Bank Technology News articles from October 2008

Bank Technology News archives from October 2008

DISASTER RECOVERY: HSBC's String Of Mishaps Raises Doubts; Data breach. Expired security certificate. Processing outages. Is HSBC's core system too creaky?(Leading Off)
October 1, 2008... Byline: Glen Fest In late August, HSBC Bank USA ran into another H.S.B.C-the heat-seeking ballistic customer. For nearly a week, the North American arm of the London-based bank experienced a disastrous outage of its core processing system...

Message Board.(Plugged In)(Brief article)
October 1, 2008... "In the last year rogue trading has become a topic for dinner tables, and AML has some sex appeal, which no one expected." Amir Orad, evp and CMO at Actimize, on how current events have focused the world on risk management. "The...

BRANCH TECHNOLOGY: CRM the Top Priority; A new report by Aite found that banks will be spending on customer service solutions in the coming years, but some innovations will fall by the wayside.(By the Numbers)
October 1, 2008... Byline: Anthony Malakian Looking to grab marketshare, many institutions plan to throw money at customer relationship management and sales automation solutions over the next two years. In a recent report released by Boston-based...

Reconnaissance Leads To Multi-Channel Fraud; The proliferation of ever-savvier hacks means unauthorized access to the online channel may be a fact of life. It's also the first step down the slippery slope of multi-channel fraud.(Interview)
October 1, 2008... Byline: Rebecca Sausner Sophos found 16,000 Web pages per day newly infected with keylogging or other malware in August. This means online banking customers remain vulnerable to unauthorized access-the difference now is that online...

CORPORATE BANKING: Going Commercial with Web 2.o; Flashier, customizable cash management portals-think iGoogle-and small business networking sites herald the next era in business banking online.(Business Innovation)
October 1, 2008... Byline: Glen Fest Banking customers working with jazzy personal finance tools don't have Web 2.0 all to themselves. Commercial banking customers are in search of, and in some cases already enjoying, some of the "wow" as well. ...

ONBOARDING: First Impressions; Keeping hard-won customers is paramount in these difficult times. Yet more than a quarter of new clients leave or go stagnant in the first year. Using technology to "onboard" new customers can cut that in half, and build deeper relationships.(Customer Tactics)
October 1, 2008... Byline: Anthony Malakian Respected nineteenth-century British writer William Hazlitt once wrote, "First impressions are often the truest." While he wasn't talking about financial relationships, bankers might consider how it applies to...

Reverse Reengineering of Risk; The writedowns and bailouts are legendary, but some industry experts argue the credit crisis didn't have to happen. ......(Assessing Risk)
October 1, 2008... Byline: Clark Abrahams The writedowns and bailouts are legendary, but some industry experts argue the credit crisis didn't have to happen. Simply put, an overdependence on technology and absence of judgment fanned the flames that have...

Risk Roundtable.(Assessing Risk)
October 1, 2008... The magnitude of the current crisis makes it abundantly clear that there is significant room-and requirement-to improve current credit-assessment approaches. BTN asked a group of CTOs and analysts to weigh in on the issue. Excerpts of responses...

SMALL BUSINESS: Got Your Back: KeyBank's Fraud Tool; The Cleveland bank expands its small business treasury services to give the long-neglected segment a unique check/ACH fraud prevention tool.(Direct Access)
October 1, 2008... Byline: Glen Fest KeyBank, which has been carving out a niche in the often-ignored small-business banking segment, is looking to extend that strategy with the introduction of a combined online check/ACH fraud prevention tool that allows...

CORE SYSTEMS: Despite Tons of Talk Banks Don't Upgrade; Only three of the top 100 U.S. banks replaced their core systems in 2007, and there is little reason to believe that banks will suddenly adopt a "rip and replace" approach.(Shifting Gears)
October 1, 2008... Byline: Glen Fest For vendors pitching in the U.S. core systems replacement market, it's always the third of July. Analysts and experts each year proclaim that large U.S. institutions' renewal and replacement needs are growing...

Keep the Grid Going and Reap Rewards.(Perspective)
October 1, 2008... Byline: Dan Sharplin U.S. banks are among the largest commercial consumers of electrical power. They're in for a shock, too, as they open their utility bills in the months ahead: electricity rates, already high, are rising fast and poised...

ONLINE COMMUNICATIONS: All A Twitter Over Twitter; How should FIs make use of the new community-creating technology?(Shifting Gears)
October 1, 2008... Byline: Maria Trombly New channels of electronic communication have been a boon to many industries, opening up sales and marketing opportunities, helping improve customer service and speeding up innovation and collaboration. For Wall...

Strategic GRC Yields Clear Payback.(Perspective)(governance, risk and compliance )
October 1, 2008... Byline: Kyle Duckers Can a financial institution's governance, risk and compliance effort be a strategic tool, or is it simply a cost of doing business? Are compliance efforts simply items to check off an organizational "to do" list, or...

Take Steps To Head Off An IP Audit.(Perspective)
October 1, 2008... Byline: Scott Rosenberg Compliance has been an ongoing discourse in the banking sector (and, the financial services industry, in general) since the Sarbanes-Oxley Act of 2002. Both a mantra and curse, financial institutions continue to...

For Cost Cuts BPO and SaaS Still Deliver.(Perspective)
October 1, 2008... Byline: Anthony Jabbour Banks are constantly looking for ways to dramatically reduce their IT costs. According to the November 2007 Gartner report IT Mass and Complexity Drive Banks' IT Expense, some banks have already launched programs...

MOBILE COMMERCE: Payment 'Stickers' Debut In Denver; First Data, Blaze Mobile show off interim uses of contactless format.(Business Innovation)
October 1, 2008... Byline: Glen Fest The Democratic National Convention did more than confirm Barack Obama's seal on the party's presidential nomination in August. Denver was also a coming-out party of sorts for First Data's near-term answer to the drive...

Feeling the Heat at the Crossroads Of Global Finance.(Firing Line)
October 1, 2008... Byline: Holly Sraeel, Editor-in-Chief Sibos has always been a conference where large-scale payments players in financial services hunker down, talk industry innovation and get technology deals done. This year proved the exception-and a...

CONFERENCES: New FinTech Shows Cut to The Chase; Institutions looking to reel in spending may start looking to smaller tech shows for a considerably cheaper cost.(Leading Off)
October 1, 2008... Byline: Rebecca Sausner As we enter the financial services era of leaner and meaner-and that's putting the best possible spin on it-spending $1,495 for a ticket to the annual pilgrimage to BAI's Retail Delivery show, or for IT security...

News Makers.(Leading Off)
October 1, 2008... Lehman and merrill's tech effect Tech spending will be down next year and not just because everyone's going to be tightening belts during the market downturn. According to Financial Insights, recently bankrupt Lehman Brothers accounted for...

PAYMENTS: Banks Can Get Quick Fees for Fast Payments; Institutional income for expedited electronic payments could approach $2 billion within a year.(Leading Off)
October 1, 2008... Byline: John Adams Given the choice between a $30 late fee for a monthly bill and a $5 fee to avoid that penalty: which would you choose? The answer's obvious, enough so that lots of banks will likely adopt expedited electronic...

INTEROP NY: Social Studies: Banks In A Web 2.0 World; Institutions' understanding of new interactive and collaborative solutions is still fairly rudimentary. That's not due to a lack of trying on vendors' part.(Plugged In)
October 1, 2008... Byline: Rebecca Sausner In the third week of September, leading financial services technologists were in one of two places: At SIBOS in Vienna, watching from afar as the American financial system seemed to suddenly implode, or at home,...

TECHIES.(Plugged In)
October 1, 2008... Umpqua Holdings Corp. hired Roger Bishop as CIO. He was formerly evp, director of banking and technology for Florida's Riverside Bank Billpay firm iPay Technologies appointed John M. Perry as CEO. The 19-year e-payments veteran was...