Innovation

Lloyds TSB introduces instant online loan service

Colin Henderson

An excellent example of the next level for online banking, beyond basic transactions. At the bank, we already know enough about our customers for most loan activities, so why not trust them, and provide instant access to credit. Finextra: Lloyds TSB introduces instant online loan service UK high street bank Lloyds TSB has lauched an online loan service that gives Web banking cutomers an instant decision and instant access to the funds if they are approved. The new service, called QuickSign, is available to all Lloyds TSB’s online banking customers and works by using log-in passwords as an electronic signature … Continue reading Lloyds TSB introduces instant online loan service

Security

Another software security space evolves from Fair Isaac

Colin Henderson

An interesting development in the software security space.  Recently two factor authentication softare such as PassMark, and Digital Envoy have arrived, and they analyse the customers computer and record that “fingerprint” to valaidate the customer in the future. This new development analyses the customers mouse and typing habits, and associates with the customers profile to create a unique binding that assures the bank that the customer accessing online banking is who they say they are. ComputerWeekly.com – Banking fraud detection system uses customer typing and mouse styles – Technology\Security Products – 01/Jun/2006 The software monitors user characteristics, such as their … Continue reading Another software security space evolves from Fair Isaac

Payments

Japanese Stores Turn To Interoperable Contactless Readers

Colin Henderson

This is a matter that North American card acquirers, such as Moneris, and Paymenttech must consider otherwise the merchant experience will be terrible, and that would translate into consumer confusion. Card Technology, The Smart Card News Source Three of Japan’s largest convenience store chains are reportedly in talks to accept multiple brands of contactless credit and electronic purses on the same card readers. Without interoperable readers, consumers would be confused about where they could use a particular brand of contactless payment and merchants would have to install multiple readers. Continue reading Japanese Stores Turn To Interoperable Contactless Readers

Security

Banks display terrible judgement in handling apparent massive security breach in US

Colin Henderson

More information on the Goldleaf hacking incident, and the lack of information is astounding as I look at these three stories.  Worse is the remedial action, which will result in many customers leaving to Bank of America, or Wells Fargo being large banks that appear to customers, to have better control, and therefore better trust. Hackers gain access to server hosting bank Web sites Customers who tried to gain access to the sites were redirected to a phony Web site that asked for a user name and password. If a customer entered them, the site then asked for credit card … Continue reading Banks display terrible judgement in handling apparent massive security breach in US

Security

Hack attack hits 300 US banks

Colin Henderson

In a security breach at an Goldleaf Financial Solutions, an Internet Service Provider for US Community banks, the personal information of clients has been compromised.  While there are no details yet, I suspect this is big, so more to come. Finextra: Hack attack hits 300 banks Goldleaf – which provides Web-based ACH, cheque conversion, and remote deposit solutions as well as hosted Web sites and intranets for community financial institutions – says it was forced to respond to a phishing attack on its system that redirected banking customers to bogus Web sites in a bid to entice them to enter … Continue reading Hack attack hits 300 US banks

Self Service, Web/Tech

Wincor Nixdorf – fabulous strategy day

Colin Henderson

Spent a great day with Juergen and Uwe from Wincor today. Only thing wrong is that the day wasn't long enough. Wincor are showing very high growth curves in their delivery and penetration of ATM's worldwide. They are showing Diebold and NCR, that being the old installed base, is not enough. Key point in my mind, and why the smart companies are using Wincor's is that they are entirely open, based on open standards. Their ATM's are just (I say "just" lightly) IBM P4 PC's. The interfaces, connections, and hardware are all standard off the shelf stuff. This makes their … Continue reading Wincor Nixdorf – fabulous strategy day

AI

Best RSS newsreader – GreatNews

Colin Henderson

Randy shows the result of his unofficial newsreader survey.  I observed three things: My newsreader, GreatNews is far and away the best Firefox Live Bookmarks suck Of the two big web based readers, Bloglines blows Newsgator out of the park If you want to try RSS feeds, and are new to it, try Greatnews. RSS Reader Survery – The RSS Blog Reader                     % Favorite GreatNews                     86% Bloglines                         39% Attensa for Outlook        33% NetNewswire                  33% News Alloy     … Continue reading Best RSS newsreader – GreatNews

Payments2 Comments

Cheque processing centres in the US cut from 45 to 18

Colin Henderson

Check 21 in the US, and TECP in Canada is all the more critical as we watch cheque volumes decline significantly.  The US Federal Reserve has already reduced their number of processing centres by half, but processing centres should be eliminated or at least reduced to one. Finextra: Fed closes more cheque processing centres; cuts 130 jobs Since 2003 the Fed has cut the number of cheque processing centres in the US from 45 to just 18 as more consumers and businesses continue to switch from paper to electronic payments. The Fed says its most recent study shows that about … Continue reading Cheque processing centres in the US cut from 45 to 18

US

Canada: Trends in Retail Payments

Colin Henderson

Courtesy of Payments News a sobering view of payments in Canada. Its sobering because Canada is one of the most advanced for debit and electronic banking in the world. Yet the door is open for serious cash replacement technology, such as micropayments. Which bank(s) will be first to adopt the likes of Cardis, or Dexit to solve this, and change customer bahaviour. Trends in retail payments Cash remains a significant means of payment and a store of value in the Canadian economy, and thus the Bank of Canada continues to face increasing demand for bank notes. In recent years, however, … Continue reading Canada: Trends in Retail Payments

US

How customers will shop Banks in the (near) future

Colin Henderson

This blog post, is indicative of how banking reputation will be defined going forward.  Its an honest simple comparison between two services;  in this case Paypal, and CIBC (Canadian Bank).  Beef with CIBC | Sami Khan I love PayPal. I like how PayPal keeps complete track of your activity and will provide you with complete statements with tons of information. I like how transactions go through instantanously. With CIBC I have to wait a day before my credit card account is cleared, which doesn’t make any sense. Further, they only retain your online information for 13 months. Its immaterial that … Continue reading How customers will shop Banks in the (near) future