News & Commentary
Content posted in July 2013
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Financial Institutions Increase Spending on ERM
News  |  7/30/2013  | 
Financial Institutions now spend more on risk management compared to 2010, according to a report by Deloitte.
MasterCard, Visa Team Up on EMV Chip Technology
News  |  7/30/2013  | 
The partnership is designed to speed the introduction of EMV cards in the U.S. market.
Don’t Alienate Your Customer: Building A Successful Bank Channel Strategy
Commentary  |  7/30/2013  | 
Banks need to dig into what is driving customers to use products or services in certain channels and find points of integration to deliver a more customer-centric channel strategy.
Fintech Vendor M&A Activity Down First Half of 2013, Study Finds
News  |  7/29/2013  | 
A new report by Berkery Noyes showed vendor mergers and acquisitions diminished in the first half of 2013, but a pickup in M&A activity may be on the horizon.
Lessons Learned From The Fed Stress Tests
News  |  7/29/2013  | 
With Federal Reserve Bank stress testing requirements set to extend soon to midsize banks, what are the key lessons learned since the tests were implemented four years ago? What can be done better and where will the industry go from here?
Leveraging Cloud and Big Data for Social Media Sales and Support
News  |  7/26/2013  | 
The new ITC Express solution offers banks the chance to respond to customer complaints and inquiries in social media through a cloud-based platform that utilizes text mining.
What Constitutes a Data Breach for Banks?
Commentary  |  7/26/2013  | 
Many employees, even those who are technically savvy, do not recognize as reportable events the situations that commonly result in a data breach.
Umpqua Bank Targets Unified Customer Experience Across Platforms
News  |  7/26/2013  | 
The Oregon-based bank has partnered with Q2ebanking to create consistency across channels.
3 IT Tools to Drive Compliance
Commentary  |  7/26/2013  | 
The back office can play a critical role in compliance efforts by demonstrating intent, fulfilling transparency obligations, and even proactively preventing regulatory violations.
ProfitStars Rolls Out Simplified Online Bill Pay
News  |  7/25/2013  | 
ProfitStars has released new products from iPaySolutions for one-click bill pay and easier deployment of mobile products and services.
Javelin Report: Improving Mobile Account Opening A Must
News  |  7/25/2013  | 
A new study suggests that banks need to conform their account opening process to the mobile device to attract mobile-centric customers.
Wintrust Pilots ATM Withdrawal Via Mobile Wallet
News  |  7/25/2013  | 
Wintrust Financial Corporation is piloting a solution to enable cash withdrawal at Diebold ATMs through Paydiant and FIS mobile wallet.
D+H To Acquire Harland Financial Services
News  |  7/24/2013  | 
D+H will enter the core banking market with the acquisition, while expanding its presence in the U.S. and combining its lending solutions with Harland’s portfolio.
Risk Management Must Be Priority For All Banks, Not Just The Biggest
Commentary  |  7/24/2013  | 
Despite the financial and operational challenges of regulatory compliance, investments in modern risk management capabilities must be viewed as an opportunity — not a burden — for all banks, regardless of size.
How to Make Living Wills Work: A Big Data Solution to a Big Data Problem
Commentary  |  7/23/2013  | 
Data lakes -- massive repositories of information that consolidate structured, unstructured, batched and streaming data into a single table -- could enable integration of different banks' living wills, providing transparency that would help identify hidden risks in the financial system.
Cloud Helps Credit Unions, Community Banks Go Mano-a-Mano with Big Banks
Commentary  |  7/23/2013  | 
Cloud-based lending solutions can deliver improved transparency and customer experience in the lending process to help small institutions grow their lending business.
The Risks And Rewards Of Cloud-Based Security Services
News  |  7/23/2013  | 
Banks are exploring the cost and flexibility benefits of cloud-based security services. But to gain the advantages of using outside providers for security, they'll have to boost their vendor management capabilities.
Bank of America Merrill Lynch Launches Dashboard Analytics for Commercial Clients
News  |  7/22/2013  | 
The bank’s commercial clients will now be able to leverage big data capabilities as part of its account management system.
Branch Closures Outpace Openings by Nearly 1,000 Over Last 12 Months
News  |  7/22/2013  | 
According to data from SNL Financial, areas with a median household income below $25,000, posted their largest number of net closures since 2010.
3 Keys To Success For Banks Amid An Operational Risk Renaissance
Commentary  |  7/22/2013  | 
New tools are helping banks respond to regulators' demands for better risk management practices. But are they prepared for a host of new capital and regulatory requirements, not to mention emerging risks?
6 Best Practices for Improving AML Screening
Slideshows  |  7/19/2013  | 
A new whitepaper by BankersAccuity outlines a number of steps banks can take to improve efficiency and compliance in anti-money laundering operations.
How to Protect Your Bank From an Information Heist
Commentary  |  7/19/2013  | 
While secure shell is widely considered the benchmark for data-in-transit security, the current threat landscape requires banks and other financial organizations to reconsider how they are managing access to their encrypted networks.
Wolters Kluwer Acquires Regulatory Reporting Software Suite SVENSON
News  |  7/19/2013  | 
The acquisition is designed to help banks and insurance companies in Austria meet national and international regulatory requirements.
IBM Reaches Multibillion Dollar Outsourcing deal with UniCredit
News  |  7/18/2013  | 
Big Blue will transform the IT infrastructure that supports all of the Italian bank's commercial and private banking activities in Europe.
Gulf Coast Bank Revitalizes Mortgage Operations With Automated CRM
News  |  7/18/2013  | 
By working with Mortgage Returns' automated CRM system the bank’s mortgage division just had its best quarter ever with fewer staff.
U.S. Bank Adds Square to its Digital Wallet Options
News  |  7/18/2013  | 
The bank said customers can now link their U.S. Bank credit, debit, or prepaid account to the Square application to make purchases from their smartphone.
Cordray Confirmed as CFPB Director
News  |  7/17/2013  | 
The banking industry reacts to the news that acting CFPB director Richard Cordray will now head the agency on a permanent basis.
Worldwide IT Outsourcing to Reach $288 Billion This Year, Gartner Predicts
News  |  7/17/2013  | 
The analyst firm predicts slower growth than previously expected due to economic conditions and tight IT budgets.
CFPB Appoints New COO
News  |  7/16/2013  | 
Sartaj Alag previously headed the Office of Consumer Response at the agency.
Accenture Augments Mortgage Offerings With Mortgage Cadence Acquisition
News  |  7/16/2013  | 
Accenture says the acquisition will help clients cut cycle time and costs while increasing flexibility to comply quickly with new regulations.
3Rivers Federal Credit Union Rolls Out Mobile Photo Bill Pay
News  |  7/16/2013  | 
The solution will allow 3Rivers customers to pay bills by taking a picture of the bill with their smartphone.
AML and OFAC Compliance Straining Banks’ Budgets, Study Finds
News  |  7/15/2013  | 
The cost of compliance with AML and OFAC requirements has been rising to the point that few institutions in a new study said their compliance budgets were adequate.
Leveraging Big Data to Revolutionize Fraud Detection
Commentary  |  7/15/2013  | 
The beauty of big data is that it presents a new realm of possibilities for the financial services industry and, more importantly, will help organizations run differently.
4 Predictions About The Future of the Contact Center
Slideshows  |  7/12/2013  | 
With banks’ channel strategies becoming increasingly customer-centric, how is this shaping their call and contact centers? Four experts offer their predictions.
Customer Interaction: Can Big Data Fill the Void?
Commentary  |  7/12/2013  | 
Banks have decreased customer interaction in the branch over recent years but now need to turn to big data to learn more about their customers who are demanding more personalized products and services.
New Report: Consumers Say Security No. 1 Concern in Mobile Banking
News  |  7/12/2013  | 
A new survey by Monitise found that consumers view security as the biggest concern associated with mobile banking, and security is a major factor in choosing a new bank.
The Marriage of Mobile and Prepaid
News  |  7/12/2013  | 
Prepaid products and mobile banking apps both aim to give customers ease-of-use with practical functionality, and combining the two can offer a number of ways for banks to deepen their customer relationships.
Innovation in Banking: What does the Future Hold?
Commentary  |  7/12/2013  | 
Banks are focusing on maximizing the value of the data they have.
Mobile Imaging And Pain Points: An Exclusive Q&A with Mitek’s CEO Jim DeBello
News  |  7/11/2013  | 
Mitek’s CEO Jim DeBello talks with BS&T about the progress and potential for further growth of mobile photo bill pay as well as some other things the mobile imaging company is working on.
SunTrust Leverages Analytics for Lead Gen
News  |  7/10/2013  | 
SunTrust Banks adopts online survey and analytics tool from Ignite Sales to improve lead generation from its online channel.
Big Data Innovation in Banking
News  |  7/10/2013  | 
Banks are still struggling with understanding the concept of big data and how it can be applied in their organizations.
Former JPMC CIO Named First Data President
News  |  7/10/2013  | 
Guy Chiarello joins fellow JPMorgan Chase alum Frank Bisignano, who was named First Data's CEO in April.
Customer-Centricity A Long But Worthwhile Journey for Banks
News  |  7/9/2013  | 
The banking industry is grappling with many changes as it looks toward the future.
SAP Integrates Geo-Spatial Data Into Analytics Platforms
News  |  7/9/2013  | 
SAP announced today that it will integrate geo-spatial data solutions from Esri into its BusinessObjects, HANA and Mobile Platform offerings.
Banks Can Save $1.5 Billion Through Adoption of Digital Channels, Study Says
News  |  7/9/2013  | 
A new report by Javelin claims that the banking industry could save $1.5 billion each year by leveraging mobile to further decrease branch transactions.
Reaching the Unbanked in South Africa
News  |  7/9/2013  | 
Standard Bank and technology partner SAP worked together to serve the country's rural and unbanked population.
How To Reach the Fast-Growing Underbanked Population
Commentary  |  7/8/2013  | 
The underbanked population is growing quickly and is adopting mobile-based financial services at an impressive clip, offering a big opportunity to financial institutions that provide a differentiated mobile experience.
CSI Adds SAP’s Business Intelligence Tool to Core Offering
News  |  7/8/2013  | 
CSI’s NuPoint core system will now have SAP’s BusinessObjects Business Intelligence platform embedded, adding analytics and reporting capabilities based on the core’s transactional data.
Stressed Out? Mid-Tier Banks Come Under Fed Scrutiny
Commentary  |  7/3/2013  | 
Banks with between $10 and $50 billion in assets will now have to undergo Fed stress tests for the first time this year.
Key Considerations for Testing Voice Recognition in Mobile Banking Applications
Commentary  |  7/3/2013  | 
Banks are just beginning to realize the potential for improving security and user experience by integrating voice recognition in to mobile applications.
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