All articles by Meghna Mukerjee
Meghna Mukerjee
Millennium BCP automates 91% retail decisions using FICO solutions
Portugals largest private-sector lender, Millennium BCP, has increased automated loan decisions from 8% in 2000 to 91% in 2012 by using software solutions by analytics and decision management technology vendor FICO. Currently, Millennium BCP approximately automates 128m decisions a year, on the retail banking side, using FICO solutions. The partnership between Millenium BCP and FICO allows deployment of automated processes and standards for efficient origination and customer management decisions on various products across multiple countries. Millennium BCP required a more systematic way to make decisions as it pursued growth across Europe and Africa”, according to the lender.
AmEx and Foursquare to launch UK partnership
American Express (AmEx) has partnered with location-based social network Foursquare in the UK, to enable participants to check in to select merchant venues and collect voucher-free special deals on purchases. The UK partnership follows a similar deal launched in the US in June 2011 between AmEx and Foursquare. Participants need to use their physical credit card to qualify for the Foursquare scheme. Customers will need no codes, coupons or other tokens to redeem the offers, according to AmEx. The savings will be credited to the participants American Express accounts within five working days.
Wells Fargo goes the ‘community’ way
Wells Fargo has launched a Community website aiming to provide information regarding planning for and finance higher education, for customers and non-customers. Vice president, social web, internet services group, for Wells Fargo, Kimarie Matthews, tells Meghna Mukerjee how important the new community is to the banks overall digital strategy. Wells Fargo has launched a free community website, for students, parents, guidance counsellors, and financial advisors, with the aim of making it a platform for open dialogue about topics related to college planning. The Wells Fargo Community site aims to provide information regarding when to begin planning for higher education, how to select a major, how to finance an education, and housing.
Credit delinquencies rise in Russia first time in three years: FICO and NBKI Index
Russian consumers made a larger number of late payments during the first quarter of 2012, marking its first decrease in the FICO Credit Health Index for Russia since mid-2009. According to data from analytics and decision management technology vendor FICO, and the National Bureau of Credit Histories (NBKI) in Russia, the credit health index steadily improved since October 2009 until January 2012, when just 7.05% of Russian credit accounts were delinquent. In the first quarter of 2012, however, the index dropped 2 points, representing a bad rate of 7.75%. The FICO Credit Health Index measures the overall credit health of the country, based on the percentage of consumer loans and credit cards reported to NBKI that are delinquent by more than 60 days.
Emirates Islamic Bank launches banking app for iPhone
Emirates Islamic Bank (EIB), the Islamic subsidiary of UAE’s largest lender by assets Emirates NBD, has launched a mobile banking app for the iPhone that is Arabic-enabled and downloadable from the Apple App Store. EIBs mobile banking application is a first-of-its-kind service from an Islamic bank in the UAE. Customers can log in to the new app using their internet banking user ID and passwords and access services including account inquiry, account transfers, utility bill payment, credit card services and more. Users can also get information on-the-go regarding branch and ATM locations as well as exchange rates.
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CBA to pilot virtual safety deposit box launch
Commonwealth Bank of Australia (CBA) aims to pilot an online virtual safety deposit box NetBank Vault to enable customers to save important documents in their online bank account. CBA has updated its NetBank and launched multiple innovations and features within it including the NetBank Vault, with the aim of making banking simpler and more convenient for its customers. The NetBank has been revamped with a new look and design, featuring a navigation bar, a new tool to track a savings plan, and a section with access to foreign exchange rates. A foreign currency management tool CommBank Foreign Exchange Toolkit has also been launched for Google Chrome users.
Axis Bank to use IBM technology for customer service improvement
Indias third largest private sector lender, Axis Bank, has started a project with technology vendor IBM with the aim of providing better customer service by managing and consolidating the contact centre operations. The project aims to consolidate the lenders existing 58 regional asset centres to a single mortgage contact centre. The consolidated contact centre will cater to inbound voice and email communications from Axis Bank customers, according to IBM. Axis Bank aims to benefit from additional potential revenue generated as a result of cross selling or up selling services or applications at the consolidated mortgage customer care centre.
Jordan Ahli Bank to deploy Temenos T24 solution
Jordans third largest lender by assets, Jordan Ahli Bank, announced plans of deploying core banking solution T24, from banking software vendor Temenos, at the Temenos Community Forum (TCF) in Barcelona between 22 May and 24 May. The decision to deploy the T24 solution is part of a wider transformation project code-named DNA by Jordan Ahli Bank to “strategically transform” its operations. The transformation will be focused on enhanced segmentation, human resource management, intensified sales and marketing, advanced risk management, and a state of the art enterprise architecture, according to the lender. The agreement was signed at the TCF in Barcelona, where CEO of Jordan Ahli Bank, Marwan Awad, said it was Temenos technological expertise and a deep understanding of the Jordanian and Middle East markets local requirements and how to fulfil these using its strong business and product configuration tools that primarily made the lender choose Temenos.
ABN AMRO partners with Temenos for new payments system
ABN AMRO has partnered with banking software vendor Temenos to develop a new payments system to be implemented globally, to be built in conjunction with the new Temenos Enterprise Frameworks Architecture (TEFA) a platform for Temenos T24 core banking software
Axis Bank partners Bharti Airtel to launch mobile account
Indias third largest private sector lender Axis Bank has partnered a fully owned subsidiary of telecom operator Airtel, Bharti Airtel, to launch an Airtel Money Super Account, targeted at increasing financial inclusion in India. The mobile platform will be powered by Airtel mCommerce Services and the banking products will be proved by Axis Bank. Technology vendor Infosys is the IT innovation partner for the initiative. Airtel Money Super Account powered allows customers of Airtel Money to open a No Frills Savings Account a simple Savings Account without the requirement of any fixed minimum balance through which they will be able to carry out a variety of banking transactions.