Bank Technology News articles from August 2006

Bank Technology News archives from August 2006

Credit scoring: Here's The Plan: Borrowers can glimpse tomorrow's promise with a 'what-if' credit profile.
August 1, 2006... The unbreakable yolk of a FICO score is a proprietary enigma that leaves both a lender and a consumer in a relational fog. The banker can't decipher the weights and balances of credit history, payment patterns and defaults in a score, and the...

Wealth Management: HNW Pinch: Tech Shortfalls Taxing Advisors: New paradigms emerge on regulations, inheritance.
August 1, 2006... A vast wave of inherited wealth is expected to change hands in coming years, making millionaires out of once-middle-class citizens-and providing a challenge to wealth advisors who will likely find their current private-client platforms...

Security: Siloing Enterprise Crooks: Citizens Bank of Rhode Island keeps a step ahead of foes' determination.
August 1, 2006... Internet crime fighting has never been more of a cat and mouse game than it is now, when some of the most highly touted methods of halting Web fraud may not only be ineffective, but be playing into the crooks' hands. That alone should give...

Edit Index.(Brief article)(List)
August 1, 2006... A Accutech 19 Aflac 18 Aite Group 13, 15, 26 Alogent 15 Alexsys 30 Ameritrade 12 American Capital Strategies 12 B Bank of America 10, 15 Bank of New Zealand 18 BB&T 10 Brinks 9...

Sizing Up Security: Are U.S. Banks Trailing U.K. Banks?
August 1, 2006... If best practices are indeed what the U.S. banking industry seeks with regard to online security, they'll likely find some of the answers across the pond. The irony is that U.K. banks, whose cultures are inherently more formal and...

Authentication: Managers Of ID, Fraud Are Red Hot: EMC's purchase of RSA was just the start. It was quickly followed by Entrust's acquisition of Business Signatures. Expect others.(Entrust Technologies Inc., RSA Security)
August 1, 2006... The search for the most thorough and least intrusive identity platform will lead lots of firms that play in the ID space to go on the lookout themselves-for acquisitions and partnerships. The ID-management space was buzzed last month by...

News Makers.
August 1, 2006... MC Paypass Users Stash The Cash MasterCard credit and debit cardholders outfitted with PayPass-enabled cards or devices upped their payment usage 18 percent above cards lacking the contactless feature, according to MasterCard's report card...

Cash Management: Back Offices Deal With a "Cash-22": Streamlining a cash-management infrastructure doesn't shorten the miles among ATMs, branches and Fed processing centers. Instead, banks are opening up to "virtual vaults.".
August 1, 2006... While e-checks and e-payments dominate the equation for back-office investments, cash remains a bulky, cumbersome quotient for banks. Network investments can make debit and ACH transactions cheaper to process, but scaling cash management up...

Top Tech Deals.
August 1, 2006... Number One A streamlining Freddie Mac is outsourcing the processing and recordkeeping of its $700 billion portfolio in mortgage-backed securities and short-term assets to JPMorgan's Worldwide Securities Services. Number Two ...

Techies.(PayPal Inc. appointed Rajiv Dutta )(Metavante appointed Gary Kasik)(iPay Technologies appointed John Insko )(Brief article)
August 1, 2006... Rajiv Dutta was named president of PayPal, succeeding Jeff Jordan. Jay Norman, president and COO of DiamondCluster, will step down from the management consulting firm, effective the end of the month. It agreed to sell its continental Europe,...

Social Computing: MyBankSpace.com: User Trends Tracked: A study from Forrester shows customers of Internet-focused banks and brokerages are most attuned social online activities.(Brief article)
August 1, 2006... If you're a customer of HSBC Group, ING Direct or ShareBuilder, odds are you're not putting the mouse down after a trade or deposit. The social computing phenomenon that afflicts chat-room addicted teens is moving to older-and more...

UBS IT Staffer's Logic Fails in 'Logic' Bomb Case.(UBS Financial Services Inc. case against Roger Duronio for computer sabotage and securities fraud)(Brief article)
August 1, 2006... Hackers are bad enough, but disgruntled employees who commit sabotage, particularly staff members charged with protecting the integrity of bank systems and data, are maddening-and it can cost employers millions. Take the recently convicted...

Message Board.
August 1, 2006... "They've taken the position they were never meant to be in the cash processing business." Celent analyst Bob Meara, on the Federal Reserve's intent to charge banks handling fees for "fit" currency returns. "All of these banks are on a...

Online fraud: Do Banks Look for Plugs In All the Wrong Places?: If banks don't account for insider fraud, scalability and crooks' resourcefulness, their investments in products may be neither penny- nor pound-wise. And foolish.(Brief article)
August 1, 2006... Does it make sense to buy a solution that costs six to eight times more than the problem does? Banks, vendors and regulators involved in the fight against online fraud have never questioned the wisdom of spending so much to save so little,...

E-Payments Widen Path For Fed's Paperless Pitch: Direct deposit, direct payment adoptions gain steam through NACHA, bank and e-government initiatives.(Jim McKee)(Interview)
August 1, 2006... Jim McKee SVP of Automatic Payments, Retail Payments Office Federal Reserve Bank of Atlanta Last year, a marketing arm for NACHA released statistics showing hidden, but unmistakable, gaps in adoption for electronic remittance services,...

Image Capture: Scanning a trend: Banks See Buy In: Banks expect that companies, particularly those with disperse footprints, will demand remote-deposit image capture services. Banks eye more streamlined DDA relationships.
August 1, 2006... Eighteen months after the rollout of check scanners into doctors' offices, convenience stores and corporate offices, analysts figure banks offering remote-deposit image capture services have snatched at least $150 million in deposits from...

Customer Experience: Frequent Questions Need New Answers: TD Banknorth is among the banks working to improve answers to common customer queries. The first step is updating the questions themselves.
August 1, 2006... TD Banknorth knew it had a problem when customers stopped frequenting the "frequently asked questions" portion of its Web site. "We weren't doing what we felt was a good job in online service," says Mark Ellis, svp of ecommerce, operations...

Ten Technology Companies to Watch.
August 1, 2006... Now in its fifth year, BTN's top picks for hot technology companies to watch weave together an interesting mix of old guard and avant garde. With these companies' innovation spanning business intelligence, supply chain finance, branch...

So, Where Are They Now?: BTN's sooth-saying about "hot" tech companies has sparked great interest among readers. Here's a look back at how dead-on we've been looking forward.(Brief article)
August 1, 2006... In 2002, Digital Insight was #1 on the debut list of BTN's "10 Technology Companies to Watch." Then headed by John Dorman, it has since become one of the most successful Internet technology vendors in banking, outpacing market rivals like S1...

Latin American Banks Ramp Up Technology: Flush with cash, institutions are adopting enterprise-wide applications and investing in new core banking systems.
August 1, 2006... This is the first of a series of articles on Latin America and the Caribbean that Bank Technology News will feature in the months ahead. In this issue we provide a general overview of some of the major trends sweeping the region. In subsequent...

Multi-Factor Authentication: Two-Factor Timing Twists Up Bankers: The FFIEC's guidelines for adopting multi-factor authentication includes a hard deadline with apparently soft parameters. But will haste end up producing waste?(Federal Financial Institutions Examination Council)
August 1, 2006... As Frost Bank guns for the Federal Financial Institutions Examination Council's finish line, it may be a few lengths short when the fast-approaching multi-factor authentication compliance deadline arrives on December 31. The San Antonio-based...

Bill Pay: Burn to Bloom: Is Profit in the Offing?: A new credit- and debit-card enabled offering from Yodlee is a sign the Web-banking industry may finally be emerging from the bill-pay subsidy game. Or is it?
August 1, 2006... The belief that online bill pay serves as a magnet for retention and cross-selling is the reason-or perhaps the excuse-why banks fritter away $4 to $5 per customer each month giving away a service that less than half their Web customers use....

Click To Call: Call Me: Banks Opt For Human Choice: Customers needing assistance with complex queries want the human touch.(TD Canada Trust has launched online sales and customer-service)(Brief article)
August 1, 2006... With more customers looking to deal with a real human, rather than a chat menu or FAQ list, banks are offering "click-to-call," which provides a live-conversation option for those who begin their interaction via keyboard. TD Canada Trust,...

Streamlining Operations: UBB's IT Traffic Cop Is Automated 'Team': United Bankers Bank is using new task-management software to prioritize IT projects and operations. It's a far cry from the days of keeping track of work orders in binders.
August 1, 2006... Employees at United Bankers Bank used to have lots of different ways to put in requests for IT projects. A request could come in the form of an email, a phone call, a visit to the IT office, or even stopping a tech worker in a hallway. But...

Fraud Detection Leads to Better Risk Assessment.
August 1, 2006... Fraud-detection systems, also known as pattern-detection or transaction-anomaly systems, are back-end, non-customer facing systems that monitor the online activities and behaviors of users. Simply put, if multifactor authentication acts as the...

A Marriage Of Perimeter, Network Rules.
August 1, 2006... The widespread use of credit cards has increased exponentially with the rapid and global adoption of Web-based financial transactions. With this increased use of credit cards has come an amplified risk of fraud through information theft and...