Bank Technology News articles from May 2008

Bank Technology News archives from May 2008

Consumer Behavior: Discovering The Future Of Banking: MIT scholars, BofA execs pledge 'demo or die'.
May 1, 2008... Since 1985, the MIT Media Lab has gained renown for its research projects on the convergence of multimedia and technology, partnering through sponsorships with corporations such as Motorola and Nortel. Now, the Media Lab has linked up with Bank...

Data Backup: Protecting Core Systems: Peoples Bank taps Jack Henry for online backup solution.
May 1, 2008... Following hurricane Katrina, Peoples Bank CEO Chevis Swetman famously slept for weeks on an air mattress at his banks main Biloxi, MS location, keeping the institution alive while his town nearly drowned. With six branches lost to the storm and...

Telepresence: Can You See Me Now? Life-like telepresence: May soon leap into Wachovia's lobby.
May 1, 2008... The telepresence video conferencing system Wachovia installed for cross-country internal management meetings is so cutting edgeand so expensiveits insulting to call it video conferencing. Inside specially constructed studio rooms, the...

Edit Index.
May 1, 2008... A-C Advance Payment Solutions 13 AIG Financial Products 22 Aite Group 10 American Bankers Association 30 American Express 19 AMR Research p. 28 ANZ Bank (Australia) 19 Bank of America 10, 13, 16, 29...

Cyber Watch: Mr. Beckstrom Goes to Washington.(Rod Beckstrom)
May 1, 2008... U.S. Homeland Security Secretary Michael Chertoff has rarely commanded much of a presence when speaking publicly. The job, it seems, is bigger than he. And then there is the matter of government bureaucracy slow, plodding, endless. Is it...

Homeland security: Manhattan Project for Cyber Sec: The government says it's stepping up defenses, but do the plans amount to a real strategy or just a hodgepodge of tactics?
May 1, 2008... When he addressed security professionals at RSAs security conference last month, Department of Homeland Security Secretary Michael Chertoff wasted no time in indicating that the financial system represents the heart of the risk. Imagine, if you...

News Makers.
May 1, 2008... PATENT GIVES BOFA NEW CONTROL Bank of America secured a patent for its Active Card Control solution, a technology that gives clients real-time ability to manage corporate cards and employee expenses. The bank says the card will give...

Top Tech Deals.
May 1, 2008... Number One SunTrust Banks signed a 10-year deal to outsource 1,554 positions, about five percent of its workforce, to Symcor. The Canadian company will handle check and payment processing, as well as statement generation for SunTrust....

IT Security: Goldilocks Visits The RSA Security Show: The vision of IT security's future offered at the annual RSA show in San Francisco last month was varied. But no one expected a fairy tale ending.
May 1, 2008... Dissecting the opening-day keynote speeches at RSAs annual security show felt a bit like the retelling of Goldilocks and the Three Bears, with industry luminaries touting visions of the future of information security that seemed alternately too...

Techies.
May 1, 2008... * Citigroup announced that Mark Rufeh will join as chief administrative officer and head of productivity overseeing technology for the institutional clients group. * Ken Silver was named vp of alliances for eBillme. Previously he was svp...

Message Board.
May 1, 2008... Forget about mobile payments. First fix the credit-card technology. -Brian Riley, senior analyst, bank cards, at TowerGroup, on how credit-card technology must evolve to respond to the realities of a difficult economic climate. The ROI...

Remote Capture: Turns Out, If You Build It They'll Stop Coming: The bank branch buildout craze continues, and yet branch traffic is declining. One culprit responsible for the slowdown is the rise of remote deposit capture.
May 1, 2008... Its more than a little ironic that bank executives are wondering where their branch traffic has gone, while at the same time boasting about their remote-deposit capture capabilities. Lowered branch transaction volume may not have been the...

REOs: Banks Ponder: To sell or not to sell?: A flood of foreclosures is backing up real-estate owned properties. Unprepared from an IT perspective, banks look to outside vendors to help make sense of the markets.
May 1, 2008... From mid-year 2006 to the end of 2007 prices for U.S. homes on the market fell more than 10 percent, according to the Standard & Poors Case-Shiller National Home Price Index. The California Association of Realtors provided even more apocalyptic...

Credit Cards: Rethinking Rewards in Tough Times: Banks should adapt rewards programs given the economic climate, according to TowerGroup research. Consider ANZ Bank in Australia, which has turned rewards on its head. It gives points for paying down debt, not spending.
May 1, 2008... Unlike previous economic downturns, when a slowdown in the U.S. lowered demand, reduced prices and offered some relief to consumers, global demand is still pushing prices of everything from food to fuel higher. Thats putting a pinch on...

The War to Keep Compliance Talent: Top compliance execs must not only mind the details, increasingly they must be great communicators in boardroom, great politicians with regulators.
May 1, 2008... Financial institutions wade through an ever-deepening regulatory swamp, William J. Fox sees an escalating war for compliance talent. There isnt a day that goes by that three or four of my folks dont get called by a headhunter, says the Bank of...

The Intersection of Compliance and Operational Risk Management.
May 1, 2008... In our industry, success or failure is predicated on the foundation of trust built with customers. Because of this, financial institutions have long placed value and scrutiny on operational risk management. Operational risk management is not a...

Budgets March Higher: Five in 10 FIs plan to spend more on GRC in 2008.
May 1, 2008... In a clear indication of how much time and money financial institutions are devoting to governance, risk management and compliance (GRC) in todays turbulent economy, a survey by AMR Research found that GRC budgets at FIs will rise an average of...

Expense Management: The Cost of Paper and Pens Really Adds Up: An online expense management platform gave Capital Bank of Raleigh control over its purse strings - spurring better planning - at a time when every dollar counts.
May 1, 2008... Capital Bank of Raleigh, NC had a busy year: a new headquarters, a replacement platform for branch capture, a just-constructed operations and data center, and integrating a recent acquisition. With all that going on, fiscal discipline when...

Infrastructure: Better Processing: An Exercise In Utility: Process utilities, which standardize common processes such as account openings and credit scoring across departments, are emerging as an important way for banks to streamline operations, save money and gain scale.
May 1, 2008... Banks beset with budget and cost-saving mandates may soon find that sharing is saving. By deploying process utilities, an expanded version of shared services strategy that has found much of its early traction overseas, banks in the U.S....