All articles by Douglas Blakey
Douglas Blakey
Citi to clear smallest cheques first
Citigroup, the fourth-largest US bank by deposits, is to change the order in which it clears customers cheques and electronic payments, from low to high. From 25 July, Citi will begin clearing cheques and automatic payments with the smallest amounts first; as a result, Citi will reduce the potential for multiple overdrafts and, consequently, charge less in overdraft charges.
Fiserv, Cardlytics, partner to offer digital banking rewards programme
Fiserv, the Wisconsin-headquartered end-to-end business and technology solution provider, has teamed up Georgia-based transaction marketing vendor, Cardlytics, to deliver merchant-funded rewards via Corillian Online. As a result of the partnership, Fiserv is providing financial institutions with the ability to integrate targeted reward offers into everyday banking. Customers can redeem rewards, typically as cash-back, by clicking on an offer within their transaction history and then spending at the designated merchant using their bank or credit union -issued debit, credit or prepaid card
FICO releases positive US quarterly credit survey
US bankers are feeling increasingly optimistic about the next six months and expect delinquencies for credit cards, auto loans and small business loans to decline. The quarterly Survey of Bank Risk Professionals, conducted for global analytics and decision management technology vendor FICO, also reported that credit demand and supply appears to be nearing equilibrium. Although the report, released on 30 March, is the most upbeat quarterly survey of the past year, the findings flag-up ongoing gloom about the retail home loans sector in the US.
E&Y hails new era in customer expectation
Globally an average of 7% of customers are planning to switch their main banking provider this year but regional differences are pronounced reports Douglas Blakey. The global financial crisis has had a marked effect on consumer attitudes towards banks, with lenders under pressure to retain customers, restore public confidence and provide the services and channel choices customers really want.
UK’s Cooperative Financial Services posts record annual profit
The UK-based mutual, Co-operative Financial Services Group (incorporating the Co-operative Bank, online lender and Britannia) has posted a record full year profit before tax of £208.6m ($335.6m) up 17.7 percent year-on-year.
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Top 50 US banks by assets
The consultancy SNLs pro-forma ranking of the largest 50 US banks in the fourth quarter of fiscal 2010 witnessed some movement, thanks to three mergers announced in December and January. Harris Financial shot into the top 20 US banks by assets, based on the combination of Harris $70.2bn in assets and Marshall & Ilsleys $50.8bn of assets.
ATM success: service and integration key
Level Four provides development, deployment and testing products for all types of ATM network, enabling banks and processors to maximise their investments in ATM technology Level Four CEO Ian Kerr discusses with Douglas Blakey how banks can increase the functionality and security of their self-service channel. With bankers still struggling to restore their reputation, there is really nothing worse for them than for a customer to receive an out of service message when they try to use one of their ATMs,” Level Four CEO Ian Kerr told RBI.
US banks axe loyalty programmes
Wells Fargo, the third-largest US bank by deposits, announced on 25 March its debit card rewards programme and combined credit and debit loyalty programme would end for new customers on 27 March at former Wachovia branches and from 15 April at Wells Fargo branches. If the Durbin Amendment contained in the Dodd-Frank Reform Act passes unamended it would slash by around 70% the fee banks can charge merchants for debit card transactions to a maximum of $0.12 Wells is expected to end its rewards programme for all customers.
Fiserv agrees P2P deal with Visa to Extend ZashPay Network
Fiserv has agreed a deal with Visa that will enable ZashPay users to send money to and receive money from eligible Visa account holders through their primary financial institution. The agreement with Visa will open up the ZashPay network to up to 1bn Visa account holders and will also increase the speed of many payments.
Saudi Hollandi outsources card processing to First Data
Saudi Hollandi Bank (SHB) is to convert its credit card portfolio to First Datas FirstVision solution. SHB, the eighth-largest bank in Saudi Arabia by assets at end-2010, has also renewed its card processing contract with First Data. SHB said that converting to FirstVision would boost its market reach while maximising flexibility and operational efficiency