HDFC Bank has renewed its “Managed Services” contract with NCR regarding the management of its 2,000 ATMs, expanding on the previous 3-year contract, and has additionally placed an order for 300 new ATMs. The additional ATMs are part of HDFC Bank’s expansion strategy throughout India while the NCR customized “Managed Services” solution will provide its customers with incident management, cash management, first-line maintenance, second-line maintenance and higher ATM availability. HDFC Bank was incorporated in August 1994, has over 754 branches spread over 327 cities across India and a network of over 1,900 networked ATMs while the NCR provides assisted- and self-service solutions for organizations in over 100 countries.Details
BROOKWOOD CAPITAL has completed its research on credit union credit card portfolio sales activity for the first quarter of 2008. In total, 10 credit unions with credit card portfolios of over $1 million in outstanding balances sold their portfolios in the first quarter. Total balances sold during the quarter were approximately $62 million. On average, the size of the portfolios sold was $6.2 million.
For the first time, Brookwood has also tracked the number of credit unions that have begun issuing cards themselves, either for the first time or after termination of an agent issuing agreement following a prior portfolio sale. In the first quarter one credit union emerged as a new credit card issuer (defined as growing to more than $1 million in receivables) during the quarter.
Brookwood Capital specializes in assisting credit unions in the financial analysis and strategic review necessary to properly consider these decisions.Details
According to the CICA/RBC quarterly Business Monitor, corporate optimism
plummeted in 1Q/08 across Canada in regards to the 12-month economic
outlook according to the participants of the CICA/RBC Business Monitor.
Among the participants, 24% of CAs in executive corporate positions are
optimistic in regards to economy for the coming year, compared to 63% in
4Q/07, while 48% of national businesses are optimistic in regards to the
same compared to 57% 4Q/07. Optimism also declined in the business
outlook for specific regions of Canada, having dropped 18% to 49% in
B.C., dropped 16% to 39% in Ontario and is up 9% to 60% in Alberta.
There is, however, a positive hiring outlook for post-secondary grads
with a projected .5% increase. The CICA/RBC Business Monitor is issued
quarterly based on surveys conducted by The Canadian Institute of
Chartered Accountants (CICA).
Aite Group has released two new reports titled,”Segmenting Rewards Program Members” which examines consumers’ relationships and involvement with rewards programs which reveals each segment’s level of program enrollment and activity, as well as insight into their levels of satisfaction with rewards programs. The report suggests ways to increase satisfaction, enrollment and activity across each of the segments and “Mistakes Banks Make When Serving Small Businesses” which identifies three common mistakes banks make when serving the small-business customer segment which include underestimating the willingness of small businesses to use more advanced online capabilities; failing to provide the right tools for small businesses to manage their cash; and offering only limited small-business product portfolios.Details
PayPal has announced its intention to expand its Dublin Operations
Center, moving it to the Ballycoolin Business Park in Blanchardstown
before 4Q/08, in response to exponential growth in European operations.
In doing so, the new facilities will support 1250 employees, 350 more
than that of the Dublin Operations Center, and support future growth
across the region. Paypal selected Dublin for its talented, experienced
work force in the technical and financial services industry and decided
on the new office location with the assistance of HT Meager O’Reilly
Real Estate and Property Consultancy. PayPal provides consumers with
secure online payment solutions, has more than 60 million active
accounts in 190 markets and 17 currencies around the world.
A new report says American consumers hold 1.3 billion memberships in loyalty card reward programs, rendering many capable of reclaiming lost financial ground with the combination of their economic stimulus check, card rewards, points, miles and cash back offerings in the face of escalating gasoline and grocery prices, which are up approximately 75 cents and 5% respectively. Additional research compiled by COLLOQUY shows the average household belongs to 12 reward programs, 5-4 of which are actively participated, while U.S. consumers hold 254 million memberships in airline frequent flyer programs. Furthermore, U.S. consumers hold 238 million memberships in credit card reward programs, 137 million memberships in specialty retail reward programs, 124 million memberships in grocery reward programs, 107 million memberships in department store reward programs and approximately 130 million U.S. households will or already have received stimulus payments from the U.S. government.Details
Disney Credit Card Services and Chase Card Services have inked a deal to renew their co-brand card agreement for the “Disney Rewards Visa Card.” The Disney co-brand has signed up more than two million cardholders since its launch in 2003. The card offers cardholders “Disney Dream Reward Dollars” on all purchases, which can be redeemed for most everything Disney – from resort stays and theme park tickets to Disney DVDs, toys and movie tickets at participating theaters. Cardholders can begin redeeming with just 20 “Reward Dollars.” The card also offers special financing on select Walt Disney Travel Company vacation packages and all “Disney Cruise Line” and “Adventures by Disney” vacations booked directly with Disney or a travel agent.Details
Navy Federal Credit Union has expanded its membership to include all branches of the armed forces. Membership and its benefits will now be available to all Navy, Marine Corps, Army, Air Force active duty, reserve, and guard personnel and all Department of Defense (DOD. During 2007, Navy Federal increased its worldwide network of branches by 25% and hired 2,600 new employees to continue to provide service excellence. As a financial leader, the credit union found it essential to enhance its world class member service by opening more branch offices to provide greater convenience to its growing membership. Plans are underway to more than double the number of full service branches by 2012. Navy Federal Credit Union is the world’s largest credit union with over $35 billion in assets, 3 million members, 150 branch offices, 40,000 ATMs and more than 7,300 employees world-wide. The credit union serves all Department of Defense (DOD) military and civilian personnel and their families.Details
Delta Air Lines customers now have PayPal as a payment option for purchasing airline tickets. PayPal provides consumers with a safer, easier way to pay for items and services online. With a PayPal account, Delta customers can choose from several different payment options to fund transactions, including PayPal account balance, bank account, debit cards, and credit cards, all while keeping their financial information private and secure.Details
TN-based edo Interactive made a formal company launch and will be providing business marketing solutions with its “edo Marketing Platform” and the “Facecard Prepaid MasterCard.” The “edo Marketing Platform” internet behavioral targeting/advertising platform tools provide smaller advertisers with tighter budgets an alternative to traditional media and make every cent count. The “Facecard Prepaid MasterCard” provides teens and young adults with prepaid cards which utilize a “membership” program, creating purchasing power for an otherwise unaddressable consumer demographic. Statistics show internet advertising accounts for 9.7% of world ad expenditures and will reach $67 billion by 2010.Details
The Conference Board “Consumer Confidence Index” shows consumer confidence has hit a 16-year low, having declined from 62.8 in April to 57.2, while the “Present Situation Index” fell from from 81.9 to 74.4 and the Expectations Index fell from 50.0 to 45.7. Additionally, consumers claiming business conditions are “bad” rose to 30.6% from 26.5% while those claiming business conditions are “good” decreased to 13.1% from 15.4%, consumers disclosing there’s a tough job market grew from 27.9% to 28.0% and those whom feel otherwise decreased from 17.1% to 16.3%. Meanwhile, those anticipating business conditions to worsen over the next 6 months increased to 33.6% from 27.4%, those anticipating business conditions to improve increased slightly to 10.4% from 10.1%, those expecting fewer jobs in the months ahead declined to 32.4% from 32.9% and those anticipating more jobs fell to 8.7 percent from 8.8%.Details
WI-based electronic payment service provider Fiserv has hired Don MacDonald, previously with Intel, as its first Chief Marketing Officer. He will focus on refining the company’s brand and product strategies, data analytics and client segmentation. At Intel Corporation, MacDonald managed a marketing organization with 1,000 people worldwide and an annual budget of $2 billion. He spent more than 20 years at Intel in a variety of business and marketing roles including positions with Mobile Products, Digital Home, Intel Japan and others. MacDonald holds a bachelor’s and law degree from University of Lancaster, England.Details