Bank Technology News articles from January 2007

Bank Technology News archives from January 2007

Online Banking: Intuit's DI Buy Setting Stage For Web PFM?: Quicken gets back in the saddle for small business.(Digital Insight Corp.)
January 1, 2007... After mostly uneventful forays into Web financial services in recent years, Intuit is making a sudden new leap into online banking with its acquisition of Digital Insight - a well-nested vendor with over 1,700 hosted institutional clients - and...

Biometrics: Not the Apple of Their Eye: Without clear value-add, banks aren't wild on current bio-authentication.(Cogneto's Patrick Audley forecasting about online banking security)
January 1, 2007... For authenticating online banking users, facial recognition is no better than 10 to 15 years away, says Patrick Audley, CTO of identity vendor Cogneto. The low resolution of cheap Web cams means "we're talking a false acceptance rate of maybe...

Cards: Online Resources' Gift Bag: It's combining bill pay, e-banking technology for a fast-load stored value card.(CardHQSM)
January 1, 2007... Gift cards have become the new hallmark of the pressed-for-time shopper, to the tune of what sources say is a $40 billion market. Online Resources is hoping to cash in on that demand with a stored value card that combines the tech firm's online...

Edit Index.
January 1, 2007... A ABN Amro 26 American Express 17, 19, 26 Ameriquest Mortgage 16 B Bank of America 19, 26 BGD Software 32 C Capital One 19, 22 Celent 17, 22, 23, 26 CheckFree 17...

Predicting IT's Future Can Help Players Set Agendas.(information technology)
January 1, 2007... After the wish lists and resolutions have faded, there are the inevitable predictions about how the new year will play out. This year, Gartner weighs in with its "Top Predictions for IT Organizations and Users, 2007 and Beyond," a special...

Lead Generation: Family First Finds Tailor-Made Sales Prospects: The Chicago mortgage lender is utilizing a new "e-Bay-style" online exchange for mortgage leads that lets institutions set the time and place for bidding on leads.
January 1, 2007... If the mortgage market is on the downswing, competition for the highest quality leads will be more intense than ever, and that's drawing attention to an alternative online lead exchange that allows lenders to stipulate exactly what kinds of...

News Makers.(forecasting risks of online banking)(online mortgage purchases)(sub-$5 credit card purchases)(Brief article)
January 1, 2007... CONSUMER FEARS COST $2B In Web Sales Security concerns over online shopping or banking online may sometimes be vague or nebulous, but Gartner has quantified what that reluctance costs banks and e-tailers. A survey of 5,000 U.S. adults...

Top Tech Deals.(Intuit Inc. acquiring Electronic Clearing House Inc.)(American Express Co. acquiring Harbor Payments)(Skywire Software acquired Docucorp International)(Brief article)
January 1, 2007... Number One Capping off a busy month of buying, Intuit purchased processor Electronic Clearing House for $142 million. Intuit says ECHO's ACH capabilities will round it its payments offerings in check services, and will allow it to offer...

Phishing Trip: A Magic Bullet Becomes The Crooks' New Weapon: The latest in phishing schemes uses dual authentication sign-ups to scam bank customers.
January 1, 2007... December 2006 technically was the deadline for compliance with the FFIEC's authentication guidelines for Internet banking. While the industry as a whole is not on schedule, the next criminal element is-with a twist. This time, the crooks are...

Techies.(Fifth Third Bancorp. appointed Raymond Dury)(CheckFree Corp. appointed Philip McLaughlin )(SunGard's Enterprise Solutions appointed Bill Nosal )(Brief article)
January 1, 2007... Fiserv also made the following changes: Thomas Warsop joined as group president, financial institutions; Tom Neill was promoted to group president, depository institution core processing; Mike Gantt was promoted to group president, health and...

Message Board.(banking industry lags behind in technology)(Brief article)
January 1, 2007... "Frankly, the banking industry lags behind." Bill Lynch, vp of self service at Source Technologies, noting that the airline and retail industries outpace banks in on-site self-service transactions. "I had one banker say, 'The consumers...

Card Shopping Trends: Web Starting to Dominate Issuers' Delivery Channels: Credit-card applicants are wanting more than competitive rates and fees. The demand for instant decisioning and online completion is soaring.
January 1, 2007... Gaining site visits and page views from credit-card prospects is no longer half the battle for card issuers. Nearly three in four new credit-card hopefuls now opt to apply via the Internet, a 38-percent increase from recent years....

Read Between the Blanks: Undisclosed Info Abounds: Routine background screening may not give the whole story of a client, vendor or partner. The ability to identify embedded risks is an imperative in today's business environment.(Kenneth Springer interviewed about investigations of financial services)(Interview)
January 1, 2007... Corporate investigator and former FBI special agent Kenneth Springer once heard a loan committee officer defend a $40 million application by a client with 120 lawsuits on file, since there were no liens or judgments. "The pattern here is the...

Mortgage: Platforms Bearing Wholesale Changes: For financial institutions, improving the mortgage channel's visibility and speed can attract more third-party brokers and lay the groundwork for better customer data.
January 1, 2007... The supreme imperative for mortgage lenders in devising wholesale broker relationship strategies is the 80/20 rule. "As a lender, I've got 20 percent of my brokers doing 80 percent of my volume," explains Frank Florence, the CEO of...

Branch Automation: Helping Customers To Help Themselves: Buoyed by the success of user-driven automated service at airports and supermarkets, firms like Source Technologies and NCR are selling the idea to financial firms.
January 1, 2007... Anywhere from 60 to 85 percent of fliers use automated-check-in at the airport instead of waiting in line to have an airline staffer do it manually. And at grocery stores, as many as a third of customers use some form of electronic check out...

Inside the Outsourcing World of India.
January 1, 2007... Lured by the bench strength of India's technology shops, financial firms such as Goldman Sachs, ING and Fidelity are eyeing new areas of interest in offshoring. With the industry's value expected to hit $64 billion by 2012, how long will...

Paperless Mortgages: The Broker Pens Her Own Program: Hawaiian mortgage broker Donna Iwane was frustrated by cumbersome processing, so she developed a Web application that creates loan proposals in less than a minute.
January 1, 2007... Donna Iwane has been in the mortgage broker game for about 16 years, and has processed her own loans for about a dozen. All of that time in the business brought experience, but it didn't get rid of a nagging frustration. "We kept using...

Information Security: There's No Substitute For Good Preparation: The worst time to hammer out a security battle plan is after a breach occurs. Experts maintain that having a formal incident response plan in place is a business requirement today.
January 1, 2007... Information security professionals are among the most sought-after in financial services, and the most sought-out internally by the audit, compliance and risk-management teams eager to determine whether the institution's security...

How to Handle The Costs of Data Security.
January 1, 2007... Since the Internet and e-commerce exploded in the 1990s, so have hackers striving to identify and make the most of vulnerabilities. The initial online bank defacements, continued distributed-denial-of-service attacks and massive phishing...

The Path to Automating SOX Section 404.(Sarbanes-Oxley Act of 2002)
January 1, 2007... It has been over four years since the Sarbanes-Oxley Act was signed into law, bringing with it increased pressure for financial institutions to demonstrate transparency in their business processes, more stringent internal controls and clearer...