AI

We need to recapture those conversations – BMO

Colin Henderson

Bank of Montreal opens new branch and replaces the mall branch with a grocery store outlet. canadaeast.com – TT Local Economy Having a new stand-alone branch and an in-store branch right across the street just makes sense for a vibrant community like Dieppe with both branches' locations right on the border with Moncton, senior vice-president for Quebec and Atlantic Canada François Hudon says. The strategy is to capture business as customers go about their grocery shopping. ……. new in-store branch at the Sobey's grocery store in the mall that is open every day, 64 hours per week."We're going to try … Continue reading We need to recapture those conversations – BMO

AI

Information from ATM cards skimmed in Auckland used in Canada to fleece accounts of thousands

Colin Henderson

A simple example of the international nature of ATM fraud. Information from ATM cards skimmed in Auckland used in Canada to fleece accounts of thousands (IRN News Via Thomson Dialog NewsEdge)There has been a third case of skimming of money cards at an Auckland ATM machine.This time it is at a BNZ machine at Pakuranga Plaza. Information is thought to have been stolen from 60 cards. That information has been used in Toronto in Canada with the fraudsters taking a total of $49,000. It was only when card holders queried transactions that the BNZ realised its ATM machine at Pakuranga … Continue reading Information from ATM cards skimmed in Auckland used in Canada to fleece accounts of thousands

Profitability3 Comments

US price for banking service drops

Colin Henderson

These are among the key findings from the third edition of the World Retail Banking Report from Capgemini, ING and the European Financial Management and Marketing Association (EFMA), which presents an annual index of pricing for basic consumer banking services across national markets.

North America Banking Services Prices Decline 7.6%; Biggest Cuts Seen in Highly Competitive US Market; Prices Globally Fall 1.5% as Regulation Drives Pricing Convergence in Eurozone

prices for banking services fell 7.6% for active users in North America during the past year, with an average price of EUR 64, down from EUR 69 last year.

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Security

Computer ‘fingerprint” technology cuts fraud

Colin Henderson

Halifax Bank of Scotland have installed RSA Cyota technology that reduces fraud for internet transactions, by noting when a fraudster tries to access their customers accounts.

HBOS to extend security system to debit cards after major reduction in online fraud

HBOS worked with RSA Cyota to develop eVision, an online service capable of analysing the risk of each credit card transaction by monitoring data about the customer’s IP address and the “fingerprint” of their computer.

A pilot in August last year showed that eVision was able to detect fraudulent purchases with between 80% and 90% accuracy. At the same time, it was able to reduce the number of genuine transactions blocked by the bank’s anti-fraud system, by a factor of 15.

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Ranking, US1 Comment

Statistics – US Online banking

Colin Henderson

Some statistics on the domination of US online banking by Bank of America. Charlotte Observer | 04/12/2006 | BofA’s orbit larger with Web users Almost 40 million people logged on to a banking Web site in the fourth quarter of 2005, according to comScore, based outside Washington, D.C. That was a 27 percent increase over the fourth quarter of 2004.                                        BofA      Wells      Wachovia    CitiUS deposits                 10%                           5% +/-US online bankers       38%         21%Incr Q405 … Continue reading Statistics – US Online banking

Innovation, Open Source Banking

Yodlee to debut personal finance service this summer

Colin Henderson

Wells Fargo recently dropped their OneLook service, and its interesting (speculation on my part) that Yodlee have been busy with announcements recently, and whether Wells are doing something with them.

Anyhow, Yodlee are busy, first was the account opening, including funding announcement, and now the personal finance centre.

San Francisco Business Times: Yodlee to debut personal finance service this summer – 2006-04-13

Yodlee, the Redwood City firm originally founded as an online account aggregation service, will debut its Money Center personal finance service this summer. The service will be offered through major banks. It's expected to be a free service, at least initially, to bank customers since most financial institutions see better customer retention and lower costs of servicing online banking customers.

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India1 Comment

Indian online banking statistics

Colin Henderson

Bills paid online, per HH align closely to North American numbers. The Hindu Business Line : Average Indian household pays 42 bills online a year: Study an average Indian household in the top 10 cities in the country pays up to 42 bills online annually, most of it to finance, insurance, telecom and utilities companies. And the community of Internet-savvy Indians paying bills online is expected to increase from the current 0.3 million in 2005-06 to 1.8 million by 2007-2008 Continue reading Indian online banking statistics

Security

ATM security is more than triple DES

Colin Henderson

With the recent ATM fraud, its natural and required to revisit security measures, and specifically the transmission of customer information between ATM's and bank host systems. That information travels a long way over disparate systems from the ATM, often through a processor, and then on to the bank. This paper issued by Redspin Inc. is based on their experience conducting internal security audits for US banks. Their key point is found here: ATM_Vulnerabilities_04_10_06.pdf Given the current application protocol, confidentiality of user account information is clearly a significant issue. While the PIN is encrypted, the card number, expiration date and current … Continue reading ATM security is more than triple DES

AI

We’re readers, viewers, listeners and (most of all) customers, not just “consumers.”

Colin Henderson

This is a seminal piece from Doc Searls, in 2004. It has bold and illustrative conclusions, such as this. Except as the literal reciprocal of "producer," "consumer" no longer holds much useful meaning, except where the supply side of advertising talks amongst itself. Internet as a market. What matters is attention. In real markets (where everybody is a peer), companies can converse and relate directly to customers. Here you still have the scarce resource we call attention; but you also have a much better chance of earning it, by relating directly to the customer in ways that actually make your … Continue reading We’re readers, viewers, listeners and (most of all) customers, not just “consumers.”