Financial Services Tech Forum

Archives for February 2009 « Recent Articles


The Quickening Pace

By Barry Rabkin – 4 Comments

The pace of technology keeps quickening. The challenges for insurance companies are many: understanding the pace of technology change at a macro level; being aware of the pace of adoption of emerging technologies by society generally and their target markets more specifically; being aware of the pace of adoption by competitors (and these are not necessarily only insurance companies); and, as importantly, being honest about the pace of adoption of technologies by their own firm. As someone onc

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Impact of Heartland Breach on Payment Startups

By Aaron McPherson

I just got a call from American Banker about a startup company called Noca, which issued a press release today announcing the rollout of a new free online payment system for merchants.  It schedules an ACH transfer from the consumer to the merchant, at a charge of 0.25% or less (OK, not "free", but a lot less than the 2-3% that a PayPal or card acquirer would charge), by asking the consumer to provide their bank account information.  Sounds great, right?

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Just got off the phone with a credit union that created a blog hosted by their president, "Ask Jack". It's $200M Members Credit Union in North Carolina, and when internally there was concern about how the media was communicating about the financial crisis, they decided to turn to social networking to manage the message.

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Sticking up for Bank Employees

By David Potterton – 2 Comments

In the Sunday NY Times, Wells Fargo President and CEO John Stumpf posted an open letter on the value of employee recognition.  This was in response to the recent flap in the press over just such an event Wells had planned in Las Vegas.  Mr. Stumpf  makes some very valid points and I like the fact that a CEO is willing to take an  unpopular stand (at least from the media’s perspective) and publicly air his views.  

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