Content posted in May 2013
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How Financial Institutions Can Use Big Data and Converged Data Sets to Improve Customer Loyalty
Using big data with an omnichannel strategy and new methods of customer engagement like gamififaction can help banks improve their customer loyalty programs.
Non-Traditional Services and Bundles Can Help Drive Fee Revenue, Study Finds
A new study by Market Rates Insight found that customers are interested in - and willing to pay fees for - new financial services like identity theft protection and same day bill pay.
IT Pros Seek New Challenges
Salaries are up slightly, but employees want more than a pay raise -- they want engagement, according to our research.
Power To The People: Managing IT Organizations Effectively
IT managers must think of employees as people, not as interchangeable resources, says author and former CIO Frank Wander.
Collaboration Goes Social For Banks
Social-based collaboration tools offer banks that implement them properly the promise of efficiency and a more engaged workforce.
Impact of Chiarello's Departure on JPMorgan Chase's IT Strategy Unclear
Mike Ashworth, head of global technology infrastructure, named interim CIO.
Credit Unions Lead in Online Satisfaction
Customer experience data outfit ForeSee measured consumer attitude toward the financial services industry's online and mobile offerings.
Banks Grapple With The Challenge Of IT Resource Management
The ability to economically manage IT resources and also secure the best of those resources -- whether employees or software or business partners -- is an increasingly critical capability of bank CIOs and line-of-business executives.
What Banks Need To Know About Making The Business Case For IT Training
How can bank CIOs justify the expenses involved in providing training to their employees? It’s all about having the skills that enable the company to make decisions, predict client requirements and profitably manage the business.
How Technology Turns Stress Testing from a Compliance Challenge to a Competitive Advantage
As regulators demand more detailed stress testing from banks, modernizing loan valuation systems and breaking down organizational silos can aid in compliance and risk management.
Banks Lag in Social Media, Digital Marketing
A survey of more than 3,000 financial institutions examined banks' digital marketing capabilities.
Automating B2B Payments: The Next Frontier
Business-to-business payments have lagged far behind in switching from paper to electronic payments methods, but banks and their commercial clients could benefit from emerging automated B2B payments solutions.
3 Ways Banks Can Improve The RFP Process
In order to find the right technology -- and partners -- banks' requests for proposals must spur an open dialogue with potential vendors about their culture, strategy and future road map. Here are three approaches that work.
Banks Must Pursue a Multichannel, Integrated Onboarding Process: Report
Bank customers should be able to to apply for products and services at their bank through the device and channel of their choice, says Aite Group.
Stress Testing and Data Collection
Exactly what kind of data do banks need for bottom-up stress testing?
Chase Names Barry Sommers CEO of Consumer Bank
After leading Chase’s wealth management services since 2010, Sommers will be taking over the CEO role at its consumer bank.
Electronic Signature — Part I: Challenges and Business Justification
This article - the first in a two part series - looks at the successes some banks have had with e-signature adoption and examines some of the remaining barriers regarding regulation and organizational silos that still exist in adopting e-signatures in the financial services sector.
The PayPal vs. Square Battle: Who’s Your Money On?
After PayPal launched a program last week offering free transaction processing for merchants who switch to its point of sale card reader, Square hit back yesterday by announcing it will be offering a P2P payments service via email.
Predicting Success In Banking & Politics: It's All About The Analytics
At the recent SAS Financial Services Executive Summit, bankers gained insights into how to address the challenge of aligning technology and business in the age of big data analytics.
Sovereign Bank Enters the Mobile Arena
The bank has launched its first mobile app after intensive customer research.
Connect and Follow: Leveraging Social Media for Business Results
Banks can encourage their employees to connect with current prospective customers on social media to build relationships that are more sticky - and more lucrative.
IT Investment A Priority for Banks: Report
A survey from KPMG also found that regulatory issues are the biggest impediment to growth for banks.
How to Detect Wire Fraud When No Two Attacks Are the Same
Fraudsters have developed a variety of methods for initiating fraudulent wire transfers, but a security approach based on data and analytics from customer behavior can be an effective countermeasure to these wire fraud schemes.
Android, iOS Dominate Smartphone Market; BlackBerry Falls
A report from research firm IDC also found that Windows Phone gained market share.
The Evolving Branch Environment
While many banks are rethinking their long-term strategy for expensive branch networks, there are steps banks can take now to reduce costs and inefficiencies in the branch while providing a better customer experience.
Seven Ways Banks Can Leverage a 'Security Data Scientist'
Business leaders are striving to turn their Big Data into Big Returns.
Google Enables Payments Through Gmail to Garner Google Wallet Adoption
With Google Wallet under-performing in the last couple years, Google is now integrating its wallet into Gmail to allow users to send money through the popular email service.
Visa, Consumer Advocacy Group Partner on Phishing Education
The card company and the Consumer Federation of America have outlined common fraud tactics for consumers to be aware of.
Museum Opens Its Doors For Free Financial Education
As financial education becomes more paramount for financial institutions because of consumer and regulator demand, the Museum of American Finance is now offering a free financial education with free admission on Saturdays in a program sponsored by private equity firm Southport Lane.
The CFPB Goes Mobile To Collect Customer Complaints
With many Latinos in the U.S. accessing the internet primarily through a mobile device, the CFPB has optimized its new Spanish language website for an interactive mobile experience.
Q&A: Banks Must Take a Holistic Approach to Cybersecurity
As cybercrime becomes more prevalent, due to the widespread access to technology that criminals now have, banks must remain eternally vigilant, says Booz Allen Hamilton's Bill Stewart.
Banks Must Approach Third Party Contracting Differently in Today’s Highly Regulated Environment
Vendor management is becoming more important from a compliance standpoint as regulators scrutinize banks’ third-party relationships, and achieving that compliance begins with crafting a clearly defined contract.
Digital Marketing Solutions Stand Front and Center at Finovate Spring
With more customers interacting with their financial institutions through the mobile and online channels, new marketing solutions targeting these digital customers emerge at Finovate Spring.
Trust Revisited: How Banks Can Redefine Relationships One Swipe at a Time
Banks have lost a great deal of public trust since the financial crisis, but they can recover some of that trust by fulfilling consumers’ desire for innovative and convenient mobile solutions.
Fees On Real-Time Foreign Account Transfers Could Generate $1.1 Billion for Banks, Study Finds
New research from FIS shows that a number of consumers, particularly those that use foreign account transfers, would be willing to pay a fee to get their payments processed in real-time by their primary bank.
Improving Business Analytics Through A Single Customer View
While many financial institutions are relying more on business analytics and intelligence for decision making, they need to first ensure the accuracy of the information feeding these statistics and ensure that each customer has a single record within a central database.
Amazon Launches Digital Currency for Kindle Fire Customers
After filing an application for a mobile wallet patent last month, Amazon continues to make moves in payments by adding a new digital currency, Amazon Coins, for its app store.
Visa Enhances POS Offers Program
The card scheme is enhancing its Visa Offers rewards program to include customizable content and real-time offers.
Simplicity Bank Streamlines Mobile Device Control
Simplicity Bank gains automated controls and improves mobile device security without adding headcount by adopting AirWatch Mobile Device Management.
CIBC Expands Mobile Payments
The Canadian bank announced its mobile payments app will now be available for Android smartphones.
More Bang for the FATCA Buck
In the final article in a three-part series on FATCA compliance, we explain why banks need to look for solutions that help them collect and analyze customer identification information to help with compliance in multiple areas beyond FATCA.
Don’t Break the Bank: Back up Your Files
The loss of sensitive and confidential information, be it by theft, accident or natural disaster, can be devastating.
Google Wallet Head Osama Bedier Quits
Osama Bedier, the head of Google Wallet, has quit the company after two years in charge in which the solution has failed to gain widespread appeal.
Why Bank Security Questions Need An Overhaul now
Long considered a fortress of protection, the challenge questions used by many financial institutions today are weak and ineffective.
How Banks Can Win the Battle for Prepaid Customers
Banks can leverage current assets to grow their share of the younger and underbanked customer segments through prepaid products, as long as they keep in mind what these customers are looking for.
U.K. Grocery Chain Sainsbury's Assumes Full Control of Bank
The retailer has selected U.S. financial technology company FIS as its core systems provider.
Chase Brings Mobile Receipt Capture to Small Business Card Holders
Chase’s Ink card holders will now be able to photograph and store receipts with Chase’s Jot app for small business customers.
Mobile Payments Marked by Fragmentation and Increasing Channel Convergence, Says Fed
A report from the Federal Reserve Bank of Boston states that the past two years in the mobile payments market were characterized by an expanding fragmented market environment and frequent technology innovations.
Real-Time Payments Offers Opportunity to Build Customer Loyalty, Study Finds
Consumers are not only interested in real-time payments, but they’d prefer their primary financial institution to be their real-time payments provider, a recent FIS study suggests.
Are Spreadsheets Lurking in Your Infrastructure?
Bank management teams should focus on correcting vulnerabilities within their own operations.
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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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