Banks are initiating aggressive customer acquisition programs, and a recent Fed reports helps with the finding that household wealth rose by $3 trillion in the first quarter, to $70.3 trillion. On average, household wealth at the end of the quarter was $613,635, about 11% below the 2007 peak but a sharp rebound from the lows set just [Read More...] Read more at http://BankBlog.OptiRate.com
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Most Topular Stories
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The Old Get Richer, The Young … Not
OptiRate.com19 Jun 2013 | 7:00 am -
Asia, Europe Shares Hit by Fed
WSJ.com: What's News US20 Jun 2013 | 1:29 amAsian markets were lower in the wake of Wednesday's Federal Reserve policy meeting outcome and a weak China PMI reading. Stocks, emerging-markets currencies and bonds were hit in Europe. -
LinkedIn DNS hijacked, traffic rerouted for an hour, and users’ cookies read in plain text
VentureBeat19 Jun 2013 | 9:22 pmApp.net co-founder Bryan Berg noticed that LinkedIn was DNS hijacked tonight, and that traffic was re-routed to a shady India-based site, http://www.confluence-networks.com. That’s bad for LinkedIn, but there’s worse news for you. According to Berg, that site does not require SSL (secure sockets layer), which means that anyone who visited in the last hour or so sent it their long-lived session cookies in plaintext … a potential security risk. DNS hijacking is the process of redirecting a domain name to a different IP address. IP addresses are strings of numbers that identify… -
Sony Rebuffs New Call to Sell Entertainment Unit
DealBook19 Jun 2013 | 8:30 pmSony's chief executive, Kazuo Hirai, told shareholders on Thursday that movies and music were an indispensable part of the company, rejecting a renewed push by the American activist investor Daniel S. Loeb. -
Microsoft reverses course on Xbox One
Business and financial news - CNNMoney.com19 Jun 2013 | 5:03 pmMicrosoft abruptly reverses its policies on connectivity and used games.
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OptiRate.com
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The Old Get Richer, The Young … Not
19 Jun 2013 | 7:00 amBanks are initiating aggressive customer acquisition programs, and a recent Fed reports helps with the finding that household wealth rose by $3 trillion in the first quarter, to $70.3 trillion. On average, household wealth at the end of the quarter was $613,635, about 11% below the 2007 peak but a sharp rebound from the lows set just [Read More...] Read more at http://BankBlog.OptiRate.com -
Can Small Business Rely On Community Banks?
17 Jun 2013 | 7:00 amNumerous news stories and common folklore continues to tell us that Community Banks are the lifeline of financial support for Community Banks. ICBA tells us that Community Banks provide 60% of all Small Business Loans while a recent article in Bank Investment Consultant publication stated that Community Banks are “making hefty commitments” to Small Business Lending and quoted [Read... Read more at http://BankBlog.OptiRate.com -
E-Signatures in your Credit Union: a Win-Win
1 May 2013 | 2:44 pmAs technology advanced over the years, more businesses and industries have begun adopting innovative solutions – document management, mobile aps, workflow automation, etc. – to their unique challenges, and electronic signatures are just one of these technologies. Although e-signatures aren’t new – telegraph signatures date back to the mid-1800s – Electronic Signatures in... Read more at http://BankBlog.OptiRate.com -
Knowing Your Customer Is Essential for Loyalty and Profitability
14 Jan 2013 | 6:30 amMany Community Banks and Credit Unions provide a great service to the community in the form of free checking accounts. And many in the Community Bank and Credit Union sector are rightfully proud of their contribution and support of the community. Unfortunately, the big win for consumers results in a huge loss for Banks and [Read More...] Read more at http://BankBlog.OptiRate.com -
The Big Shift by Brett King
10 Jan 2013 | 8:38 amBrett King discusses how customer behavior and technology are changing the future of financial services. The reality will challenge the thinking of traditional Bankers through a discussion of topics including: · Why customer behavior is so rapidly changing, including the four phases of disruptive change; · How community financial institutions and their branches must evolve; [Read More...] Read more at http://BankBlog.OptiRate.com
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WSJ.com: What's News US
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Asia, Europe Shares Hit by Fed
20 Jun 2013 | 1:29 amAsian markets were lower in the wake of Wednesday's Federal Reserve policy meeting outcome and a weak China PMI reading. Stocks, emerging-markets currencies and bonds were hit in Europe. -
China Manufacturing Hits a Nine-Month Low
20 Jun 2013 | 1:16 amChina saw a fresh sign of economic weakness on Thursday, as an initial gauge of manufacturing health slumped to a nine-month low in June. -
Goldman Left Out of Smithfield Deal
20 Jun 2013 | 1:03 amGoldman lost out on an advisory role in the sale of Smithfield Foods to Shuanghui because of its investment in the Chinese firm. -
Embraer, Bombardier Orders Diverge
20 Jun 2013 | 12:51 amSmaller-jet makers Embraer and Bombardier have drawn attention with contrasting order books at the Paris Air Show, with Bombardier yet to snare any orders for its coming CSeries jets. -
China Banks Warn of Loan Woes
20 Jun 2013 | 12:04 amA cash squeeze gripping China's financial markets is beginning to trickle into the broader economy, as bank executives warn of higher interest rates and more-cautious lending.
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VentureBeat
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LinkedIn DNS hijacked, traffic rerouted for an hour, and users’ cookies read in plain text
19 Jun 2013 | 9:22 pmApp.net co-founder Bryan Berg noticed that LinkedIn was DNS hijacked tonight, and that traffic was re-routed to a shady India-based site, http://www.confluence-networks.com. That’s bad for LinkedIn, but there’s worse news for you. According to Berg, that site does not require SSL (secure sockets layer), which means that anyone who visited in the last hour or so sent it their long-lived session cookies in plaintext … a potential security risk. DNS hijacking is the process of redirecting a domain name to a different IP address. IP addresses are strings of numbers that identify… -
FABulous funding Wednesday: from gay social network to billion-dollar design store
19 Jun 2013 | 9:00 pmJuly 9-10, 2013 San Francisco, CA Tickets On Sale Now It was a big day for funding today. Here’s the quick overview, with links to full stories. Fab raises $150 million Fab announced last night that it has raised $150 million in a fourth round of funding led by Chinese company Tencent, who’s also appointing a director to the company’s board. The company’s valuation, excluding the new funding, was $1 billion, and this is only the first tranche of it’s fourth round. Fab started life as a gay social network, the pivoted — and what a pivot it was — to an online… -
AdChemy is helping retailers upload their entire inventory of millions of products to Google Shopping
19 Jun 2013 | 8:29 pmJuly 9-10, 2013 San Francisco, CA Tickets On Sale Now Google product listing ads can make the world’s largest search engine your store, by uploading your products, setting pricing, and letting the magic of the internet happen. That’s all fine for mom and pop, who have three widgets to sell, but how do you upload and manage thousands, hundreds of thousands, or even tens of millions of products on Google Shopping? One solution is AdChemy, which recently released smart software matches an internal customer intent graph to Google’s knowledge graph … and then uploads,… -
How the soul of open source is saving time, money — and lives — in health care
19 Jun 2013 | 7:06 pmRich Roth is VP of Strategic Innovation at Dignity Health. [Editor's note: VentureBeat selected Dignity Health to speak at our HealthBeat event last month because of their unique model; we asked them to follow up on their talk with this look at how an 'open source' model can speed up innovation in health care.] The advancements in medicine over the last 50 years are remarkable. Diseases once thought of as terminal are now curable. Chronic conditions today can be treated far more effectively than just a decade ago, making a huge impact on a patient’s quality of life. Our nation’s health… -
CEO Bre Pettis: MakerBot isn’t selling out — it’s building its future
19 Jun 2013 | 5:22 pmJuly 9-10, 2013 San Francisco, CA Tickets On Sale Now The main thing MakerBot CEO Bre Pettis wants you to know about his company’s $600 million merger with Stratasys is that, no, MakerBot is not selling out. “We’re a growing company. We’re out there to make 3D printing easier and more accesible to more people, and this will help us do that,” Pettis told me earlier today. While it’s barely four years old, MakerBot has quickly established itself as the most hippest, most interesting 3D printing company around. This, as you might expect, automatically made…
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DealBook
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Sony Rebuffs New Call to Sell Entertainment Unit
19 Jun 2013 | 8:30 pmSony's chief executive, Kazuo Hirai, told shareholders on Thursday that movies and music were an indispensable part of the company, rejecting a renewed push by the American activist investor Daniel S. Loeb. -
Equity Firm Tied to New York Pension Scandal Raises $7.7 Billion From Investors
19 Jun 2013 | 5:56 pmRiverstone Holdings said that it raised its largest fund ever, four years after a settlement over its role in a “pay-to-play” pension fund inquiry. -
Larger Rival to Acquire 3-D Printing Start-Up MakerBot
19 Jun 2013 | 2:50 pmMakerBot, the Brooklyn-based start-up that makes 3-D printers, has agreed to sell itself to its larger rival Stratasys, the companies announced on Wednesday. -
Britain Prepares to Sell Its Stake in Lloyds and Weighs a Breakup of R.B.S.
19 Jun 2013 | 1:39 pmThe British government is preparing to sell part of its holding in the Lloyds Banking Group and is weighing a breakup of the Royal Bank of Scotland, the chancellor of the Exchequer said. -
Bank of America Names New Co-Heads of Technology and Media Banking
19 Jun 2013 | 12:49 pmBank of America Merrill Lynch named new co-heads of its technology, media and telecommunications investment banking group on Wednesday. It poached one from JPMorgan Chase.
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Business and financial news - CNNMoney.com
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Microsoft reverses course on Xbox One
19 Jun 2013 | 5:03 pmMicrosoft abruptly reverses its policies on connectivity and used games. -
Much faster Wi-Fi coming soon
19 Jun 2013 | 4:40 pmA new, faster version of Wi-Fi was officially rubber-stamped Wednesday. -
IRS to pay $70 million in bonuses
19 Jun 2013 | 4:37 pmRead full story for latest details. -
Chinese billionaire buys 007's yacht maker
19 Jun 2013 | 4:15 pmA British yacht maker that crafts luxury vessels for James Bond films is being bought by Chinese billionaire Wang Jianlin. -
Dunkin' Donuts to offer gluten-free donuts, muffins
19 Jun 2013 | 3:56 pmDunkin' Donuts says it plans to offer new gluten-free cinnamon-sugar donuts and blueberry muffins by the end of this year.
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AllFinancialMatters
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How Nice! Tax Payer-Funded Sushi
19 Jun 2013 | 3:30 pm -
Lightning Video I Shot Last Night
15 Jun 2013 | 12:26 pmThis is off-topic but I thought I would share it anyway. It’s some video I took last night during a storm. I slowed it down to 1/4 speed so you can actually see it. Enjoy your weekend! -
Will More Doctors Dump Insurance Companies?
15 Jun 2013 | 7:55 amI like this idea: Doctors Dump Insurance Plans, Charge Patience Less. Thirty-two-year old family physician Doug Nunamaker of Wichita, Kan., said after five years of dealing with the red tape of health insurance companies and the high overhead for the staff he hired just to deal with paperwork, he switched to a system of charging his patients a monthly fee plus the price of an office visit or test, CNN/Money reported. For example, under Nunamaker’s membership plan — also known as “concierge” medicine or “direct primary care” practices — each patient… -
An Example of Why I Loathe Politicians
15 Jun 2013 | 7:18 amFrom today’s WSJ: Peanut, cotton and rice farmers are big beneficiaries of price guarantees tucked into agriculture legislation under consideration on Capitol Hill. But another big winner may be producers of what is known as sticky rice, the kind used in sushi and other Asian dishes across America—and grown by a congressman who helped push for the provision. The federal subsidy in the House bill guarantees farmers of Japonica Rice that if market prices drop below 115% of the average price of all types of rice, they will get a government payment to make up the difference. Japonica is… -
A Quote From My Entrepreneurial Son
10 Jun 2013 | 9:55 amParental brag on… From my second son (he’s 16-years old): “You know what feels good? Wen a kid from school asks if he can work for you.” He and his business partner have a lawn mowing and pressure washing business. Their goal is to make $20,000 this summer. Seems pretty lofty but I’m proud of them for trying instead of setting around all summer playing video games. My oldest is working at a grocery store. I’m very proud of my kids. …parental brag off.
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fivecentnickel.com
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Can you afford an international retirement living?
19 Jun 2013 | 3:00 amThis post is from staff writer Jeffrey Steele. On a recent trip to Guadalajara, Mexico, our hosts announced one Sunday they were taking us to a special place outside the city. We climbed into a van and motored an hour southeast, coming to a halt on the shores of Lake Chapala. Mexico’s largest fresh-water lake, Chapala is a picture-postcard-worthy gem rimmed by quaint and historic towns, and known for its awesome sunsets. After strolling the sun-washed malecon, a promenade ribboning along the shoreline in Chapala city, we climbed back in the van for a lakeside joyride. We were soon in… -
How to help your family after you are gone
17 Jun 2013 | 3:00 amThis post is from staff writer Suba Iyer. Death. Nothing in this life is certain but that except death, but that is the one thing almost everyone prefers not to think about. It is depressing to think about our own demise. Why think about something that depresses you? Because it is not about me, it is about the loved ones I leave behind. My husband will be an emotional wreck if I, well, leave him. Money will be the last thing he will think about at that time, but he has to eat. We have some dreams, some expensive dreams that we want to make a reality. That will cost him a lot of money. I will… -
Will Social Security be gone before I retire?
14 Jun 2013 | 3:00 amThis is a guest post by Leslie Kramer from our partners at LearnVest. Social Security benefits used to be something that all tax-paying workers could count on. A portion of your pay would be automatically deducted from your paycheck, through the payroll tax, and in return you would reap the benefits of the program when it came time for you to retire. For many decades the program worked well. “Today’s employees would raise the revenue to pay current retirees, and were assured that when their time to retire came, the current employees of the day would pay into the system to finance… -
Refund, or no refund?
12 Jun 2013 | 3:00 amThis post is from new staff writer William Cowie. How do you approach your income tax withholding? Do you opt for a higher withholding in order to get a refund, like 85 percent of all Americans (according to a recent survey)? Or do you go for the minimum and pay in when you file your taxes? Most articles you read on this topic appear in April, but isn’t that a little late to do something about it? Instead, let’s look at the issue before tax time is upon us again. Skip the refund Several personal finance bloggers, like Luke Landes at Consumerism Commentary and J.D. Roth at… -
This battle of the sexes has no winner
10 Jun 2013 | 3:00 amThis post is from staff writer Richard Barrington. Information services company Experian recently released a study comparing the debt status of men and women. The angle Experian highlighted for their press release was that the study demonstrated that women are better at handling their finances then men, and indeed, the numbers bear this out to some degree. But that’s not the most striking thing about the study. Actually, a couple things struck me when I looked at the numbers. The first thing is how surprisingly similar the credit status of men and women actually is. The second…
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NetBanker
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The Simple Finance Game or "Hiding PFM in Plain Sight"
13 Jun 2013 | 7:16 pmI've written thousands and thousands of words about personal finance management (PFM) including seven deep dives in our Online Banking Report (see note 1) and 130 131 blog posts. However, I've never articulated the behavioral aspects as well as NY Times software developer Andre Behrens who pens the occasional post at NYTimes.com. In his Tuesday article, Gamification Done Right, he uses (Bank) Simple as an example of a great use of game mechanics: Simple.com is the most beautiful bank site I’ve ever seen...but aesthetics are just a baseline. Because what Simple actually wants to do… -
Op Ed: MRI Study Finds Consumer Interest in Fee-Based Bundles
13 Jun 2013 | 6:26 pmby Dr. Dan Geller Dr. Geller is EVP of Market Rates Insight, which provides competitive research and analytics to financial institutions. He can be reached at dan.geller@marketratesinsight.com One of the most significant findings from our latest study on banking fee-revenue optimization (see note 1 below) is that the majority of consumers say they will pay monthly subscription fees for value-added financial services (see chart below and list right). The average monthly fee that more than half (55%) of consumers are willing to pay ranges from $2.17 to $5.06 per month for each service. Of… -
TD Bank Launches Dynamic Login Page
11 Jun 2013 | 10:30 pmIt's no secret that a first-time online banking visitor has far different needs than the power user returning for login #1,712. But most banking sites provide the same visual login treatment for all users. That forces new users to search out buried "getting started" or "register" links. Or they will make time-consuming, and expensive, phone calls to customer service for guidance. And the one-size-fits-all approach is not optimal for experienced users either. As they skim by the static boilerplate in the banking version of banner blindness, power users miss the chance to… -
UW Credit Union is First to Tap the Mobile Browser for Remote Deposit Capture
6 Jun 2013 | 6:50 pmThere are a few dozen financial institutions I follow closely for inspiration. And one of my favorites is University of Wisconsin Credit Union. The 180,000 member, $1.6 billion asset CU, always seems to be at the forefront. Its latest feat: Remote deposit capture from the mobile web <m.uwcu.org>. That's not a typo. Mobile deposit capture WITHOUT a (native) app! UWCU is the first in the world (as far as we can tell), that allows smartphone users to deposit checks right from the mobile web (see the CU's blog post for more info). The CU taps new controls in mobile browsers (iOS and… -
Op Ed: Banks, Shop So Your Profits Don't Drop
4 Jun 2013 | 12:40 pmby Michael Nuciforo Michael Nuciforo is a Mobile Banking Consultant at Keatan. He previously worked at ANZ on a number of developments, including goMoney, and more recently managed the UK retail portfolio as Head of Mobile Banking at RBS. Follow him @TheBoldWar. There were 2,277 of them last year totaling $45 billion. And no, that’s not last year’s football salaries. It was the volume and value of tech startup acquisitions. Yet banks barely participated. Could acquisitions be the mechanism for banks to rapidly innovate? Is it time for banks to shop before their profits drop?
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CUNA News Now Headlines
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CUNA Warns FHFA QM Proposal Could Harm Credit Access
18 Jun 2013 | 10:00 pmThe Federal Housing Finance Agency's decision to prohibit government-sponsored enterprises Fannie Mae and Freddie Mac from purchasing mortgages that do not meet the definition of qualified mortgages could prevent credit unions from working with their members to customize financial products that meet their individual needs, CUNA President/CEO Bill Cheney wrote in a letter to FHFA Acting Director Ed DeMarco. -
NEW: Fed Action On Monetary Policy Stays Steady
18 Jun 2013 | 10:00 pm(6/19/13, UPDATED 2:45 p.m. ET)--The monetary policymakers for the Federal Reserve today held steady on any action, keeping intact their schedule for bond-buying and their near-zero targeted federal funds interest rate, saying that "economic activity has been expanding at a moderate pace." -
NEW: Tax Options Paper Gets CUNA 'Inside Exchange' Spotlight
18 Jun 2013 | 10:00 pmWASHINGTON (6/19/13, UPDATED 5:15 p.m. ET)--The threat level of credit unions of tax reform--raised by the release June 13 of a "tax options" paper by the Senate Finance Committee--is explored in the latest episode of "Inside Exchange," CUNA's video series of key legislative, regulatory and political topics. -
NEW: BizKid$ Adds Another Emmy To Trophy Case
18 Jun 2013 | 10:00 pmMADISON, Wis. (6/19/13, UPDATED: 10:30 a.m. CT)--Biz Kid$, a credit union funded public television series that teaches kids about money management and entrepreneurship, has won a national Emmy Award, television's highest honor. The award for Outstanding Achievement in Single Camera Editing was presented Friday to Biz Kid$ in Los Angeles. -
CUNA: HUD Reporting Changes Would Ease CU Burdens
18 Jun 2013 | 10:00 pm"Credit unions strongly support efforts to simplify their compliance obligations," including a proposed U.S. Department of Housing and Urban Development rule that would streamline Federal Housing Administration financial statement reporting requirements, CUNA Deputy General Counsel Mary Dunn said in a comment letter filed this week.
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The Banking and Strategy Initiative
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What’s happening in Asia (India Morning Report): India needn’t have worried about Fed pronouncements (India Investment post)
19 Jun 2013 | 10:54 pmEnglish: A Jet Airways Boeing 747/300 Taxing at MAA/VOMM Chennai Intl Airport. (Photo credit: Wikipedia) The only island of yet positive GDP growth with near 0 domestic investment, India could have easily ignored Fed pronouncements overnight but instead as the currency fails to find any buyers fell through at least two credit buckets in a single sweep with the Indian Rupee progressively targeting a 60 mark twice in this week and Oil imports continuing to drag the CAD warnings to future quarters with General Elections admittedly not recognised yet by the market as the proverbial ‘blinders’… -
The Mid-Week Trend update: The FOMC announcements have a ring of finality to it!
19 Jun 2013 | 10:16 pmOne need not remind our readers that we do not think half as optimistically as the fed seems to have indicated yesterday. one expected an end 2012 calendar beginning for withdrawals but a 7% unemployment rate as trigger is definitely a sign of the nine month phased withdrawal being more a fait accompli also because of the hawkish prognostications earlier in regard to excess liquidity having weighed on Ben Bernanke and/or the carrying vote fo the foMC depending on your school of decision sciences That deflation is still a risk despite the fed not believing it is clear from the Global crash and… -
It’S MoNDaY aGaiN(US Economy & Markets): The world looks on as Bernanke sets up June policy. [ June 17- June 21, 2013 ]
17 Jun 2013 | 6:00 amEnglish: Julian Assange at New Media Days 09 in Copenhagen. (Photo credit: Wikipedia) The week’s already on with the pre FOMC trades in the Yen keeping it afloat at 94 levels even as the Dollar spiked further. It is a bit unexpected for Dollar to move up before yields start the upward climb again for the Tapering has rounded the bend and facing Global Financial Markets as much or more than the domestic fronts. A busy Tuesday with Housing data releases from May with Housing Starts and Building permits data tomorrow pushes a verdict on to Fed watchers looking for answers to the Tapering… -
The Mid-Week Trend Update: Banking heavies on watchlist as US exits S&P ‘risk’
13 Jun 2013 | 3:22 amThe week’s continuing month long Global FX turn seemed ominous for the big banks, Citi coming under fire from one of the rare remaining bears (analyst Mr Peabody) as Emerging Markets in Asia led a decline to pump the Dollar and Brazil, India and Mexico currencies caused the Tuesday portfolio of the bank to be as much as $8 Billion in the red. However, if Citi has indeed not sold, Wednesday was a very good comeback for the currencies esp the Indian Rupee and the Brazilian Reais and this may just be hot air with final portfolio losses probably one third of the amount ( One ventures that,… -
This Morning in Lyme: Apple goes for a new orbit, bonds picked for sponsor entrails
11 Jun 2013 | 5:40 amThis television commercial, first aired during Super Bowl XVIII, launched the original Macintosh. (Photo credit: Wikipedia) Business Lyme – Apple Lyme – Lyme of Lymes Even as Apple considers itself part of a lucky tribe creating investors that bought bonds for pennies in interest and conducted its WWDC safely with Jonathan Ive releasing a new range of Android savvy new OS and new generation iMacs, iPhones and iPads, one is forced to pen this because one is not sure it would keep its significance except as a ponzi scheme for the sponsoring tribe of investors who were taken for…
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Credit Card Blog
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Payday Loans and Continuing Controversy
18 Jun 2013 | 2:05 pmWill payday loan companies always be seen as the black sheep in the financial family of products? It could be sooner rather than later as banks continue to toe their way in.The "Payday Loans and Continuing Controversy" post is taken from Credit Card Blog. If you see this note please contact CreditCardsBay.com . -
Discover It or Citi Simplicity?
11 Jun 2013 | 1:50 pmWhich is better: the Discover It or Citi Simplicity? Here we review both credit card offers. The "Discover It or Citi Simplicity?" post is taken from Credit Card Blog. If you see this note please contact CreditCardsBay.com . -
Justin Bieber Prepaid Debit – Fail
4 Jun 2013 | 1:49 pmWould you take financial advice from a kid who's not even old enough to own a credit card? If you're a "belieber", you might. SpendSmart is hoping the nation is full of Justin Bieber fans. Fortunately for the country, it's not.The "Justin Bieber Prepaid Debit – Fail" post is taken from Credit Card Blog. If you see this note please contact CreditCardsBay.com . -
Will Your Citi AAdvantage Program Be Good Tomorrow?
28 May 2013 | 1:49 pmWill all of those frequent flier miles be good when you're ready for your vacation? Most likely they will, but if you're tired of the uncertainties with the airline bankruptcy, here are some other co-branded credit card offers.The "Will Your Citi AAdvantage Program Be Good Tomorrow?" post is taken from Credit Card Blog. If you see this note please contact CreditCardsBay.com . -
Another Kick for the Unbanked
21 May 2013 | 1:12 pmThe under- and unbanked consumers have another problem to worry about: remaining in compliance with new healthcare laws. Insurance companies often require credit cards and bank accounts. Are prepaid cards the answer?The "Another Kick for the Unbanked" post is taken from Credit Card Blog. If you see this note please contact CreditCardsBay.com .
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Bank Marketing Strategy
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Banks Accelerate Mobile Banking Innovation
19 Jun 2013 | 11:04 amThe acceptance of mobile banking has grown more quickly than most financial institution futurists could have imagined. The impact of channel migration is changing the foundation of banking as we know it, with banks now being carried in customer's pockets and handbags wherever they go.This seismic shift in consumer behavior is prompting banks around the world to innovate their mobile offerings at breakneck speed. The question is . . . what will the next generation of mobile banking look like? And how should banks respond?In the new insight report entitled, "Mobile Banking 2013 - Are You… -
Steps to Improving Bank Cross-Sell Performance
18 Jun 2013 | 7:06 amWith an increasing need for banks to increase revenues and decrease costs, optimizing every marketing contact has never been more important. In addition to leveraging multiple channels to generate a steady stream of new customers, one of the easiest and most steady sources of new businesses and related revenue is to reach out to current customers for additional business.With the cost of acquiring new retail, small business or commercial customers being five to ten times the cost of retaining an existing one, and with the average spend of a repeat customer being 50-100% more… -
Using Big Data To Predict Online & Mobile Banking Needs
17 Jun 2013 | 7:28 amInvesting in online and mobile channels was not intended to simply provide additional channels for customers to access their accounts. The promise of reduced costs, increased cross-sales and enhanced service was the objective for most banks.The good news is that online and mobile channel adoption is very high, meaning that customers are downloading mobile banking apps to their phones and creating online access points at a high rate. Unfortunately, that’s where the momentum has stopped.Third in a Series on Big Data in BankingInstead of migrating more expensive interactions to less costly… -
Online Banking Key To Satisfaction and Growth at Credit Unions
11 Jun 2013 | 11:40 amAccording to recently released research, credit unions continue to score higher than banks in six key areas that have been found to drive customer satisfaction. Interestingly, however, while lower rates and fees are still a significant component of a positive member experience, the impact of improvements in the online/mobile channel delivery will have the greatest impact on increased customer satisfaction in the future.CFI Group, a customer satisfaction technology and analytics firm, in an inaugural study entitled "2013 Credit Union Satisfaction Index," measured six primary drivers… -
Banking Industry Taking Small Steps With Big Data
9 Jun 2013 | 12:20 pmAs was discussed in the first of my series on Big Data in Banking, the financial services industry has a vast reservoir of data on their customers, but is in the infancy stage of utilizing this data for financial or competitive gain. A new study published by the IBM Institute for Business Value confirms that while the majority of financial firms believe data can create a competitive advantage, the scope of data used and the analytic capabilities lag behind other industries.Second in a series on Big Data and BankingIn a study published by the IBM Institute for Business Value in…
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Payments Views from Glenbrook Partners
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Bitcoin, the Two-and-a-Half Party Model, and New Payment Rails
16 Jun 2013 | 8:45 amOne of the immediate applications for Bitcoin and the math-based currencies that are emerging in its wake is its potential as a new set of payment rails. Rather than the incumbent industry’s reliance on the four party model and its hierarchy of providers, authorization messages, and settlement steps that are necessary to connect the payer and the payee, Bitcoin and other math-based currencies promise a simpler cash-like push payment. It’s not quite that simple of course but it’s not far off. Call it the two-and-a-half party model. There are, of course, the payer and the… -
How many payments professionals does it take to hire a bike? Three! (A story of Chip & PIN)
12 Jun 2013 | 9:04 amBicycles are my preferred form of transportation so I was eager to explore London using the Barclay’s-sponsored bike share program. Unfortunately, you need a Chip & PIN card to rent a bike using the automated stands and all I have are U.S. issued mag stripe cards. I was foiled: After I tweeted about my disappointment (above) a number of payment geek friends offered to help me out (including Frank Mastrangelo at Bancorp who offered to issue everyone at Glenbrook a Chip & PIN prepaid card for travel). Locally, here in London Dave Birch of Consult Hyperion (payments professional #2)… -
The Future of B2B Payments – And Suggestions on How We Might Get There
11 Jun 2013 | 5:32 amI am in London this morning, where I had an opportunity to present a vision for the future of business payments at Experian‘s Payments Strategy Conference 2013. Acknowledging that it is always dangerous to make predictions, this is what I envision for the future of B2B payments: Interoperability – I expect the future of business payments will be dominated by an ecosystem of interoperable solutions, across ERP and accounting platforms, supplier networks, and payment schemes, so that data flows freely between counterparties and their preferred vendors. Track and Trace — As a… -
Considering Bitcoin’s Role in Value Transfer
9 Jun 2013 | 6:17 amNow that the recent fever of Bitcoin speculation that swept up both a worried global constituency and a hype-hungry media has subsided, it’s time for Glenbrook to examine the Bitcoin ecosystem in particular and math-based currencies in general. While there is still no end of open questions, certainties have emerged as well. This Payments View post addresses a few of them. It is also the first of a series by Glenbrook on Bitcoin’s role in value transfer. While the Bitcoin currency has strong commodity-like characteristics—gold does come to mind—it is the potential of… -
Is AribaPay a Game Changer for B2B Payments? Maybe. For now we have more questions than answers.
24 May 2013 | 8:45 amRecently Ariba/SAP and Discover announced that they intend to “transform” commercial payments. AribaPay is either the most significant B2B payments news in decades or just one more courageous entrant into the discouraging battlefield of B2B payments networks. We’re optimistic, and encouraged to see two strong players enter the fray. We hope they will tackle head-on some of the obstacles that have suppressed the adoption of electronic B2B payments. But it all depends on what AribaPay actually is. Who Are the Players? Ariba is a procurement network – engineered to help enterprises…
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MyBankTracker.com
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Rising Interest Rates Control the Housing Market
19 Jun 2013 | 3:00 pmFlickr | http://bit.ly/17mFboY Mortgage rates have seen a relatively sharp rise this month. The average 30-year fixed-rate loan hit 4 percent earlier in June. Higher rates tend to dampen the fervor of investors, who have been snapping up homes during the housing recovery. This is a big jump from the record lows of recent years. Some investors are now concerned that the housing recovery could be stifled if rates continue to rise quickly. The Federal Reserve has two objectives: they are looking to maximize employment and stabilize inflation. The current state of the economy presents both of… -
6 Ways to Sell Your House, Fast!
19 Jun 2013 | 11:00 amFlickr | http://bit.ly/18RE2WY The housing market has been on a roller coaster ride for several years. Houses are either taken back by the banks if it’s in state of foreclosure, or if it’s for sale, someone is always looking to buy. Whether if it’s a house that’s built from the ground up or a certified pre-owned house, the market is saturated with houses on the buying and selling block. If you’re in the market for selling your house, here are some ways you can make your house stand out from the rest and get a quicker sale. Hire an agent If you don’t have real estate experience,… -
17 Frugal, Fabulous Travel Tips!
19 Jun 2013 | 2:00 amFlickr | http://www.flickr.com/photos/kronny/8011274458/sizes/z/in/photostream/ Today’s guest post comes from Tiffany “The Budgetnista” Aliche, who illustrates 17 different ways to help you save money on your next getaway! Summer is almost here, and that means travel season has arrived. Ticket prices for flights are generally more expensive in the summer, but it can cost less than you think; you just need to think outside of the box. These 17 tips will help you get started on your adventure while saving you money for your next trip… Related Stories: ‘The… -
Worker Sues McDonald’s For Being Paid Via Fee-Packed Debit Card
18 Jun 2013 | 3:03 pmFlickr | http://www.flickr.com/photos/18090920@N07/5983965900/ Single mom Natalie Gunshannon from Pennsylvania is suing McDonald’s for paying her wages through the JPMorgan Chase Payroll Card, which charges various fees for use, ultimately resulting in Gunshannon earning less than minimum wage. ABC News reports that Gunshannon is “hoping to have her case certified as a class action on behalf of the other employees who were paid with the Payroll card.” The Chase Payroll Card currently charges a $10 inactivity fee after 90 days, a $1.50 ATM fee, and also a $0.75 per online transaction. -
Simon Says: Debit Card Purchases Can Be Denied For Many Reasons
18 Jun 2013 | 1:48 pmQ: I recently tried to make an online purchase with my TD Bank debit card but it was rejected, twice. It is not a new card and there is a balance in the account. Why is my card getting declined when shopping on the Internet?- Patrick W. A: There are several possible reasons that your debit card was denied. One reason is that you’ve already hit the daily spending limit on your debit card. Banks place daily spending limits on debit cards to minimize the financial harm that can be done to your finances if your debit card is lost or stolen. On signature transactions (the type that often takes…
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The Financial Brand: Marketing Insights for Banks & Credit Unions
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Google vs. Facebook: The Future of Search in Financial Marketing
20 Jun 2013 | 12:01 amGoogle is the dominant player in search today, but Facebook's vast universe of user data offers tantalizing opportunities for financial marketers. -
How Closing Branches Undermines Your ‘Community Banking’ Brand
19 Jun 2013 | 12:02 amCommunity banks and credit unions brag about “being local,” but what happens when they have to start closing local branches? Because that day is coming. -
The Culture of Borrowing and Debt: An Ethnographic Approach
19 Jun 2013 | 12:01 amWhat are people’s philosophy and attitudes toward loans and debt? And how financial marketers can respond to their basic emotional needs in the lending process? -
Putting Digital ‘Tech Champs’ in Every Branch Location
18 Jun 2013 | 12:03 amHands-on demonstrations can convince wary consumers that digital banking tools are both safe and simple. -
Big Banks Surrender Mass Market Consumers To Other Institutions
18 Jun 2013 | 12:01 amIt’s clear that without free checking products, big banks are pushing many mass market shoppers to other institutions.
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Bank Lawyer's Blog
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NY Fed Official: Let's "Facilitate" The Seizure Of Underwater Loans
18 Jun 2013 | 7:58 pmAs we discussed in April, the scheme to have municipalities seize mortgages from lenders through the use of the power of eminent domain refuses to die. It continues to stalk the nightmares of loan owners and servicers alike. According to Housing Wire, North Las Vegas, Nevada, and Richmond, California are the latest desperate localities to consider buying into years of litigation that will inevitably follow the first attempt to exercise such a power. Industry groups are warning those cities that they are walking on thin ice. In response to such actions, industry groups sent joint letters to… -
Misguided Guidance?
17 Jun 2013 | 7:44 pmWhile engaged in a "myth busting" exercise via the myth busters preferred venue, Source Media, FDIC senior policy analyst Elizabeth Khalil responded to one "myth" with an answer that, while it may be technically correct, may also fly in the face of recent "boots on the ground" experience. Ms. Khalil, one of the authors of the FFIEC's proposed guidance on social media use by financial institutions, was responding to various negative comments and alleged concerns expressed by critics of the proposed guidance. One of the "myths" allegedly floated by… -
Banks Hire Hagglers
16 Jun 2013 | 7:56 pmA few weeks ago, the American Bankers ran a story about how community banks were hiring outside consultants to negotiate major IT contracts with vendors. Hiring consultants, including those who once worked at tech vendors, can make a difference, industry observers say. Vendors have an advantage because they are constantly negotiating deals, while bankers only visit the issue every few years, says Greg Schratwieser, president and CEO of International Consulting. Paladin [an IT consulting firm] collects data tied to the processing contracts of financial institutions with less than $5 billion of… -
Can't Get No Relief?
12 Jun 2013 | 7:32 pmThe NAFCU's Steve Van Beek discussed in a recent post the Regulatory Accountability Act of 2013. Steve explains what the bill would do, if enacted. Require regulators to consider their existing rules when writing new regulations; Issue an advanced notice of proposed rulemaking (ANPR) prior to proposing a major rule; and Require regulators to avoid regulations that are inconsistent or incompatible with other regulations and draft regulations in simple and easy to understand language. Look, it's not a panacea by any means, but it's a start. Moreover, it's an act that would… -
More FDIC D&O Lawsuits
10 Jun 2013 | 7:53 pmIn his latest post on the status of FDIC lawsuits against former officers and directors of failed banks, Kevin LaCroix makes a couple of observations. One is the fact that in the latest two lawsuits, filed during the last two weeks of May, the FDIC doesn't bother pleading ordinary negligence, instead pleading only gross negligence. As a commenter to that post points out, that may be because the FDIC is allowed to recover on the theory of ordinary negligence only where applicable state law so provides, but is always allowed, by federal law, to recover if it can prove gross negligence.
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The Bankwatch
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Who is your Edward Snowden?
9 Jun 2013 | 10:14 pmThe story of Edward Snowden is becoming more interesting than the message he has brought. He has been a spy all his adult life and he has been with Booz Allen for 2 months~. Further he is 29 years old suggesting a career span of 10 – 11 years max. The dichotomy of this apparently intelligent young man lies in the range between delusions of grandeur and deep experience with the shadow world of espionage. The personal history of Snowden will become a large part of this increasingly fascinating story. Booz Allen Statement on Reports of Leaked Information Booz Allen can… -
To the Guardian – why PRISM? ECHELON has been around since 1948 supported by US, UK, Canada, Australia
8 Jun 2013 | 9:06 pmIt is not at all clear to me why everyone is so excited about PRISM and the apparently new ability to monitor private communications that the Guardian got all excited about last week. It took me a day or two to remember the name, but I have this piece (below) from 2003 which documents ECHELON which has been around since 1948. PRISM reads like an extension/ subset/ addition to ECHELON. For the record I am not afraid of this kind of thing. Indeed we can’t on the one hand be happy to throw everything personal out there, and the on the other hand complain if someone reads it. -
Chip card implementation remains fundamentally flawed
28 Apr 2013 | 10:49 pmSometimes when I read the debates on chip, PIN and EMV I feel I am listening to the Flat Earth Society. America is home to some home truths including gun ownership, religion and mag stripe in ways that just seem contradictory to common sense. That said, when it comes to chip there are aspects that payment security adherents are probably not addressing in sufficient clarity otherwise one would think logical thinking people would come around even if they are American. (I love America by the way) So what is the issue ? Why is it so hard to make the coherent case for chip? US chip card… -
World Retail Banking Report 2013 | CapGemini / EFMA
23 Apr 2013 | 9:15 pmThe new CapGemini/ Efma World Retail Banking report is out today. This is the 3rd annual. A link to the full report, press release and infographic can be found here. Its 40 pages and worth the study for anyone in bank channel strategy and management. Paris, New York – April 23, 2013 – Within the next six months, ten percent of retail banking customers surveyed globally will likely leave their bank and an additional 41 percent of customers say they are unsure if they will stay or go finds the tenth annual World Retail Banking Report 2013 (WRBR 2013) released today by… -
“This Time is Different” comes under fire from Amherst professors | what does it mean for austerity?
17 Apr 2013 | 9:49 pmIt is not unusual to have economists debate how to manage inflation, growth, and employment. The solutions vary from extreme Keynes supported by Government spending, to extreme austerity and we have seen all of those especially since 2008. A guiding light of clarity that appeared in 2010 was the Reindhart/ Rogoff book entitled ‘This Time is Different”. The title implied with irony that in fact it is never different, and that it went on to empirically prove that over 800years of data it is proven that countries with excess debt suffer low or negative growth. I have quoted…
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Payments News - from Glenbrook Partners
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PayPal Finds Faster Mobile Check-outs Mean More Sales for Merchants
19 Jun 2013 | 8:30 pmIn a blog post today, PayPal's Todd Martin writes about a recent mobile study conducted with four large merchants across consumer packaged goods, electronics, and the footwear/apparel verticals that found that "simply adding a PayPal button on a product page – versus only at checkout – could help mobile shoppers check out faster and lead to a significant increase in sales for merchants." -
Headline News from PaymentsNews.com - June 19, 2013
19 Jun 2013 | 6:19 amOn the web: GAO Report and Live Chat on “Virtual Currencies” - Bitcoin Foundation - "In response to questions about specific tax situations involving Bitcoin, Director White pointed to the future guidelines from the IRS, in addition to recommending that those using Bitcoin seek the advice of a tax professional. He also mentioned that Bitcoin is the most widespread of the “virtual currencies” covered in the report." Starbucks: Mobile payments now 10% of all U.S. transactions - Fierce Mobile Content - "Mobile payments now account for more than 10 percent of all… -
UK Payments Council Launches Payments Roadmap Effort
18 Jun 2013 | 10:15 amThe UK Payments Council has published its first ever Payments Roadmap – An Initial Report (PDF) - saying that it "spells out the Payments Council’s revolutionary approach towards assessing the options for building on the world leading payment services currently used by UK customers." Adrian Kamellard, Chief Executive of the Payments Council said:“Demands on our payments infrastructure have changed massively over the past two decades, and whilst our infrastructure continues to serve us well with technological innovation happening apace, it makes sense to take a step back and… -
Headline News from PaymentsNews.com - June 18, 2013
18 Jun 2013 | 5:51 amOn the web: Malka, Rickards Debate Bitcoin Utility, Longevity - Bloomberg TV - "Micky Malka, founder and general partner at Ribbit Capital, and James Rickards, senior managing director at Tangent Capital Partners, debate the advantages, disadvantages and longevity of bitcoin, an alternative currency." Payments – Wrapping, Rules, Acquiring and Tokens - FinVentures (Tom Noyes) - "The exec summary of this blog: don’t ever bet your business on someone else’s rules… particularly if they themselves don’t own them." UK Consumers Warm to Mobile Payments - eMarketer -… -
So Where Does NFC Fit into Mobile Payments?
17 Jun 2013 | 9:26 pmOn a slow news day today in the world of payments, we noticed an interesting juxtaposition between a commentary titled "Back in the real world (well, West London)" that Consult Hyperion's Dave Birch posted about paying with PayPal at The Farmery frozen yoghurt shop in West London and an article by PayPal's CEO David Marcus on Huffington Post titled "So Long Cash Register, Hello Innovation". Dave told the story about paying for for his yoghurt purchase using PayPal on his iPhone linking to The Farmery's PayPal Here app on their iPhone. Dave went on to say that "PayPal have made a real effort…
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Gonzobanker.com
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VendorDirt Does Finovate San Fran
13 Jun 2013 | 2:54 pmGreetings, Gonzo bankers! Just got back from a dazzling few days in San Fran to catch the Finovate Spring 2013 conference, and what a show it was! These vendors come in and sweat through seven minutes to show the world their Big Idea. Love the fast-paced, BS- and PowerPoint-free format at Finovate. So, I figured if these presenters can show up and tell their story in seven minutes, I can provide you with my thoughts on the show in 140-character-or-less spurts. That’s right, fair Readers, this will be VendorDirt’s second stab at delivering GonzoBanker via Twitter. And before you… -
Credit Cards – Game ON!
7 May 2013 | 1:58 pmIf credit card issuing were a game of street stickball, mid-size institutions a decade ago yelled “CAR!”, got out of the road, then never gave the cry for “GAME ON!” Today, the credit card industry is ripe and the market is warm for community and regional issuers to get back into the game. Taking a look at the overall credit card industry, credit cards in circulation hit a peak in 2007 at 710 million cards, according to a 2013 Nilson Report. Then the crash of 2008 hit, the Card Act went into play in 2009, and consumer spending changed. From the low point in 2010, the… -
Does Your Bank Test and Learn?
19 Apr 2013 | 11:09 amThere is a simple fact that is critically undermining most strategic plans in our industry today: bankers have too many ideas and not enough money to pursue them. What’s worse is that these same organizations lack the discipline necessary to vet their messy “marketplace” of business opportunities and prioritize resources to get the most important items implemented. Why are new ideas multiplying like rabbits? Simply because our industry’s business model before the Great Recession isn’t proving to be as fruitful as it was in the good old days. Our world is being disrupted with the… -
Dodging the Pet Rock Bullet
29 Mar 2013 | 11:53 amNEWS FLASH: Signs of innovative life have been spotted on Planet Banking. Cornerstone Advisors reports having seen evidence of true Gonzo bankers doing really unique things in the industry. According to eye witnesses, these innovators have broken down the old geography barriers and employed industry knowledge and unique products to go to where fewer and fewer banks have gone – i.e., where the customers are. Here are just a few examples of these institutions’ competition-busting tactics: A bank, in partnership with a large university, plays a prominent role in the new student… -
VendorDirt: Gonzo Goes to the BAI Payments Conference
18 Mar 2013 | 12:36 pmAh, yes, nothing like a hometown trade show to get you out of the office without the related travel burden! Such was the situation I found myself in this week for BAI’s Payments Connect Conference and Expo right here in milquetoast Phoenix. I mainly attended to catch a glimpse of the rumored rumble between execs from BAI and rival CBA, which was hosting a concurrent conference in nearby Scottsdale. Alas, there was no trade group mano-a-mano or even a nasty smack-talking session, but the BAI show proved the one thing we ALL know about the future of payments in banking: No one knows what…
