Compliance

Era of Mass Customization in Banking

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April 17, 2014

Banks have a nearly one-size-fits-all product model which leaves value on the table. For instance, when a bank releases a new online or mobile banking system, it will often be an identical system, with the exact same interface, for all clients of a particular segment. But oil companies like Chevron have different banking needs...
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Bank of America Adds Mobile Users, Sheds Branches

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April 16, 2014
Bank of America Adds Mobile Users, Sheds Branches

Mobile users continue to grow at Bank of America. The bank grew mobile users by 4% in the first quarter of 2014, while shedding 1% of its branches. Mobile users reached 15 million, almost 20% higher than one year ago. JPMorgan Chase and Wells Fargo both saw about 5% QOQ mobile user growth. 10%...
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Building a Bank from Scratch

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April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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Heartbleed is a Headache for Banks

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April 11, 2014
Heartbleed is a Headache for Banks

Bank systems are generally thought to be safe from the direct effects of the Heartbleed bug, according to security experts, but the galaxy of vendors and service organizations — to say nothing of employee devices — are another matter. The Heartbleed exploit refers to a weakness in OpenSSL, an authorization and encryption protocol that...
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Risk, Compliance Top Concerns for Bitcoin Startups

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April 8, 2014
Risk, Compliance Top Concerns for Bitcoin Startups

It’s no longer the Wild West for virtual currency startups — all 2,000 of them. The regulators (and tax collectors) have virtual currencies in their cross-hairs, and the startups must learn to operate in a regulated space. There is tension in the bitcoin community over compliance. There will always be an anarchic element to...
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Four Technologies That Will Revolutionize Financial Services

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April 2, 2014
Four Technologies That Will Revolutionize Financial Services

A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of: bitcoin-inspired distributed systems open APIs (application programming interface) as a new way to consumer business services on the internet crowd-sourced...
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Building the Perfect Bank

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March 31, 2014
Building the Perfect Bank

BIAN is trying to build the perfect bank. This week BIAN, which stands for the Banking Industry Architecture Network — will release version 3.0 of its Service Landscape, a “bank on paper” that covers all the major business processes of a bank — some 280 at this point. The organization has just four employees, but...
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Q2 Goes Public — with Patent Problems Looming

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March 20, 2014
Q2 Goes Public — with Patent Problems Looming

Q2 (formerly Q2 EBanking) may have some patent problems. Austin-based Q2 Holdings, the parent company of Q2 which is going public today, offers cloud-based banking services to some 300 community banks and credit unions as customers. Its software-as-a-service offerings are some of the most innovative in the industry, with an early emphasis on mobile account...
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Capital One to Offer Credit Score Details to Card Customers

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March 17, 2014
Capital One to Offer Credit Score Details to Card Customers

Capital One Financial Corp. is now offering its credit customers more information about their credit scores within the bank’s mobile app. The functionality is provided by the credit bureau TransUnion. Beginning later this month, Capital One credit card customers logging in to their accounts online or on mobile devices will see a new tab called Credit...
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10 Big, Hairy Innovation Ideas from Bank Innovation 2014, Continued

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March 13, 2014
10 Big, Hairy Innovation Ideas from Bank Innovation 2014, Continued

The First Five Ideas 6. The Numbers Game Often, at an event like Bank Innovation 2014, a theme presents itself in little more than a soundbite. That soundbite for this year’s conference was: “The future of banking is transaction volume.” This seemingly innocuous line from Kosta Peric, deputy director for financial services at the...
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