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Tech Spending in 2009 to Be Trimmed, Not Slashed
BankTech Site Feed —
... ($1.4 trillion in assets), a top-five U.S. bank. A source at Bank of America , the top U.S. bank by assets with $2.72 trillion in assets, notes that the Charlotte, N.C.-based institution's technology cost to integrate Countrywide Financial, acquired in July 2008, will exceed Bank of America's total technology budget for 2007. The BofA banker requested anonymity, and both Wells Fargo and Bank of America declined interview requests for this story. Considering both the 80:20 rule (in this case, that 20 percent of banks account for 80 percent of bank technology spending) and ...
Bank Mergers and Data Integration: Survival of the Boldest
E-Commerce Times —
... be bold, or stay home and keep cover. In 2009, these are the choices IT professionals at banks and financial institutions will face. While the current economic turmoil has many running for cover, hiding your head in the sand will not protect your company from these tough times. As 2008 has shown us, mega-mergers and near failures are around every corner. Your customers need only read the recent headlines to begin to reconsider their banking relationships: "Merrill 95-Year Run Ends as Bank of America (NYSE: BAC) ...
New Recession-Era Twist in Cyber-Crime: Preying on Fear
E-Commerce Times —
... 519 scams of the '90s. Named after the Nigerian statute that covers the crime, these e-mails appeared to be from Nigerian officials. They claimed recipients would receive millions of dollars as part of an investment program, if they send an "advanced fee." In reality, no money was transferred and users lost the money they sent. The M & A Malfeasance This one capitalizes on the possible brand confusion following bank mergers and acquisitions. Here's an example that plays off Bank of America's (NYSE: BAC) ...
Online Statement Centers: Kicking the Paper Habit
BankTech Site Feed —
... view and save their monthly account reports. The overwhelming majority of online statements are now offered as true-to-form PDFs that mimic the look and information of paper statements. With this format, clients who like having a hard copy version of their statement can easily save or print it. Where banks start differing in their application of online statement capabilities is in statement availability. Half of the firms in this report make Online Statements available to all users B of A , ...
Mobile Banking Is Now a Must-Have for Banks
BankTech Site Feed —
... physical presence, allowing customers to stay connected to the bank no matter where they are is paying huge dividends in terms of stickiness. Therefore, getting USAA's members to connect via mobile phone wasn't too much of a stretch for the diversified financial services company. "We are seeing great growth in mobile banking," Arshad told attendees. "We have a 12 percent adoption rate with one million unique users. Our mobile activity is double what it was seven months ago." For Bank of America (Charlotte, N.C.; $2.32 trillion in assets), getting to 2.5 million m-banking ...
Mobile Banking Is Now a Must-Have for Banks
BankTech Site Feed —
... physical presence, allowing customers to stay connected to the bank no matter where they are is paying huge dividends in terms of stickiness. Therefore, getting USAA's members to connect via mobile phone wasn't too much of a stretch for the diversified financial services company. "We are seeing great growth in mobile banking," Arshad told attendees. "We have a 12 percent adoption rate with one million unique users. Our mobile activity is double what it was seven months ago." For Bank of America (Charlotte, N.C.; $2.32 trillion in assets), getting to 2.5 million m-banking ...
Mobile Banking Is Now a Must-Have for Banks
TechWeb —
... physical presence, allowing customers to stay connected to the bank no matter where they are is paying huge dividends in terms of stickiness. Therefore, getting USAA's members to connect via mobile phone wasn't too much of a stretch for the diversified financial services company. "We are seeing great growth in mobile banking," Arshad told attendees. "We have a 12 percent adoption rate with one million unique users. Our mobile activity is double what it was seven months ago." For Bank of America (Charlotte, N.C.; $2.32 trillion in assets), getting to 2.5 million m-banking ...
Bank of America Names Gregory Curl CRO, Adds to Board
BankTech Site Feed —
There are a number of new faces at Bank of America today. Last Friday, the bank elected four new board members and appointed a new chief risk officer. Gregory Curl will take the reins as CRO, succeeding Amy Woods Brinkley effective June 30. He will be responsible for working with the company's lines of business to identify and navigate credit, market and operational risks. Curl was most recently a global corporate strategic development and planning executive at the bank. He will continue to be a member of the management committee in his new role. CEO Ken Lewis says Curl ...
Mobile Financial Services Climbing Out of the Crisis Mire
BankTech Site Feed —
... , BS s sister publication, about mobile banking and payments. Along with myself were Doug Brown, Bank of Americas SVP, mobile product development; Charles Landry, VP and general manager with ...
Sallie Krawcheck to Join BofA
TechWeb —
Possibly the most well-known female executive on Wall Street today, Sallie Krawcheck, has agreed to join Bank of America to run Global Wealth and Investment Management. ...
Bank of America’s New Executive Roster
TechWeb —
Bank of America CEO Ken Lewis has made a number of changes to the executive team at the Charlotte-based bank in a move that, he says, will better position the bank for the future. Liam McGee, who has headed Consumer and Small Business Banking, has decided to leave the company after nearly 20 years. Brian Moynihan, currently head of Global Corporate and Investment Banking and of Global Wealth Management, will become head of Consumer Banking, which will include the company's deposit, small business and card businesses as well as the retail delivery network. Ric Struthers will ...
Bank of America's New Executive Roster
BankTech Site Feed —
Bank of America CEO Ken Lewis has made a number of changes to the executive team at the Charlotte-based bank in a move that, he says, will better position the bank for the future. Liam McGee, who has headed Consumer and Small Business Banking, has decided to leave the company after nearly 20 years. Brian Moynihan, currently head of Global Corporate and Investment Banking and of Global Wealth Management, will become head of Consumer Banking, which will include the company's deposit, small business and card businesses as well as the retail delivery network. Ric Struthers will ...
BofA Appoints Consumer Policy Executive
TechWeb —
Global corporate social responsibility executive Andrew Plepler will take on the expanded role of consumer policy executive at Bank of America , responsible for working closely with the company's core consumer business lines to better align and help govern policies and decisions consistent with the needs of the company's external stakeholders. Plepler will be the senior executive responsible for interfacing with consumer and community groups while representing Bank of America's position on critical consumer issues impacting those organizations and their constituents. ...
BofA Appoints Consumer Policy Executive
BankTech Site Feed —
Global corporate social responsibility executive Andrew Plepler will take on the expanded role of consumer policy executive at Bank of America , responsible for working closely with the company's core consumer business lines to better align and help govern policies and decisions consistent with the needs of the company's external stakeholders. Plepler will be the senior executive responsible for interfacing with consumer and community groups while representing Bank of America's position on critical consumer issues impacting those organizations and their constituents. ...
SIBOS NEWS: Bank of America Introduces New Payments Hub
TechWeb —
Bank of America (Charlotte, N.C.) is using the new Global PAYplus solution from transaction banking software company Fundtech to develop a hub that will enable a new online payments experience. According to the companies, the hub will support consistent processing for all payments regardless of channel, provide faster and lower cost payment processing, enhance flexibility and improve response times to new opportunities, and allow other advanced functions. Online clients will be able to monitor payment status in real time, and the new system will be able to select the ...
SIBOS NEWS: Bank of America Introduces New Payments Hub
BankTech Site Feed —
Bank of America (Charlotte, N.C.) is using the new Global PAYplus solution from transaction banking software company Fundtech to develop a hub that will enable a new online payments experience. According to the companies, the hub will support consistent processing for all payments regardless of channel, provide faster and lower cost payment processing, enhance flexibility and improve response times to new opportunities, and allow other advanced functions. Online clients will be able to monitor payment status in real time, and the new system will be able to select the ...
Bank of America, Chase Act to Preempt Washington Actions
BankTech Site Feed —
... . The move by the two banking giants comes on the heels of BofAs introduction of a simplified credit card BankAmericard Basic Visa card. The new card features one basic rate for all types of transactions, including balance transfers and cash advances. That rate is tied to the U.S. Prime Rate and will not change over the life of the account. Its obvious that banks are trying to change consumer perception after a continual lashing by Congress and the public. The Journal expects other banks to follow suit in the overdraft area. And I think its likely well see some card ...
Lewis to Retire from BofA
TechWeb —
The beleaguered CEO and president of Bank of America , Ken Lewis, has announced his decision to retire at the end of the year. Lewis, who has worked at the financial giant since 1969 and has been CEO since 2001, has been criticized heavily by the SEC since BofA's acquisition of Merrill Lynch last September. However, in a statement yesterday, Lewis said, "The Merrill Lynch and Countrywide integrations are on track and returning value already. Our board of directors and our senior management include more talent, and more diversity of talent, than at any time in this company's ...
