Bank Technology News articles from January 2003

Bank Technology News archives from January 2003

OUTSOURCING: Big Boys Make It "In" to Move Out.(including Bank of America)(Industry Overview)
January 1, 2003... Copyright c 2003 Thomson Media. All Rights Reserved. Not long after American Express signed a $4 billion IT outsourcing agreement with IBM last February, Paul Sweeny, general manager of the financial services sector for IBM, said he...

IDENTITY THEFT: A New Breed Of Criminals.
January 1, 2003... If there were any bankers still in denial that identity theft is the fastest growing financial crime in the U.S., the November arrest of Phillip Cummings should serve as a loud wake-up call. Stories of identity theft have been rapidly...

CREDIT RISK: Getting a Read on Risk Exposures: Tool compares bank's risk to that of rivals'.
January 1, 2003... At a time when properly measuring and understanding credit risk looms as one of the most critical issues in corporate America, the Risk Management Association (RMA) in partnership with Automated Financial Systems (AFS) is rolling out a new tool...

What's Out Is Now In. Banks Get Help from The Outside.(Industry Overview)
January 1, 2003... You know things are changing when even Citigroup-a shop that once prided itself on proprietary technology innovation almost as much as its banking business-goes to the outside for help in solving IT challenges and reconciling years of...

......NewsMakers....NewsMakers....NewsMakers........(Brief Article)
January 1, 2003... For Wamu, a Big Deal It looks like Washington Mutual is going to be the first of the 10 largest banks in the United States to begin capturing check images at the branch level. To do so, Wamu's shelling out the cash to Unisys, which will be...

ATM FUNCTIONALITY: Getting More Than Just Cash from Auto Tellers: But added functions are also adding to expenses.
January 1, 2003... Copyright c 2003 Thomson Media. All Rights Reserved. There are now one million ATMs in the world-twice the number of bank branches. These machines are the face of the bank to retail consumers and potential customers-40 billion transactions...

Top Tech Deals.(Brief Article)
January 1, 2003... 1. Norkom Technologies, a Dublin CRM and risk technology vendor, has signed a "seven figure" contract with ING Direct, the U.S. retail subsidiary of ING Group 2. Interland, a provider of Web hosting services, has acquired Trellix, a...

London Stock Exchange Nabs a Competitive Edge: Derivatives game plan targets European players.(EDX London)
January 1, 2003... Faced with a pair of continental trading powerhouses, the London Stock Exchange has taken some of its stockpile of spare cash and bought a competitive edge in the fast-growing global derivatives business. The LSE reported it is pairing up...

Tales of a Reformed Teen-Aged Con Man.
January 1, 2003... Some people bring a wealth of experience with them when they start a new job. And then there's fraud fighter Frank Abagnale. "I was into writing forged checks between 16 and 21 years old. I wrote about $2.5 million in bad checks. Then I got...

TECHIES.(Brief Article)
January 1, 2003... With Pete Kight at the helm, it seems as if Peter Sinisgalli won't completely get what he wants at CheckFree. So Sinisgalli, president and COO of the Atlanta-based technology company, says he's out the door at the end of January to search for...

Message Board.(Brief Article)
January 1, 2003... "When an outsider hacks into a system, it generally leads to $50,000 worth of damage. When an insider cracks in, we're talking almost $3 million." Ben Barry, FBI bank fraud squad on the dangers of inside jobs over outside hackers when it...

A Common Sense Revolution Hits IT.(Book Review)
January 1, 2003... It's not often that corporate IT projects are compared to Kung Fu movies, romance novels and grand operas, let alone in the same sentence. And it's rarer still for the authors to pull that off without it seeming like a b-i-g stretch. But in...

Business and Pleasure.(Brief Article)
January 1, 2003... Most Small Business owners of Micro-sized companies, stick with their personal bank when they choose a bank for their businesses. And of those businesses, the number of companies that use the Web for their banking is not much greater than those...

Room for Improvement.(Brief Article)
January 1, 2003... There's something about the branch that appeals to small business owners, regardless of their size. The Micro and Million segments need a reason to get interested in getting away from the branch, says Musto. Taking advantage of the Web's...

Not Everybody's Doing It.(Brief Article)
January 1, 2003... Not surprisingly, the Micros using web banking are younger than their off-line counterparts. But something banks should note is that of these companies on the Web, they're more likely to be owned by women. If a bank wants to boost its...

Should I Stay Or Should I Go?
January 1, 2003... Just because they use the Web for small business banking, doesn't mean they're going to remain loyal. Most small businesses, especially the Micros, regardless of how many products they hold with a bank, would bounce to another bank in a beat...

Personal and Firm Banking Channel Use Among On-Line Small Business Owners.(Illustration)
January 1, 2003... Owner's Personal Banking Firm's Banking Banking Micro Million Micro Million Plus Channels (%) (%) (%) (%) Branch 58.9 59.4 72.3* 79.6 ATM ...

Small Business Owner Demographic Profile.(Illustration)
January 1, 2003... Micro Million Plus Micro Million Plus On-line On-line Off-line Off-line (%) (%) (%) (%) Male 69.9 77.6 82.2...

Charting a Course for An Aggregated Future.(Anil Arora, CEO and president of Yodlee)(Interview)
January 1, 2003... In its early days-way back in the heady '90s-account aggregation was met with a bevy of hype and a mountain of concern. While hailed by some as the key to the future of CRM, doubters claimed financial institutions would never be comfortable...

CREDIT CARDS: Subprime's Tech Dilemma: With delinquencies and charge-offs on the rise, the industry examines the role of automated decisioning.(Industry Overview)
January 1, 2003... Copyright c 2003 Thomson Media. All Rights Reserved. When Capital One announced in the third quarter of 2002 a higher than expected charge-off rate in its credit card portfolio due to greater exposure to subprime accounts, it rattled the...

State Street Finds Tech Allies to Keep its Forex Perch.
January 1, 2003... A strategic alliance recently announced by SunGard Treasury Systems and State Street Corp.'s FX Connect has clear advantages for both sides. In particular it helps solidify State Street's position as the dominate multi-dealer foreign exchange...

E-Decisioning Takes a Whirl in B&C Mortgages.(Industry Overview)
January 1, 2003... While the subprime credit card industry debates the role of automated technology, the subprime mortgage market is plowing full speed ahead in its search for better ways to tap a dicey field. One that in both good times and bad has beckoned...

Branches Back At Center Stage: For years tech efforts focused on other channels, but banks now realize customers still like branches.(Industry Overview)
January 1, 2003... The popularity of bank branches never seems to fade, despite the industry's consistent predictions that technology will render them obsolete. First came the ATMs of the early 1980s; ten years later call centers rose to prominence. And then, of...

Alternative Payments Make a Move to the Wrist.(Timex and Speedpass develop watch)
January 1, 2003... They used to just take a licking and keep on ticking. But now Timex wants consumers to use their watches to pay for gasoline and cheeseburgers too. Whether this is something consumers want remains to be seen, but its introduction to the...

How the Universe of COSMOS Was Brought Under Control.(Citigroup system)
January 1, 2003... Citigroup's two-decade march of acquisitions has created a global banking network that is disjointed and fragmented, largely because of an antiquated system called COSMOS. An overhaul would modernize its banking empire and enable Citi to deal...

Multi-Channel Delivery: CIBC Reuses As It Renews.
January 1, 2003... Banks realize customers are still streaming into the branch-in spite of the Internet and other electronic channels-so some are forking over a lot of cash to implement multi-channel architectures as part of their branch renewal projects....

Frontiers.(Brief Article)
January 1, 2003... 1. CSFB pershing is teaming with Intuit to deliver Tax Center, a tax planning service that's delivered over its Internet-based account management and trading platform. 2. Smart Chip Technologies and shc direct have combined their...

'Tis the Season for Credit Card Cyber Grinches: E-retailers could lose $160 mil to fraud during holidays.(Industry Overview)
January 1, 2003... Stealing christmas gifts may seem about as low as it gets, but being lowdown and dirty is the nature of being a crook. And bad guys who make Internet crime their game are no different than brick-and- mortar criminals. The high volume of holiday...

Bank One: The Contrarian That's Keeping Things In-House.
January 1, 2003... Non-Core. It's a CIO's new buzzword, and it seems like every bank is uttering it as of late. Over the past year, scores of banks in the U.S. and abroad have either entered or are in the process of entering mega-deals to outsource any of its...

The Branch's Role is Far From Over.(Industry Overview)
January 1, 2003... The role of the retail branch in financial services has evolved steadily since the introduction of alternative delivery channels such as on-line banking. While financial services organizations have attempted to steer their customers to other...

Get Ready for a New Age of Check Truncation.(Check Truncation Act proposed by Federal Reserve)
January 1, 2003... The current system of check truncation has remained effectively unchanged since the 1950s. Most would agree that check truncation as it exists today is an inefficient and costly process that can be delayed due to everything from human error to...