All articles by Meghna Mukerjee
Meghna Mukerjee
DBS completes NFC pilot for mobile banking
DBS has completed a NFC pilot for its mobile banking platform, head of consumer and internet banking at DBS, Sandeep Lal, told RBI. DBS plans to launch a Near Field Communications (NFC) platform for its mobile banking application with the aim to allow customers to make payments with their mobile phones. Lal added that DBS has once again invested in the area of mobile banking. DBS has the highest adoption rate for m-banking in Singapore and so far, our strategy has paid off, said Lal.
Experian expects take up of electronic identity verification to accelerate in 2012
There is expected to be a greater take up of electronic identity verification across Europe in 2012, Tony Connell, head of identity and fraud at Experian data and decision support specialist told RBI at Experians 11th International Credit Risk Forum 2011 in Berlin, held on 24 November. UK and Germany are hosting the highest proportion of phishing outside of the US, followed by Italy, said Connell, adding that this is happening on an increasingly global basis. According to Connell, the cross-border nature of fraud has made banks more aware and vigilant of identity threats in 2011. Connell said fraudsters have become more sophisticated and coordinated, and are much more commercial than you think.
VTB24 to focus on CRM ATMs campaigns to attract customers
For VTB24, the retail arm of Russias second-largest lender by assets VTB,customer loyalty is a challenge in the Russian retail market. With the economy growing fast, salariesgetting higher, and lifestyle of customers becoming different, analysing data constantly and smartly is essential for VTB24 to retainold customers and gain new ones, believes Dmitry Kuzyakin, vice-president, head of CRM and research department, VTB24. Communication with customers is most important in building loyalty, feels Kuzyakin and VTB24 is focusing on ATMs as a majorcommunication and sales channel. VTB24 adopted Teradata solutions in2009 that has allowed the integration of ATMs with the customers communicationnetwork, including VTB24s communication campaigns for existing customers as well ascampaigns for the customers of other banks.
Cognizant solutions to optimise CRM
The global economic climate is uncertain. Banks are pulling up their socks and tightening their purse strings. Perceiving the present climate as an opportunity for banks to invest in customercentric analytics to optimise CRM, IT and business solutions provider Cognizant has opened up two solutions that were launched last year, Big Decisions and BINGO (Business Intelligence on the Go), to the public. Global business leader for Cognizants data warehousing, business intelligence and performance management Karthik Krishnamurthy says banks now want more from less, and they need to invest in the right customercentric, integrated, analytics tools to obtain the right information, at the right time.
UK account switching boost
Improvements to the way personal accounts operate have been planned, with the aim of helping bank customers better manage finances, according to the British Bankers Association. Barclays, HSBC, Lloyds Banking Group, RBS and Santander have signed up to a series of initiatives designed to help customers keep on top of their money. March 2012 onwards, Barclays, HSBC, Lloyds Banking Group, RBS plan to alert their current account holders when account balances get close to their agreed limit. The banks plan to give customers advance warning of charges to be paid and when they will come off the account.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Barclays partners with Channel 4 to offer £100,000 for The Stake
Barclays has partnered with Channel 4 for an online competition The Stake, and is offering £100,000 ($158,102) to encourage young individuals to pitch business ideas, as part of Barclays Money Skills programme. Barclays is investing the entire capital for winners of The Stake an online competition that will roll out in a TV show format as part of the initiative to infuse good money skills among the youth. Youth engagement agency Livity came up with the idea of The Stake. Up to six young individuals can win the prize money on offer through The Stake. This is the first time Barclays has partnered with a major TV organisation and made a big foray into an online competition for young people.
CBA to replace ATM network with EMV-enabled machines
Commonwealth Bank of Australia (CBA), has partnered with Armaguard Group and Wincor Nixdorf to upgrade its ATM fleet and provide EMV (Europay, MasterCard and Visa) chip-enabled machines. CBA has an ATM-fleet of 4,100 the largest ATM network in Australia. CBA will be the first in Australia to roll out ATMs that meet the new EMV standard for chip-enabled cards. The EMV technology aims to ensure a refreshed user experience and provide enhance security measures for CBA customers by reading the cards chip, rather than the magnetic strip. The ATMs will reportedly include a range of new features to combat security threats, including card skimming.
SEB to sell retail unit in Ukraine to Eurobank
Swedens second-largest bank by assets, SEB, plans to sell its retail banking operations in Ukraine to Eurobank. The sale is expected to be finalised by mid-2012. SEBs business in Ukraine is limited, the lender has said in a statement. SEB has said that the lender will remain in Ukraine as a corporate bank and continue to serve its Nordic, Baltic and German corporate and institutional customers.
UK Government sells Northern Rock to Virgin Money
The UK government is selling Northern Rock, the unsuccessful mortgage lender that was nationalised in 2008, to Virgin Money, the banking arm of Richard Bransons Virgin empire, for £747m ($1178.98m). The sale of Northern Rock is expected to be completed on 1 January 2012. Following the sale Northern Rock will rebrand as Virgin Money. Under the terms of the deal, the government will receive £747m in cash on the closing of the sale, and the amount may subsequently rise to a total of £1bn in the future.
FRANK by OCBC’ launches credit cards for the youth
The second largest financial services group in Southeast Asia by assets, OCBC Bank, has launched credit cards for its youth-oriented banking programme FRANK by OCBC. The FRANK by OCBC credit card will reportedly combine Visa, NETS FlashPay, ATM and transit capabilities all in one card, and aim to allow customers to withdraw cash as well as sign or tap for purchases. Customers will also be able to use the FRANK credit card to pay for their transport. OCBCs FRANK programme already offers designer debit cards to the youth segment and the lender has extended this concept onto its new credit cards as well.