Content posted in February 2013
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8 Model Banks of Note
Analyst and research firm Celent recently hosted its annual model bank awards. Here we highlight some of the notable winners.
Big Data At J.P. Morgan: Delivering The Firm
J.P. Morgan's Vipul Shah spoke with BS&T editorial director Katherine Burger about big data applications in the treasury services business and steps the bank is taking to deliver those services.
Consumers Yet To Trust Mobile Banking and Alternative Payments, Study Finds
A survey by BT Global Services suggests that consumers have yet to be sold on the security of mobile banking and alternative payments services.
White House Will Soon Revive Cyber Security Legislation Push
A senior adviser to
President Barack Obama said the White House will soon renew
efforts to push cyber security legislation through Congress,
though he foresaw an uphill battle given the failure of the last
attempt.
U.S. Senate Approves Lew as Treasury Chief
The Senate confirmed Obama's nominee Jack Lew to succeed Timothy Geithner as U.S. Treasury Secretary yesterday.
FINRA Tabs Citi's Randich as New CIO
Steven Randich, currently co-CIO at Citi, will begin his new role at the regulatory body on March 11.
U.S. Senate Panel Backs Lew for Treasury Secretary
Jack Lew's nomination for Treasury Secretary cleared the Senate Finance Committee yesterday, clearing the way for a full senate vote on his confirmation.
JPMorgan To Cut Up To 17,000 Jobs By End of 2014
The cuts will mostly come from the mortgage and retail banking divisions as the bank looks to expand in other areas such as investment banking and credit cards.
The Morality of Big Data
The writings of Alan F. Westin, a legal scholar and expert on privacy who died recently, raise important questions for banks and other businesses seeking to capitalize on big data.
JPMorgan Chase to Cut Up to 4,000 Jobs in 2013
JPMorgan Chase & Co
plans to cut 3,000 to 4,000 jobs in its consumer bank in 2013,
representing about 1.5 percent of the company's overall
workforce, it said in a presentation to investors on Tuesday.
How to Make The Jump from Mobile Commerce to Mobile Wallets
Mobile commerce is on the rise but providers need to offer an enhanced customer buying experience to get consumers to pay with their mobile devices at the point-of-sale.
Technology the Key for Reaching the Underbanked
In order for banks to capitalize on this revenue stream, they have to do a better job at anticipating the underbanked consumer’s need for a mobile experience.
Bank Failures Down in 2013
Three banks have been shuttered so far in 2013, compared with 11 over the same time period last year.
Visa and Samsung Partner to Deliver NFC Capability to Banks’ Mobile Offerings
A new partnership between the credit card company and mobile manufacturer will allow banks to load payment account information on to Samsung NFC-enabled phones.
HP Eyes Tablet Comeback With Android-Backed Slate 7
With personal computer sales falling HP is focusing on growth in the mobile sector with a new Android-based tablet priced lower than the Amazon Kindle or Nexus 7.
RBS Plans IPO For U.S. Arm Citizens In Next Two Years
British regulators have been pushing Royal Bank of Scotland to sell off its U.S. operation Citizens Bank and an IPO is expected in the next couple of years to sell off shares of Citizens.
MasterCard, mFoundry team up on Mobile Payments
mFoundry will integrate the new MasterPass digital service with its mobile banking solutions.
Oracle Launches New Compliance and Risk Management Solutions
New Oracle Financial Services Foreign Account Tax Compliance Act Management targets pending FATCA requirements; expanded Oracle Financial Services Enterprise Risk Management suite addresses challenges around stress testing and model risk management.
What Banks Need To Know About Vendor M&As
Consolidation among players in the bank technology vendor space is heating up again. What factors are driving this trend, and how will it affect their bank customers?
Verifone Shares Nearly Halve, Analysts Query Management
After cutting its profit outlook for the next quarter analysts are questioning the management of payments hardware provider Verifone as to how they could have been so far off on their profit estimates.
How Personalized Videos Can Move Banks to Top of Wallet
Financial institutions have reached a tipping point in which they need to leverage technological advances, while maintaining focus on the individual customer, to ultimately move to the top of the consumer’s wallet.
PayPal Targets European Mobile Payments Market
The payments company is releasing a Chip-and-PIN version of its mobile credit card reader in the U.K.
Citigroup Bows to Shareholder Pressure, Overhauls Pay
Citigroup Inc said on
Thursday it has overhauled an executive pay plan that
shareholders rejected last year as overly generous, revising it
to tie bonus payments more closely to stock performance and
profitability.
A How-To Guide To Improving Customer Experience
Banks are focused more than ever on improving their customer experience. Here we offer a step-by-step guide to assessing and improving your bank’s customer experience.
IBM Launches Mobile Business Product Suite
IBM MobileFirst is designed to help the company's business customers create an efficient mobile environment.
U.S. DOJ Probing JPMorgan Over Bear Stearns Mortgage Products
The U.S. Justice Department is
investigating JPMorgan Chase & Co over allegations that
Bear Stearns provided misleading information about its mortgage
products during the lead-up to the financial crisis, according
to people familiar with the matter.
U.S. Banks Provided $45 Billion in Homeowner Relief Under Mortgage Deal
Five top U.S. banks have
provided $45.8 billion worth of relief to struggling homeowners
under a 2012 federal-state settlement to resolve mortgage
abuses, according to a report released Thursday by a monitor of
that settlement.
Russian Central Banker Slams Vast Criminal Cash Exports
Russia's central bank chief said
nearly $50 billion, or 2.5 percent of the national income, had
been sent abroad illegally in 2012, much of it controlled by a
single group of people - whom he did not identify.
Fiserv Offers New Tools For Managing ATM Networks
Fiserv has updated its Device Manager solution for managing ATM’s with new analytics-driven capabilities in incident tracking, reporting and resolution.
Bank of America's Moynihan Gets 73 Percent Pay Increase in 2012
Bank of America Corp's CEO Brian
Moynihan was awarded a 73 percent pay increase in 2012, when the
institution resolved crisis-era lawsuits and its stock was one
of the sector's top performers.
Identity Fraud at a Three-Year High
A report from Javelin Strategy & Research finds that more than $21 billion was stolen due to identity fraud in 2012.
Citi to Buy Capital One Best Buy Card Portfolio
Citi will pay $7 billion to acquire Capital One's Best Buy private label and co-branded credit card accounts.
Legislation Still Needed On National Cyber Security Standard
While the President’s executive order on cyber security last week brought public attention to the growing issue of cyber threats, legislation is still needed from Congress to help block attacks like those aimed at banks in recent months.
FINRA Fines 5 ING Units $1.2 Million For Violations
Wall Street's industry-funded watchdog
fined five affiliates of ING Groep NV a total of $1.2
million for not storing or reviewing millions of company emails,
according to an announcement on Tuesday.
EU Privacy Regulators Take Aim at Google Privacy Policy
European data watchdogs said on
Monday they plan to take action against Google by this
summer for its privacy policy, which allows the search engine to
pool user data from across all its services ranging from YouTube
to Gmail.
Wells Fargo Launching Personalized ATMs
The San Francisco-based bank is introducing a new interface on its ATMs that it says will offer customers a customizable experience.
Japan's Orix to Buy Rabobank Asset Management Arm for About $2.6 Billion
Japanese financial services firm
Orix Corp will buy Dutch asset manager Robeco from its
owner Rabobank for about 240 billion yen ($2.6
billion) in a cash and stock deal, sources familiar with the
matter said on Friday.
Mobile Commerce Brings Opportunity And… Cyber Crime
Mobile payments adoption can gain a significant boost if customers are sure that it is secure, but increased adoption will also create new opportunities for fraudsters, which banks - and customers - must be prepared for.
Ally Financial Completes its Share of Mortgage Relief
U.S. auto lender Ally Financial has
satisfied a requirement to provide $200 million in home loan
modifications and other consumer relief under last year's $25
billion national mortgage settlement, the pact's monitor said
Thursday.
New Basel III Provisions Would Have Caused Inflation: Report
A report from research firm SNL Financial argues that if Basel III had been in effect over the last year, banks would have experienced sizable inflation in their regulatory capital by including unrealized gains and losses.
BBVA Compass Goes National With NBA Banking Product
Following the bank’s core system transformation it has rolled out its first nationwide product NBA Banking, offering checking and savings accounts with an all-digital experience.
How Fraud Rings Evade Detection And What Banks Can Do To Stop Them
As last week’s big card fraud bust revealed, fraud rings are becoming more sophisticated in how they avoid detection.
U.S. Judge Dismisses ATM Fee Collusion Lawsuits
A federal judge has dismissed antitrust
lawsuits accusing Visa Inc, MasterCard Inc,
JPMorgan Chase & Co, Bank of America Corp and
Wells Fargo & Co of conspiring to fix automated teller
machine fees.
Visa Rolls Out Managed Mobile Service
The card giant announced it is rolling out a plug-and-play mobile service targeted to the underbanked.
What Can Banks Learn from the U.S. Government’s Big Data Initiatives?
Several federal agencies are currently involved in big data research and design projects.
Judge Denies Wells Fargo Attempt to Fight Financial Crisis Suit
A federal judge on Tuesday
denied Wells Fargo's attempt to beat back a
financial-crisis lawsuit by arguing it conflicted with an
earlier settlement.
Global Watchdog Needs More Time on Derivatives Rules
New rules on how much collateral
is needed to back derivatives trades are unlikely to be
finalised before September, leaving markets in limbo as global
regulators seek to minimise potential harm to economic recovery.
Executive Order Calls for Collaboration on Cybersecurity
Many in the financial services and security industries say the threats have become more serious.
Bank Boardrooms Go Paperless
Bank of New Hampshire has seen considerable time and cost savings from using digital books for its board meetings provided by Diligent Boardbooks.
Financial Services Doesn't Fare Well in Reputation Poll, But Perceptions Improving
A Harris Interactive poll measured the reputations of the sixty most visible companies in the country.
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Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.
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