future growth in the prepaid card market. The unusual Green Dot (GDOT) IPO that is currently going to market is providing some existing shareholders with the opportunity to monetize a portion of their holdings. Green Dot will not receive any proceeds from the estimated $130 million IPO. Its shares will be available for purchase by new investors and the remaining shareholders will have a market for selling shares in the
Q&A: Banking Attorney Winthrop Brown on How the Dodd-Frank Bill Will Affect Banks
News  |  7/16/2010  | 
Bankers should help regulators draft their new rules under the law, the Milbank Tweed partner says.
Reactions to Dodd-Frank Law Run A Gamut from Enthusiasm to Disgust
News  |  7/16/2010  | 
Government and industry leaders were quick to react to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed yesterday afternoon in a Senate vote and which President Obama promised to sign into law right away.
Banks Missing Debit Card Opportunities, Study Finds
News  |  7/15/2010  | 
Fraud and increased regulation seen as threats to growth; innovation greatest in emerging markets.
Most Americans Want More Insight on Fraud Prevention
News  |  7/15/2010  | 
About two-thirds of Americans want more insight to how their bank detects and fights fraud, according to a survey released today by Detica NetReveal and Ipsos MORI.
5 Ways to Fix the iPhone 4 Antenna Problem
News  |  7/15/2010  | 
The problems with Apple's iPhone 4 - if the user covers the lower left corner of the device with his or her hand the signal may drop - persist. Our friends at InformationWeek have come up with five solutions to the problem, as well as some recommendations for Apple.
New BofA Account to Charge for Paper Statements, Tellers
News  |  7/15/2010  | 
Bank of America plans to offer an online bank account that charges an $8.95 monthly fee if a customer receives a paper statement or goes to a teller, as it looks for ways to make up for income lost because of new regulations. The new account will steer customers toward using ATMs and online banking rather than branches. The bank is also phasing out its free checking program for college students. Its other checking accounts carry monthly fees unless the customer maintains a certain balance or mee
Visa Publishes Best Practices for Tokenization
News  |  7/14/2010  | 
In an ongoing effort to eliminate or reduce sensitive card data from payment systems and simplify data security and compliance, Visa today announced global industry best practices for tokenization.
BBVA Pilots Sleek New ATMs
News  |  7/14/2010  | 
BBVA has rolled out a set of sleek new ATMs the bank refers to as "The Future of Self-Service Banking." It hired San Francisco design firm Ideo, which studied the way customers use ATMs and worked on the design for two years. NCR and Fujitsu also worked on the project.
Banks Need to Turn Black Boxes into Glass Boxes
News  |  7/13/2010  | 
By David Sherriff, Microgen Traditionally, many financial services companies have treated their internal operations like the black box on an aircraft: only when the plane goes down do outsiders get a glimpse into what happened leading up to the crash.
Nice to See the Return of the In-House vs. Outsource Debate
News  |  7/13/2010  | 
The recent story about First Tennessee deciding to take IT back in house caught my eye because it was the first article I have seen in a long time about a most popular issue from the past. In fact, I looked up my own electronic archive on the subject and found ten articles I had written between 1981 and 2002.
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