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March 11, 2013

Fee free mobile deposits

Wells Fargo has released Mobile Deposit in the Wells Fargo Mobile app.

What a great idea! No need to go to a branch or even an ATM.

Its Deposit Usage guidelines include the following:

  • Mobile Deposit users are required to retain the original paper items in a secure place. We also recommend you write on the front of the check: "Mobile deposit on DATE” (where DATE is the full date you deposited the check by Mobile Deposit).
  • Mobile Deposit users are required to retain the original paper items, for a minimum of five (5) calendar days, but no longer than fourteen (14) calendar days, after they have been transmitted to the Bank
  • After the retention period, the original paper items are required to securely and irretrievably destroy the original paper items so they are not deposited again.

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Posted 11th March 2013 by David Jacobson in Web/Tech

February 5, 2013

IT changes and compliance

The American Banker article Top 10 Community Bank IT initiatives discusses a range of IT projects from 10 US community banks ranging in asset size from $130 million to $5.8 billion (Thanks to Matthew Findlay for the article link).

The money quote: "We are a community sized bank; we don't have a huge amount of staff or a huge budget to go out and do these things," he says. "If you think about the compliance, the marketing, the client support, all of those people had to be on the same page."

Projects such as estatements, mobile banking, electronic communication with customers and process redesigns all need compliance input to ensure that any changes satisfy regulatory requirements.

Besides ensuring that the internal departments are aligned and co-ordinated it is essential that there is governance of the IT project: this starts with a contract setting out the cost and benchmarks to ensure that the project is completed on time and within budget and meets its goals.

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Posted 5th February 2013 by David Jacobson in Legal, Web/Tech

June 19, 2011

The risks of digital currency

Digital innovations to payment systems are being announced regularly as the new future of money.

One that has attracted a lot of interest is Bitcoin (see video below)

But there have now been allegations of theft and forgery. How can a digital currency be stolen? Read this Fast Company article.

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Posted 19th June 2011 by David Jacobson in Web/Tech

June 14, 2011

Mobile banking in developing countries case study

Harvard Business School has published a case study about 2 different approaches in Africa to providing financial services using mobile phones: one in Kenya was successful, the other in South Africa was not.

The case study raises many issues apart from the actual use of the technology, the most important being identifying the problem potential customers were having rather than making wrong assumptions.

Here's a video about M-pesa.

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Posted 14th June 2011 by David Jacobson in Web/Tech

March 31, 2011

Banking design innovation

If you're interested in what makes financial services easier for customers then you'll be interested in BankSimple a new mobile banking platform with a distinctive visual interface recently reviewed by Fast Company here.

PS Also have a look at a prototype piggy bank that takes credit cards.

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Posted 31st March 2011 by admin in Web/Tech

March 17, 2011

Person to person electronic payments

Visa has announced that it expects to launch its person-to-person digital payments later this year.

Funds will be transferred between Visa card numbers not financial institution accounts.

What impact will this have on bank account number portability?

See also Fast Company's report.

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Posted 17th March 2011 by admin in Web/Tech

November 9, 2010

The future of ATM’s

I realised when I touched my laptop screen (rather than the keyboard) to click a link that our interaction with computers has to change.

New designs for ATMs are on the way:

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Posted 9th November 2010 by admin in Web/Tech

October 24, 2010

Online applications

One of the themes of the Abacus Convention was making the most of online marketing by effective conversion of website visitors (once they've found you) to customers.

For CUBS, that means how best to process an online application once you've got a prospective borrower to "click through".

Are you really processing applications online in real time or just receiving some data online with the rest being done on paper?

From a legal point of view there are some key issues to consider with any solution including:

  • credit assessment
  • responsible lending
  • satisfying disclosure obligations (both deposit, payment product and loan terms)
  • satisfying record retention obligations
  • satisfying electronic transaction requirements to ensure that a binding contract is entered online
  • electronic signature requirements
  • AML/CTF identification and risk requirements
  • privacy issues
  • ensuring that the person applying online is who they say they are
  • meeting membership requirements, including age and shareholding.

And if the proposed solution is from a third party vendor, you may need the approval of your core banking system provider.

If you are looking at a solution, Langes can advise you on the legal and contractual issues.

UPDATE: New Zealand Herald reports fraudulent online credit card applications made to Westpac.

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Posted 24th October 2010 by admin in Legal, Web/Tech

July 18, 2010

Smart deposits

I mentioned the attraction of being able to deposit cheques at an ATM here.

Randolph-Brooks Federal Credit Union offers a deposit app for smartphones. It allows members to photograph cheques and deposit them to their RBFCU account.

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Posted 18th July 2010 by admin in Web/Tech

November 12, 2009

Internet banking and ADI points of presence

Which ADI's offer internet banking and what online services are offered?

Curiously, APRA does not obtain separate data on internet banking other than incidentally in its ADI Points of Presence publication. The publication focusses on branches due to its historical origins as a report on regional and rural banking.

The workbook identifies “non face-to-face” customer contact by ADI’s which comprise service channels which provide no face-to-face services, for example internet and telephone banking but not internet banking separately. There are several ADI's that split their internet banking facilities out as a separate service channel. But this is generally not the case.

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Posted 12th November 2009 by David Jacobson in Risk management, Web/Tech
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