Financial Services Tech Forum

Archives for July 2009 « Recent Articles

Photo of David PottertonOffline

We have been having a number of conversations with our clients on how sales efforts can be more effective in the current financial services environment.  This blog shares survey results from buyers on their views as well as our perspective.

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Bank of America To Close Over 600 Branches

By Marc DeCastro – 2 Comments

At a recent board meeting, Bank of America CEO Kenneth Lewis told investors that they are planning on reducing their branch network by 10%. The reason, according to Bank of America, more people are using online and mobile and therefore not utilizing the branches.

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I just finished watching the PayPal Platform Preview, which was PayPal's official announcement of their new open development platform (it was previously leaked on TechCrunch).  Officially called "PayPal X," the platform was presented by Osama Bedier (VP of platform and emerging technology) in broad, almost utopian terms, as something that would unleash waves of innovation transforming the way goods and services are delivered. Maybe.

Photo of David PottertonOffline

A few interesting aspects from the major US banks announcing their second quarter earnings this week.  First, everyone is waiting for the other shoe to drop with both consumer and corporate credit and all the banks were increasing loan loss reserves to cover credit card, mortgage and business loan losses.  Second, it is becoming clearer that we are rapidly approaching a world of banking have and have nots.  The NY Times today paints that picture clearly as it talks about the strength of Goldm

Photo of Marc DeCastroOffline

Have you heard about the plan by Absa, a bank in South Africa, that was planning on arming ATMs with pepper spray to deter thieves from tampering with the machine? Unfortunately, not even the ATM technicians were able to figure out how to disarm them and subsequently three people ended up needing to go to the hospital after one of these ATMs discharged during maintenance.

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Banks Turn the Spotlight on Vendor Risk

By Michael Araneta

In recent months, we have received several inquiries from banks about how they are best to ascertain the business and financial viability of their financial technology vendors. The intent of the inquiries could partly be attributed to the effort to avoid another spectacular issue as that seen out of the former Satyam. Banks have more clearly understood how technology failures, including the failure of technology vendors to deliver, can have dire implications for business continuty, bank reputation, and


The current administration made further steps to tighten hedge fund oversight yesterday. The US Treasury Department sent a proposal to Capitol Hill entitled the "Private Fund Investment Advisers Registration Act of 2009" or Title IV - Registration of Advisors to Private Funds. The act would require that all investment advisers with more than $30 million of assets under management to register with the SEC and outlines some additional components. This proposal was expected when Secretary Geithner outlined his

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