Integrating the digital future
Balázs Vinnai, now with Misys, talks about changing banking and payments technology needs.
FinTech
April 2014 Intra-day liquidity – a blessing in disguise
Intraday liquidity reporting becomes mandatory next January. It might just provide an opportunity to reassess the way banks approach risk.
Banking Goliaths must learn to dance with “Digital Davids”
Partnerships and alliances with innovative digital entrepreneurs will allow the large incumbent banks to adapt and thrive in the new economic ecosystems being created by the mobile and digital revolutions currently changing the industry.
Banks – “Don’t Panic”, says Wells Fargo’s Ellis
The banking industry is complex by its nature but banks and bankers should look up from their budgets, listen to their customers, stop whining about regulations and collaborate on industry issues.
Why banks need to branch out into the cloud
Despite the well-known benefits of cloud computing, 75% of banks in Europe are using outdated core banking systems. Why are some banking institutions slower to adopt cloud than others?
US risk spend hits new peak reports DTCC
US financial institutions are spending more on risk mitigation than ever before, according to a new study by post-trade services utility the DTCC.
Banking in the Digital World
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies – but there are some trends in digital banking that are being slowly adopted by the banking industry as a whole.
Why banks need a chief mobility officer
Mobility has risen to such a level of importance that many people believe it deserves its own C-level position to advance and align mobility strategy throughout the enterprise. In no other industry is this more pressing than in banking where financial institutions are increasingly using mobile apps to set themselves apart from their rivals.
Global financial IT spend to reach $100 billion by 2018 says Ovum
IT spending in financial markets is on the rise and is set to reach $100 billion in capital markets, corporate banking and asset management by 2018, according to new research by analyst firm Ovum.
Why Yahoo’s malware attack is hitting banks hard
At the end of last year, Yahoo was hit by a malware attack. It affected over two million clients, mainly in Romania, Great Britain, France, Italy and Spain, putting their personal data at risk. Upon visiting the website between 27 December and 3 January, users received advertisements, some of which were malicious and infected users’ devices without even a click.
Znap puts merchants at heart of mobile commerce revolution
Mobile payment isn’t about reinventing the wheel – it’s about making merchants and customers’ lives better by establishing a relationship built on knowledge and trust, according to mobile payments platform Znap.
Ex-HSBC CIO takes chairman role at CLS as Hartsink steps down
Ken Harvey, the erstwhile HSBC group chief technology and services officer and group chief information officer, is to become chairman of CLS Group Holdings and CLS Bank International, succeeding Gerard Hartsink who will retire in October.
“Technology tail wagging the strategy dog” in retail banking says Celent
Bitcoin, gamification and Personal Financial Management are “generating more heat than light” in debates about the future of retail banking and banks should not be distracted from other major challenges including digital channels and legacy transformation.
March 2014 Pain Point: addressing the legacy issue
While established banks struggle with their legacy systems, smaller players and new entrants are quickly adopting new technologies and reaping the benefits.
Swift speeds client onboarding with standards testing service
Swift has announced the availability of a cloud-based application designed to eases the client onboarding process between financial institutions and their clients. First outlined at the Sibos 2012 event in Osaka, the MyStandards Readiness Portal, is backed by some big names in the business – HSBC, Citi and Clearstream spoke at a Standards Forum session […]
MasterCard and Syniverse launch “not just another” mobile payment service
MasterCard has partnered with mobile technology specialist Syniverse under an audacious plan that aims at nothing less than “bringing mobile financial services to every single mobile user on the planet”.
Raincoats, taxis and the future of banking
What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.
Cashing out: Ontario mobile payment infrastructure is on the money
Canadians are in a hurry to get rid of their cash – at least as a method of payment, nor are they content with the contactless tap-and-go cards currently in use; they are anxious to replace cards with contactless smartphone technology, writes Aaron Rosland, senior economic counsellor for the Government of Ontario, Canada.
Celent sees strong global growth in bank IT spending
Global IT spending by banks will grow 4.4% to $188.0 billion this year, and will continue to do so for the next few years, according to research firm Celent.
IND acquisition opens chink in competitors’ armour for Misys
The acquisition of digital banking specialist IND Group will give Misys access to parts of its rivals’ customer base that it intends to exploit as it develops its offerings in the digital banking channel, while the closer integration of the IND capabilities will also shore up Misys’ defences against encroachment of its own ageing user base.
February 2014 SEPA: a two-way stretch
A nominal six-month delay in the need to migrate to SEPA-compatible formats hasn’t slowed down the rush to convert clients
Mobile vulnerabilities require banking apps rethink
Concerns are emerging over the failure of some mobile banking providers to address security risks. According to a recent review of 40 home banking apps from the world’s top 60 banks, nine out of ten apps had serious security vulnerabilities.
ITRS adds Murex capability to monitoring system
Trading system monitoring specialist ITRS Group has added a module to its Geneos system for the Murex cross-asset trading and risk management platform.
How many sides can you put on a coin?
There are two sides to every coin, but with Bitcoin those sides simply could not be farther apart. Its promise is extraordinary: for those afraid of inflation, it is gold redux, while for those who hate exchange rates, it is a way to pay internationally. For merchants it is a way of avoiding high transaction fees and for former Presidential hopeful Ron Paul, it is the destruction of the US Dollar.
Getting personal: banks must brace for change
Major global banks need to grasp social networks, cloud computing, user-generated content, personalisation, contextual information and gamification if they are to maintain a competitive edge and stay connected with customers. But they also need to ensure their innovations are transmitted thoroughly to all employees, according to panellists at the BAFT IFSA conference in London on Monday.
HSBC targets online commerce with FX conversion for retailers
HSBC has rolled out a service that will allow online retailers to give customers the choice to pay in various international currencies.
More mobile please – but make it relevant
The likes and dislikes of mobile banking customers around the world suggest that there is an opportunity to expand mobile services globally – but providers need to be careful they are targeting the right information to the right people, according to a new survey by analytics firm FICO.
MasterCard takes controlling stake in mobile remittance service
MasterCard has teamed up with mobile payment solutions provider eServGlobal and Belgacom’s carrier services unit BICS to extend the capabilities of their international mobile remittance platform HomeSend. The three firms have set up a joint venture which uses the HomeSend platform, in which MasterCard will have a controlling share.
2014: a good year for the fraudsters
2014 looks to be a good year for fraudsters as government and law enforcement struggle to come to terms with the issues and the continuing spread of mobile continues to offer them poorly-protected targets.
The hardware guy: how Bank of America is building a new infrastructure
Bank of America is working with Facebook’s Open Compute project on a radical revamp of its systems. David Reilly, head of its Technology Infrastructure unit, tells Banking Technology why Software Defined.Infrastructures are the way ahead.
Global exchanges get together to address cyber threat
The World Federation of Exchanges has set up a Cyber Security Working Group with a “mission to aid in the protection of the global capital markets” in the wake of a number of attacks on international exchanges over the past few years.
BIAN adds first Middle East member
The Banking Industry Architecture Network has gained its first member in the Middle East with the addition of Commercial Bank of Qatar to its roster.
A brave new world for CIOs?
A new role for CIOs in the banking sector was highlighted at the recent Gartner Symposium: to maintain their future relevance and position, they need to be seen as consultants in the technology space, not just providers.
White paper: Banking on Tech City
Tech City is the name given to the hub of high growth technology companies in East London and is lauded as the engine room of British innovation. In November 2010, Prime minister David Cameron launched his Tech City Initiative, saying “We’ve also asked some of the world’s biggest businesses and banks to help provide the […]
Oberthur and mBank target emerging markets with mobile wallet
Digital security firm Oberthur Technologies has partnered with mobile services specialists mBank in a project aimed at bringing “branchless” banking services to people in emerging markets.
Second IT glitch “unacceptable” says RBS
An IT problem that left customers of RBS and its Natwest and Ulster Bank subsidiaries unable to use their accounts yesterday evening was described as “unacceptable” by a bank spokeswoman. For three hours – on what was expected to by the largest online shopping day of the year, dubbed “Cyber Monday” – the banks’ customers […]
Is it safe to trust the machines?
Bank algos may superficially appear to be well-tested – but the process may be open to any number of unexpected flaws, according to Steve Wilcockson, industry manager at big data specialist firm MathWorks.
Voxsmart prepares cloud mobile voice recording service for banks
A new mobile voice recording service is being developed by UK tech company Voxsmart, which it claims is the first to automatically capture every type of communication on a mobile device so that it can be used for trading compliance purposes, including the FCA in the UK and Dodd-Frank in the US.
European Central Bank seeks comment on mobile security proposals
A draft set of 14 recommendations to promote the security of mobile payments has been published by the European Central Bank for public consultation.
Moving Money: the ATM makers’ view of the future
With the rise in mobile payments and wallets, cash is dead and so is the ATM business, right? Not according to the ATM manufacturers, who are all being remarkably sanguine.
