BankNews April 2015

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Banks to Spend 16 Billion Dollars on Digital Transformation Initiatives

July 2 – Retail banks (including thrifts and credit unions) in the U.S. will spend nearly $16.6 billion on hardware, software, services, and internal IT staff in order to develop and implement digital transformation initiatives in 2015. And this spending on digital transformation will grow at a compound annual growth rate (CAGR) of 10.4% into 2019, according to recent IDC Financial Insights spending models.

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Community Bank of the Chesapeake Supports Farming 4 Hunger with Donation

July 6 – Community Bank of the Chesapeake recently announced that it will donate $50,000 in support of Farming 4 Hunger, a Southern Maryland nonprofit that provides fresh produce to those in need. The bank is donating the money over a period of five years and the funds will be used to purchase hydroponic equipment for the Farming 4 Hunger Greenhouse.

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2015 ISA ENTRY – D3 Banking Mobile App

D3 Banking’s mobile app is built using a hybrid framework that allows access to the native features and functions of the device. It uses templates that are rendered based on device, maintaining a consistent user experience, regardless of the type of device. For an added experience benefit, users can access a quick view of account balances without requiring additional authentication past the phone’s initial sign on.

The app qualifies for this award by:

  • Eliminating the need to have device specific solutions with unique ecosystems that require extensive maintenance and testing. With the digital landscape rapidly evolving into a consortium of devices and associated functionalities, the approach used by many organizations that requires multiple versions of multiple mobile apps is unsustainable.
  • Increasing functionality with mobile-specific features such as cameras for Remote Deposit Capture (RDC), push text alerts and geolocation features while allowing users access to important data without logging in (e.g., account balances).
  • Empowering banks to better control their branding, theming, and content by accommodating changes the institution makes to services, content, permissions and user experience instantly.
  • Providing a single unified codebasethat can deliver the digital banking services customers desire while reducing cost and complexity for banks.

D3 Banking
www.d3banking.com

Survey Weighs Impact of Know-Your-Customer Regulatory Changes on Banks

June 29 – Sixty-one percent of financial institutions are affected by Know-Your-Customer regulatory changes and have noted an impact on their compliance operations in a number of areas, according to a new market survey conducted by NICE Actimize, a provider of financial crime, risk and compliance software for the financial services industry.  Continue reading “Survey Weighs Impact of Know-Your-Customer Regulatory Changes on Banks” »

WSFS Bank Introduces WSFS Mobile Cash

June 29 – WSFS Financial Corporation, the parent company of WSFS Bank, has announced the product introduction of WSFS Mobile Cash, a service that allows customers to securely withdraw cash from an ATM by using their WSFS Mobile Banking app. WSFS will be the fourth bank in the United States to offer the service.

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Capital Bank N.A. Ranked Among the Top 1% of Banks in the Nation in its Asset Class

June 26 – Capital Bank, N.A. has been recognized as a top-performing bank in the nation. American Banker Magazine ranked Capital Bank in the top one percent among all public and private banks in the U.S. with assets totaling up to $2 billion—ranking the Washington, DC metro area bank at 56 out of 5000 in its category and placing it first in the region. The rankings, released in May, underscore Capital Bank’s accomplishments in 2014, ending a year of double-digit asset growth—the third in a row—with more than $600 million in assets.

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SecureKey briidge.net Connect Meets FFIEC Guidance for Secure Internet Banking Authentication

June 26 – SecureKey Technologies has announced its briidge.net Connect service meets the Federal Financial Institutions Examination Council’s (FFIEC) layered security guidance for secure authentication in an online banking environment. The service has also received re-certification for Payment Card Industry Data Security Standard (PCI-DSS) compliance. Verified by independent regulatory compliance services provider, Coalfire Systems, Inc. and global information security firm, Herjavec Group, respectively, SecureKey provides financial institutions with multi-channel customer authentication assurances.

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FIS Selected to Build Atom Bank App

June 26 – Atom, the designed for digital challenger to the U.K. banking market, is partnering with FIS™, a global leader in banking and payments technology as well as consulting and outsourcing solutions, to serve banking customers on the go.

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Cachet Financial Solutions Enhances Select Mobile Deposit Solution to Help Banks and Credit Unions Fight Fraud

June 26 – Cachet Financial Solutions, a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, has announced the availability of its enhanced Select Mobile™ Deposit solution with advanced fraud protection. Significant enhancements made to Cachet’s Select Mobile Deposit solution, which are unique in the industry, include geo-fencing, unlimited user groups with defined business rules, and date, signature and endorsement detection.

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More U.S. Consumers Bank On The Go, Even on Dates

June 26 – Digital banking technology keeps making it much easier for U.S. consumers to manage their finances on the go. So easy, in fact, that a third of them bank on their phone and online more than a year ago — and many are doing it at work, at the store or even while on a date.

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