Banks Must Transform Operating Models by 2015 to Compete

The Russian banking market is set for dramatic changes over the next four years thanks to customer and banking models, according to 90% of Russian bankers. They indicated intense competition is “inevitable” thanks in great part to declining customer trust and loyaltyand changing customer behavior as disclosed by 80% of respondents. These findings, according to an Accenture report, also indicate the most commonly used banking products are basic and transactional, with salary cards, debit cards, and bill payment and money transfer services, used by 63 percent, 42 percent and 39 percent of Russians, respectively; only four percent of Russian bank customers hold investment products, seven percent hold mortgages and 10 percent hold car loans; and more than two-thirds of respondents (71 percent) reporting increasing expectations for multichannel access, 66 percent expecting greater simplicity and convenience from their banks and more than half (57 percent) saying they require faster service from their banks.

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Payment card industry gets doesn’t meet retailer expectations

The Retail Council of Canada (RCC) released its report card on credit and debit card industry practices. The report indicates 80% of respondents indicated that their merchant discount rates have either increased or remained the same over the past 12 months; 57% of respondents have seen an increase in premium card use in their stores over the past 12 months; 54% of respondents indicate the disclosure on their monthly merchant statements has remained unchanged since the introduction of the Code; 64% of respondents have not received any notification from their acquirer/processor that they have the right to cancel their current contracts with no penalties once receiving notification of a fee increase; and 80% of respondents believe they will receive no real benefit from switching acquirers/processors if they choose to cancel their current contract. These findings were concluded at the one-year anniversary of Finance Canada’s introduction of the Code of Conduct for Credit and Debit Card Industry in Canada.

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Infosys Stock down more than 9% on Q4 results

Infosys shares closed down 9.59 per cent on BSE at Rs 2988.80 after the Indian outsourcing firm reported lower-than-expected fourth quarter net profit, and dragged the broader market down. Infosys Technologies Ltd , India’s No. 2 software services exporter, lagged market expectations despite a 13.7 percent rise in quarterly profit, hurt by higher expenses in a seasonally weak quarter. Infosys could move lower because clearly the results are subdued and you are sitting on a large rally.

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Hanse Orga unveils FinanceSuite bank software

Hanse Orga has developed a smart software solution to address keeping track of and administering an increasing number of accounts can be tiresome and time consuming. It’s FinanceSuite “Bank Account Management” functionalities and benefits for companies will be presented and can be easily integrated in a company’s existing SAP system and the effective management of bank accounts started right away. It will be no longer necessary to search various databases or paper files for information about bank accounts, signatories, limits or bank contact details. Instead, companies will have all the information ready at their fingertips through a central administration.

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ATM Solutions joins Anti-Crime Unit

ATM Solutions has joined the South African Banking Risk Information Centre (SABRIC) to fight crime. The organization’s principle business is to detect, prevent and reduce organized crime in the banking industry through effective public-private partnerships. Its clients include banks and cash-in-transit companies. ATM Solutions deploys more than 4,000 off-premises and bank-branch ATMs for multiple banks throughout South Africa.

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CEO Confidence Indicates Economy Def on Mend

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] CEO Confidence made a comeback from 4Q/10 to 1Q/11 from 62 to 67, respectively, on the Conference Board Index. With a reading of more than 50 points indicating a majority of positive CEO responses, these findings suggest the economy will continue to expand in the coming months, given 85% said conditions…

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Chase Card to Implement Chip-and-Signature Technology

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Chase Card Services announced it is set to issue chip-and-signature, a credit card with EVM chip technology. Giving users better ease-of-use and stronger security while traveling abroad, the Chase chip-and-signature technology will feature an embedded encrypted chip and traditional magnetic strip to accommodate merchants in the United States. This makes the…

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FNBO & AmEx Unveil Two New Credit Cards

American Express and First National Bank of Omaha (FNBO) have unveiled the “First National Bank of Omaha American Express” and the “First National Bank of Omaha Graphite American Express” credit cards and have begun issuing the American Express-branded cards on the American Express merchant network. The FNBO American Express credit card charges no annual fee; an introductory rate of 0% on purchases and balance transfers for 6 billing cycles; 2% cash back on gas and groceries and 1% cash back on all other purchases; $50 cash back on the first $500 spent using the card during the first 6 months the card is open; and access to additional benefits with roadside emergency assistance, travel accident insurance, supplemental car rental insurance, purchase protection, extended warranty and no pre-set spending limit. Meanwhile, the “FNBO Graphite American Express” credit card charges a $99 annual fee, waived the first year; an introductory rate of 0% on purchases and balance transfers for 6 billing cycles; 3% cash back on airline purchases, 2% cash back on gas and groceries, and 1% cash back on all other purchases; no foreign transaction fee; $100 cash back on the first $1,000 spent using the card during the first 3 months the card is open; and access to additional benefits including free domestic airline companion ticket, concierge travel service, roadside emergency assistance, travel accident insurance, supplemental car rental insurance, purchase protection, extended warranty and no pre-set spending limit.

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AisleBuyer Debuts Card Capture Technology

AisleBuyer mobile self-checkout and mobile commerce solutions now offers its users card capture technology. Retailers implementing AisleBuyer’s software-based technology, useing a smartphone camera to scan a picture of a credit card, allows anyone to accept or make mobile payments. Computer vision technology then extracts the information and pulls it into a secure form, which allows consumers to immediately use that card as a payment method for an in-store or online purchase. Card holders can also scan a card and send payments via email or SMS. Allowing customers to scan a barcode, read product information and customer reviews and check out securely from a mobile device, they can securely add a payment option to their personal accounts, reducing the possibility of fraud. This improves in-store shopping experience for customers and renders extensive hardware obsolete.

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Absolute ATM Chooses Morphis ATM Service Management

Absolute ATM Services ATM deployer is implementing Morphis’ “MorphisSC” field service management software to help manage its ATM service. Morphis ATM, banking and armored carrier software products are in use worldwide at central banks, commercial banks, credit unions, armored carriers, independent ATM deployers, and transaction processors. Meanwhile, “MorphisSC” addresses ATM service order generation through multiple channels, ATM service management, ATM parts inventory management, and contract and financial management. Morphis delivers process control and automation standards.

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TSYS Clients Recognized at Card & Payments Awards

TSYS recognised its clients at the 2011 Card & Payments Awards. These clients include the “Best New Prepaid Card Product of the Year” to Post Office and Bank of Ireland and its “Post Office Budget Card”; “Best Business Card Program” to the Department for Work and Pensions and J.P. Morgan and its “Department for Work and Government Procurement Card”; “Most Responsible Credit Card Lending Practices” to the Nationwide Building Society and its “More Than Words” program. This is the fourth consecutive year that a TSYS client has won the Best New Prepaid Card Product of the Year.

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Wells Fargo National Sponsor of The Cleantech Open

Wells Fargo is set to sponsor the 2011 Cleantech Open business plan competition. Encouraging the development of clean technology companies and innovation, the Wells Fargo National Cleantech group of the banking group is dedicated to supporting clean technology companies. The group provides customized commercial banking products and services to businesses that manufacture, market or develop clean technologies such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, and smart grid applications. In 2010, the company committed more than $300 million in loans to clean technology businesses. Cleantech Open Alumni have raised over $280 million in private capital; 80 percent of the Cleantech Open participants remain economically viable today, and more than 2,000 new clean technology jobs have been created.

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