Bank Technology News articles from September 2008

Bank Technology News archives from September 2008

Regulation: Think Feds Will Go Easy? Think Again. Community bankers are less prepared than big banks for the Nov. 1 Red Flags deadline.(Leading Off)
September 1, 2008... Byline: Anthony Malakian Procrastination is an affliction that can strike even the finest of bankers. And just like the student scribbling algebra homework on the bus ride to school, many bankers are going to be scrambling over the next...

FRAUD PREVENTION: Budgets Inch Up; Spending on fraud prevention has increased and Gartner says that trend will continue in 2009 as institutions guard against an array of vulnerabilities.(By the Numbers)
September 1, 2008... Byline: Anthony Malakian The deadline for compliance with the Red Flags regulations looms, but that isn't the biggest driver of banks' increased spending on fraud prevention in 2008, Gartner says. In fact, 60 percent of banks surveyed say...

Top Tech Deals.(Leading Off)
September 1, 2008... Number One India's Economic Times reported that Citigroup plans to sell its global services capture processing operations to Tata Consultancy Services, rather than rumored suitor IBM, in a deal worth between $500 million and $550 million....

Standard Chartered and Rights Management; Standard Chartered PLC of London needs to protect sensitive information being used by more than 55,000 users, from London to Baghdad to Zimbabwe. It's a long haul.(Interview)
September 1, 2008... Byline: Anthony Malakian The bank, after an extensive research process, turned to Workshare, a global information security company whose Workshare Protect product conducts content analysis and secures confidential information on laptops,...

SPEND MANAGEMENT: Banks Offer Unified Corporate Portals; Corporate clients have long desired that banks stitch together cash management, procurement and payment services. BMO and BofA are trying to deliver.(Business Innovation)
September 1, 2008... Byline: Glen Fest From spend management tools to SWIFT network integration, money-center banks are quickly evolving into the one-stop corporate payments shop that their treasury clients have long demanded. Last month, Bank of Montreal...

MARKETING: Text, Set, Match; Chase is using the US Open tennis tournament to draw attention to mobile banking via an SMS text marketing campaign; text-based marketing of bank products could be next.(Customer Tactics)
September 1, 2008... Byline: John Adams The battle to win over the hearts and minds of consumers to mobile banking is like conquering the courts at Flushing Meadows-requiring fast returns, nimble mechanics and early anticipation of what strategy is needed for...

Mississippi Rising.(Cover Story)
September 1, 2008... Byline: Glen Fest Since his days as a college-age, back-office worker, Michael Lindsey has turned heads with his technology acumen. In recent years he built a national profile, championing mobile services and payments as the future of...

ONLINE BANKING: PNC, Frost Respond To Gen Y Demands; Spurred by the success of online PFM sites like Mint.com, banks build Web 2.0 banking apps that offer Gen Y consumers very visual, easy to use money management tools.(Direct Access)
September 1, 2008... Byline: Rebecca Sausner Attracting Gen Y customers who are used to sending 50 or more text messages a day requires a new approach to online banking, one that combines knowledge and control built into simple personal financial management...

EVENT PROCESSING: CEP Moves from Equities to Retail; Formerly the bailiwick of the capital markets, event processing engines are finding functions in the retail bank,from fraud and risk management to marketing.(Shifting Gears)
September 1, 2008... Byline: Rebecca Sausner With data coming in at more than 1,000 events per second, and nearly a quarter of stock market trading volume executed by software, complex event processing technology has eclipsed many traders with its ability to...

The Cyber Security Quagmire.(Perspective)
September 1, 2008... Byline: Tom Kellermann THE tragedy of September 11th ushered in a paradigm shift in security. The financial sector's mantra, subsequent to that dark day, was to focus efforts on business continuity and resiliency. Headquarters were backed...

HOSTED SERVICES: Security Reaches For the Clouds; A new "Security-as-a-Service" offering; is the cloud the future for security vendors?(Leading Off)
September 1, 2008... Byline: Rebecca Sausner Just about the only business-naming trend hotter these days than "as a service" is "in the cloud," and IT security offerings are no exception. "The cloud has become a trendy buzzword," says Craig Balding, a security...

PROCESSING: Check Duplication Vexation; In wake of Check 21, banks spend millions to fix duplicate checks.
September 1, 2008... Byline: Michael Sisk Too often solving one problem creates others. Take Check 21. By allowing check conversion to electronic form the sensible idea was to reduce costs and speed processing. The problem is that with physical checks, image...

Analytics of The Future? A Question Not Easily Answered.(Firing Line)(Editorial)
September 1, 2008... Byline: Holly Sraeel, Editor-in-Chief With Columbian Bank and Trust Co. shuttered-the ninth bank to fail this year, with estimates that as many as 300 more could face a similar fate-many are debating how next-generation business analytics...

IT SPENDING: Budgets Hold Steady in Downturn; Customer analytics, automation, security and risk remain strong buys while licensing and hardware run into a rough patch.(Leading Off)
September 1, 2008... Byline: Glen Fest Umpqua Holdings CIO Dan Sullivan says the Roseburg, OR bank remains on course to spend $5 million on three planned IT initiatives, including a Web platform swap. But in a major shift for a bank that slaps interactive...

News Makers.(Leading Off)
September 1, 2008... Cyberwar- Take Two Not only did Georgians have to deal with Russian soldiers invading their homeland, they also appear to be the second nation-state victims of a Russian cyberassault. Reports say several state-run Web sites were disrupted...

AML: Peeping on Politicos? Thanks A Lot Spitzer. Recent scandals have the industry wondering if all politicians' finances will soon be under closer, ongoing scrutiny for bribes and payoffs.(Plugged In)
September 1, 2008... Byline: Rebecca Sausner Those living in the Northeast may think New York, New Jersey, and Connecticut have cornered the market in corrupt and misbehaving politicians-think former governors Elliot Spitzer of New York (prostitution), John...

Techies.(Plugged In)
September 1, 2008... * Javelin Strategy & Research in Pleasanton, CA brought aboard security expert and strategic consultant Tom Wills as a senior analyst for risk, security and fraud. * U.S. Bank has named Ralph Bernstein svp of healthcare solutions. *...

Message Board.(Plugged In)(Brief article)
September 1, 2008... "I'm a great believer that there is too much hype in my field of information security." -John Meakin, group head of info security, Standard Charter Bank, on the state of the information security business. "Mobile has been an orphan....