This recent research analysis from eMarketer indicates the predictions for social network advertising is to grow significantly over the next few years. Continue reading Social Network ad spending predicted to grow (eMarketer)
This new report is from McKinsey, on consumer complexity, how consumer goods ompanies are responding, and in particular what sets the leaders apart. I am not the marketing expert, but I was intrigued by the results in terms of how companies are responding to complexity by levering new and non-traditional research, including word of mouth, and what we might call social aspects. Some leaders appear to be coping with today’s challenging environment by experimenting with new media, novel approaches to gathering insights about consumers, and more collaborative relationships with retailers, among other things. Source: McKinsey Banks could learn from the … Continue reading How consumer goods companies are coping with complexity (McKinsey)
Virgin have taken a majority stake in CirclLending, a P2P lending operation in the US. Jim at Netbanker pointed this out to me the other day. This is significant, because for the first time, we have billion dollar company successful in other fields, including financial services, entering the space. Richard Branson’s Virgin Group has taken a majority stake in Massachusetts-based CircleLending, a provider of loan administration services that specialises in managing loans between relatives and friends. The investment will form the foundation for a new Virgin-branded financial services offering in the US. Source: Finextra This should be a wake up … Continue reading Virgin enters the P2P loan market
This attack method is frightenly simple. The bad guys ping account numbers until they are successful in making contact with a legitimate account. Upon successful identifaction of an account the bad guys can debit the account. This highlights an apparent flaw in the US ACH system. the scammers appeared to be taking advantage of validation weaknesses among businesses using the automated clearinghouse (ACH) system, a private electronic payment network that links banks with one another via the Federal Reserve. The network is used by banks to process large volumes of payroll, credit and debit card transactions, but it also facilitates … Continue reading A frightening new account attack
I worry about the perception created by HSBC and Abbey. Its assumed that two factor and tokens are synonymous. The notion that HSBC and Abbey will become front-line targets for the fraudsters is supported by evidence presented in this paper, ‘Closing the phishing hole’, by Ross Anderson, professor of security engineering at Cambridge University. Two factor requires that there is a second level of authentication, beyond, username and password. For sure I know Abbey have deployed Passmark- HSBC I am guessing, have, or something similar. Passmark uses the forensics of the customers computer as the 2nd factor. It works like … Continue reading Two-factor authentication is not well understood
The trials and tribulations continue as the loss associated with the natural gas trading creeps towards and unfathomable $1 Bn. Workers inspect tiles a day after winds ripped a slab of marble off First Canadian Place on May 15, 2007. “BMO is continuing its investigation of the facts and circumstances surrounding these mark-to-market trading losses including a review to determine whether any potential irregularities in trading and valuation took place,” the bank said in a statement today. The bank said two commodities professionals who were placed on leave after April 27, are “no longer employed by the company.” Source: The … Continue reading BMO: Trading losses swell
Wells Fargo announce a mobile service for their high end commercial customers. This is worthy of mention given that the mobile world in Banking has been retail focussed until now, so this is innovative from Wells. The initial version of the CEO Mobile service, made available to a small number of business customers on April 30, delivers key treasury reports through a secure browser session. Functions that Wells Fargo plans to add later this year include wire approvals, image positive pay exceptions, and administrative tools such as password resets. “Mobile service makes executing financial transactions more convenient and flexible for … Continue reading Wells Fargo announce a mobile service for their Wholesale & Treasury customers
This is huge – Paypal is a Bank! Person-to-person payments firm PayPal has been granted a banking licence in Luxembourg and is relocating its European headquarters to the country from London, in a move that will see it escape FSA oversight and multiply the number of Web sites that can offer its service. Source: Finextra Five years ago, Paypal successfully argued with the New York State Banking Department, that they were not a Bank, and then similar success with the FDIC. But now in Europe they are a Bank. An institution with no branches, deposit taking institution, with worldwide payment … Continue reading PayPal gets banking licence in Europe
Javelin anounce some new reports on the potential for adoption of mobile banking. While I agree with this statement from the press release, I think a nuance is missed here. While consumers are better primed for mobile banking now than they were in 2000, financial institutions (FIs) should not consider the mere availability of mobile banking a guarantee of success. FIs should prepare for measured, rather than widespread and immediate adoption, even though consumers, handsets and mobile networks have made tremendous advancements. Source: Javelin Mobile Banking … the assumption is that online banking or ATM functions would be replicated on … Continue reading Mobile Banking | a replacement, or a supplement?
Ron has an interesting post here on the evolution of the CMO. He suggests that the role is following the track of the early CIO’s, due to poor definition of the role. I agree. I clicked through to the CMO Council abstract of a report entitled ‘Define and Align the CMO”. This quote is resounding in its implications, and one that Banks would do well to consider as they try to sort out the ‘new marketing’ (emphasis mine) What our research bears out and amplifies, is this: candidates for the position of Chief Marketing Officer must not be evaluated primarily … Continue reading Role of the CMO follows the track of the early CIO
