Uncategorized

Bank of Scotland fined GBP1.25m

Colin Henderson

As a result of terrorism activities, the new rules on money laundering have been tightened, and BofS have been hit with a big fine.

Guardian Unlimited Money | News_ | Bank of Scotland fined 1.25m

Press Association
Thursday January 15, 2004

Bank of Scotland was fined a record GBP 1.25m today for breaching anti-money laundering rules on the identification of customers.
The Financial Services Authority (FSA) said that in half of test cases BoS had failed to retain a copy of customer ID or a record of where it was kept.
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AI

Online banks ‘get top marks’

Colin Henderson

Guardian Unlimited Money | Cash clinic | Online banks ‘get top marks’

Sarah Crown
Tuesday January 13, 2004

Online bank customers are increasingly enthusiastic about their method of banking, with 70% now rating the service as excellent or very good, according to an independent survey of the sector released today.
The results from the Virtual Online Banking Survey, published quarterly, showed that customers’ assessments of online banks have improved significantly over the past 12 months. The survey asks customers to rate their banks on a scale of one to five (one being poor; five excellent). The average rating out of five for achieved by the UK’s online banks rose from 3.6 in 2002 to 3.9 in 2003.
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US

Sears is banking on the future

Colin Henderson

JENNIFER WELLS Toronto Star You can put your ear to the jungle telegraph and hear not a peep from the country’s big banks on the big news out of Sears Canada Inc. The retailer, as we learned last week, is applying to Ottawa, via the Office of the Superintendent of Financial Institutions (OSFI), to establish a federally regulated bank, a decision that will ultimately wend its way to the minister of finance for final approval. The Sears Canada board met yesterday to pass a resolution to seek the federal charter. The company has already had one meeting with OSFI and … Continue reading Sears is banking on the future

US

Gartner Group: Online banking goes mainstream in US

Colin Henderson

Mar 10 2003: A recent report from Gartner indicates that 17 percent of Americans used online banking services by the end of 2002. According to a new forecast from the company, consumer use of online banking will grow at a Compound Annual Growth Rate (CAGR) of 14 percent up to year-end 2007. By that time, some 30 percent of Americans (67 million individuals) will be using online banking services. Gartner predicts that penetration will be higher among key demographic segments. Among consumers with annual household incomes between USD50,000 and USD75,000, more than one in five use online banking. In households … Continue reading Gartner Group: Online banking goes mainstream in US

Canada

Consumers and Financial Institutions. A Public Perspective on the Industry

Colin Henderson

Banking Survey

The way in which consumers use financial services, is undergoing significant change. The growth of electronic banking, including the use of Automated Teller Machines (ATMs), debit cards, telephone and the Internet for banking transactions is influencing how consumers conduct their day-to-day financial transactions. It has also affected how consumers view financial institutions.
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South America

Brazil Boasts 14 Million Online

Colin Henderson

Brazil Boasts 14 Million Online

South America, the 4th largest continent, accounts for 12 percent of the Earth’s land mass and is home to more than 355 million citizens. Only 27 million individuals online, however, creating an Internet penetration rate of just 8 percent.
Chile has the highest penetration rate with 20 percent of its nearly 15.5 million citizens online, while Brazil boasts the greatest number of users � almost 14 million. Guyana and Uruguay are not far behind, with penetration rates of 14 percent and 12 percent respectively.
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AI

Technology and Banking: A Survey of Consumer Attitudes

Colin Henderson

CBA – Consumer Information – Technology and Banking: A Survey of Consumer Attitudes

Executive Summary

The percentage of Canadians who bank primarily through the Internet has doubled in the past two years, according to Technology and Banking: A Survey of Consumer Attitudes. The poll also shows Canadians use a variety of means to conduct banking transactions, and expect improvements in banking through technology to continue.
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