All articles by Meghna Mukerjee
Meghna Mukerjee
Bank of Commerce Philippines deploys FICO solutions for profit growth, risk management
Bank of Commerce Philippines is using FICOs decision management and analytics solutions to manage risk better and drive profitability in its newly launched consumer credit product line. Bank of Commerce established a consumer banking division in 2010 and has begun introducing personal loans, credit cards, mortgages and auto loans. Adopting the new solutions by the global analytics and decision management technology vendor FICO is aimed at enabling Bank of Commerce to develop the management skills to apply scoring solutions effectively and manage credit portfolios profitably. Bank of Commerce plans to specifically use the FICO Blaze Advisor business rules management system with the aim of designing and making operational its origination, decision, and customer management strategies, as well as four advanced scoring models, to evaluate customer creditworthiness and manage risk.
SC First Bank changes name to Standard Chartered Bank Korea
The Korea unit of Standard Chartered, SC First Bank, has renamed itself Standard Chartered Bank Korea with the aim to strengthen the link between the local unit and the parent group. The SC First Bank name has been in use since Standard Chartered acquired the First Bank of Korea in 2005. The South Korean unit was Standard Chartereds only overseas affiliate that had operated under its local name, as part of Standard Chartered’s efforts to fit into the Korean market. Established in 1958, the First Bank was among the five major lenders that led the economic development in South Korea in the 60s and the 70s before it was hit by the Asian financial crisis in 1998.
Diebold and Verizon to develop concept 4G LTE-enabled ATM
Ohio-headquartered self-service delivery, security systems and services provider Diebold has partnered with wireless operator Verizon to develop a concept 4G LTE-enabled ATM with the aim of showing off the technologys “potential security and user experience benefits”. By integrating 4G LTE technology, the new ATMs are aimed to be channels that enable machines to communicate directly with third parties, such as service providers or monitoring centres, according to Diebold. By enabling direct communication to service providers, the ATM aims to deliver more robust service-related data on faults and maintenance issues.4G connectivity could also enable the ATM to communicate directly with a monitoring centre without relying on an external alarm panel, allowing faster assessment and dispatch if there are attacks.
Fifth Third upgrades analytics and video surveillance systems
Ohio-headquartered Fifth Third Bank, is piloting the Searchlight portfolio of data analytics by March Networks global provider of IP video solutions with the aim of detecting and reducing fraud losses at ATMs and teller lines. The March Networks Searchlight portfolio aims to combat ATM skimming and bank card fraud. Fifth Third has also initiated an upgrade programme of its existing March Networks video surveillance systems across more than 1,300 retail banking branches, data centres, corporate offices, and operations and cash handling facilities. March Networks, a, has already started deploying 12,000 new IP and analog cameras, and will upgrade to new 4,332 C Hybrid Network Video Recorders (NVRs) nationwide. The new hybrid platforms offer impressive IP performance and work with our existing March Networks video management software, making the transition simple and cost-effective.
UBA launches Africard in Zambia
Lagos-headquartered United Bank for Africa (UBA) has launched its prepaid Visa card, Africard, in Zambia with the aim of promoting online shopping and payments. Africard does not require a bank account, and can be used even by the unbanked both in rural and urban areas in Africa. The card is the first to be introduced in Zambia by a bank, and is expected to increase the appetite for online shopping in Zambia and encourage people to use cards when shopping, as opposed to carrying huge sums of money. Africard aims to uphold UBAs commitment to creating new models of banking with the objectives of responding to the needs of unbanked populace, according to the lender.
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Not saving replaces debt as Britons’ biggest financial regret reveals first direct survey
The biggest financial regret among the overall British public in 2011 was not saving enough as compared to not paying off more debts, according to a survey carried out by first direct, HSBCs direct banking subsidiary. first direct surveyed adults in the UK asking for their biggest financial regrets. This is the second year that first direct has carried out this survey.More than half the survey respondents (52%) said their greatest financial misstep in 2011 was not saving enough, while a third (33%) identified not paying off debt as their biggest financial woe, compared to just over half in 2010 (53%). The survey also revealed that overall the British public was less happy with their finances in 2011 than 2010, as 77% respondents reported that they were unhappy with their general saving, compared to 74% in 2010.
GE Capital to buy retail arm of MetLife
General Electrics finance arm, GE Capital, has agreed to buy the retail-deposit business of the largest life insurance group in the US, MetLife. GE Capital is set to gain $7.5bn in deposits as well as MetLifes online-banking platform via the acquisition. The deal matches MetLifes interests to get out from under federal regulation. The deal also aims to hasten GEs effort to attract more individual savers and reduce its reliance on potentially volatile financial markets for funds. MetLife entered the banking business in 2001 but announced plans to exit the banking sector in July, 2011, after the Federal Reserve denied its attempts to increase its annual dividend.MetLife would not be subject to regulatory oversight, made more stringent by the passing of the Dodd-Frank Act, without its banking business.
Co-op puts interest charges on hold for agreed overdrafts
The Co-operative Bank (Co-op) plans to put interest charges on hold for all customers with an agreed overdraft, until the beginning of April 2012, with an aim to provide additional financial relief for customers post the festive period. To qualify for this offer customers must hold a current account with a formal overdraft with the Co-operative bank including smile. According to Co-op, a current account customer who has an agreed £2,000 overdraft could save £75 in fees throughout this three month offer period. Head of Banking at Co-op, Robin Taylor, said this move highlights how the lender is looking to bring some much needed competition to the high street, by providing customers with a genuine alternative to the big five banks. In these difficult economic times, we want to offer a helping hand to those customers, who may be struggling financially, and give some additional support to those whose finances may be stretched after the festive period.
Innovation in retail banking
The fourth webinar presented by Retail Banker Interactive in association with Finacle from Infosys on 15 December, 2011, gave a complete overview of how innovation in retail banking is emerging as an importance practice in the worldwide economic climate. Benjami Puigdevall Esteve, managing director at e-la Caixa and Alison Estrada, director of knowledge network at BAI discussed how innovation is key for banks. Chaired by the editor of Retail Banker International, Douglas Blakey, the two speakers for the RBI and Finacle webinar on innovation in retail banking were Benjami Puigdevall Esteve, managing director at e-la Caixa, and Alison Estrada, director of knowledge network at Bank Administration Institute (BAI). In October 2011, Spanish bank la Caixa won the Most Innovative Bank award at the Global Banking Innovation Awards sponsored by BAI and Finacle. Both Esteve and Estrada highlighted how innovation is an important tool for banks and they particularly spoke about innovations impact on la Caixas customers and the lenders reputation for leadership.
CMNE to buy Citibank Belgium
Citi has entered into a definitive agreement to sell Citibank Belgium its Belgian consumer franchise to French bank Crdit Mutuel Nord Europe (CMNE). The amount of the transaction has not been disclosed yet and the deal is subject to customary conditions as well as regulatory approval. The Citibank Belgium sale to CMNE demonstrates Citis attempt to reduce the assets and businesses within Citi Holdings in an economically rational manner, according to the bank. Citi has reduced assets within Citi Holdings by more than $582bn since the first quarter of 2008.