BofA Installs Talking ATMs
The bank's 18,000 ATMs are all now equipped with audio equipment and headsets to enable visually impaired customers to use the machines.
604 Banks Disappeared in 2009 - For Good and Bad Reasons
Bank Population Accounting:
January 1, 2009 16,374
Add de novos 26 (185 in 2007 before the crunch)
Deduct failed banks 140
Deduct acquired banks 464
December 31, 2009 15,796 (This 3.5% net reduction compares to a 2.4% average during the past 16 years)
Fiserv Offers Online Bill Pay Widget
Bank customers of Fiserv's Checkfree online bill payment software can now incorporate it into their online banking homepage, according to Fiserv.
AMD Has High Hopes for Magny-Cours in Banks
"We see more evaluations taking place of our new processor than we've seen since the dual-core Opteron first came out," says Vlad Rozanovich, director, Americas commercial business for AMD, of the chip manufacturer's Magny-Cours launch today. Rozanovich stopped by our office this afternoon to tell us about the new processor and why he says it's of interest to banks. "Banking is one of the few industries where CIOs care about hardware decisions," he added. Large banks spend billions on technology
What Mencius Might Say About Card Fees
According to the lore of ancient China, during the Spring and Autumn Period (between the years 722 - 481 B.C.), Dai Ying, an official from the Song State, decided to reduce taxes. He asked Mencius, "I want to reduce taxes. But we don't have enough revenue to offer as much of a tax cut this year as I would like. What would you think if we were to make a small tax cut this year and wait until next year before implementing the full tax cut?" Mencius replied, "There is a man who used to steal one c
Mark to Market Lending: FASB Dances on Banking's Toes
This column is not about banking's version of "Dancing with the Stars." Rather, the issue of mark to market may return to the table. Most observers, including yours truly, agree that the doomsday financial meltdown scenario has passed. With a few notable exceptions, the largest financial institutions have survived the crisis and are returning to profitability. However, many mid-size and smaller banks are still struggling. Now, the Financial Accounting Standards Board (FASB) may stomp (not dance)
Six Ways to Better Manage Commercial Real Estate Loans
By Jodi Alperstein, managing director, Moody's Analytics
Recently, a congressional watchdog panel warned that mounting commercial real estate losses could endanger the banking system and thwart economic recovery. The panel discovered that a total of $1.4 trillion in commercial real estate loans will require refinancing within the next four years. Today, more than half of those loans are underwater, because they were underwritten for properties whose value has dropped significantly. In
Chase's Blueprint More Than A Clever Ad Campaign
You may have seen television commercials for Chase's Blueprint program (most depict someone planning to buy a big-ticket item such as a couch or an engagement ring with a Chase credit card to the tune of the Sting song "Brand New Day"). Blueprint is a set of features offered on 20 million Chase cards that are intended to help customers manage their spending and borrowing; it's included in the Freedom, Slate, Sapphire and Ink card progr
With 30 Brands of Credit Union Core Systems in the Market, Who Woulda Thunk We Needed One More?
The answer is Fiserv, and the new core product is Acumen. Unlike Henry Ford, Fiserv is not a "one-color-for-all" vendor. In fact, the company has more brands of same-type-applications than any other bank tech company. In the case of credit union core systems, Fiserv now offers 15. An astute reader might correct my count because some core systems developed more than 20 years ago, and designed for commercial banks and thrifts, have been adapted for credit unions. So some of Fiserv's earlier core s
Bank Austria Revisits Risk Models Post-Crisis
The Austrian bank has already developed a universal market data engine for sending accurate market data to its risk models, it's now focused on credit basis risk and new rules from BIS and IASB.
Bank Tech Vendors Do Not Live By Core Alone
A first-time event occurred in the bank tech space during 2009. Whereas in previous years the list of popular solutions sold by major vendors included ten solutions, in 2009 the list shot up to 34. These 34 are a unique mix of applications. I'd like to have a chat with the pundits who have been using the word "commodities" to describe the offerings of core/ancillary system vendors.
J&B Rolls Out Saas Remote Deposit Capture
Believes pay-as-you-go formula will be a good fit for regional community banks and credit unions unwilling to make a large investment in letting customers scan their own checks for deposit.
Bank of Montreal's Ambitious Growth Strategy for Diners Club Cards
Out of the ashes of the old Diner's Club card - the first widely-used credit card, which was introduced in February 1950 and most recently owned by Citi - is emerging, phoenix-like, a corporate card business at Bank of Montreal that is currently the fifth largest in the world. Terry Wellesley, executive managing director and group head of BMO spend and payment solutions, stopped by this afternoon at the start of an e
Bank of China Steps Up Email Security
In the U.S., the bank is using an appliance and software from Proofpoint designed to catch emails that contain inappropriate words and phrases and personally identifiable information.
Disaster Recovery From Online Mayhem
Over the past 15 years, we all recognize that the role of the internet has expanded dramatically for a wide range of industries including financial services. Internet standards have become widely accepted and the prior generation's mix of proprietary network infrastructure solutions has been, or soon will be, replaced by web-compatible technologies. Physical terrorism and/or tragedy, such as the 9/11 attack on the World Trade Center or Hurricane Katrina, significantly disrupted trading and banki
Accenture Launches Mobile Payment Platform
Hosted, pay-per-transaction solution can connect to users on mobile operators or web sites for large-scale implementation of mobile financial services and is said to adjust to extremes of network traffic.