Linux News: Financial Services

Health Insurance CRM, Part 2: The BPO Catalyst
November 20, 2009

CRM has lagged in the health insurance industry, but a major transformation is imminent. "There's been a reluctance to make comprehensive investments in technology compared with other sectors," said Gartner analyst Joanne Galimi. "Generally, the firms in the sector have been very tactical, only investing in specific areas -- basically reacting to pain points."

Health Insurance CRM, Part 1: Shifting Into Catch-Up Mode
November 19, 2009

The health insurance industry, especially in the U.S., has a long way to go before it achieves a high level of performance in the use of customer relationship management tools. However, pressure is coming from market forces -- including new government healthcare reform policies -- that will compel improvements in health insurance CRM, whether insurance companies want it or not.

CRM for Financial Services, Part 2: Keeping the 'R' in CRM
November 13, 2009

The market for CRM programs will expand in financial services, although the pace of spending will likely slow down in the near term. Still, the rate of CRM spending by financial firms is not the only element that could change in the future. Whether a financial firm already has implemented a program or is about to make an initial investment in CRM, the landscape will be changing.

Teaching Mature Markets New M-Commerce Tricks
November 12, 2009

Ten years after national commercial platforms for mobile commerce were launched in the Philippines and Japan, the United States is slowly beginning to creep into the field. Residents in rural parts of the Philippines and other developing nations routinely pay bills through their smartphones, while people in Japan and Europe can buy products as well as train and airline tickets using their mobile phones.

CRM for Financial Services, Part 1: Unmet Potential
November 06, 2009

The chastening effect of the recession has many financial services firms taking a cautious view of future CRM investments. One reason is that these firms are husbanding their resources. Another is a growing awareness that investments in CRM by the financial sector have not been all that successful.

Judge: Customers in Ameritrade Class Action Deserve Better Deal
October 27, 2009

A federal judge has refused to approve a class-action settlement over contact information stolen from online brokerage TD Ameritrade. U.S. District Judge Vaughn Walker in San Francisco says the deal offers little significant benefit to the more than 6 million current and former customers affected.

Citi Dumps Credit Card Customers at the Pump
October 23, 2009

Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected. Confused, she called the Citibank customer service line and was told the account was closed because of something that appeared on her credit report. The only negative thing on her report, it turned out, was "closed at credit grantor's request" on the Shell MasterCard account.

Debt Settlement Firm Penalized for Customer Fraud
October 16, 2009

An Arizona-based debt settlement company accused in a lawsuit of preying on people who can't pay their bills has been ordered to pay nearly US$200,000 in penalties for defrauding customers in New York state. New York Attorney General Andrew Cuomo launched a nationwide probe last spring into a "renegade industry" of debt settlement businesses.

BofA Won't Hit Customers With Rate-Hike Squeeze Play
October 08, 2009

Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February. Since most Bank of America customers have variable rate cards, however, they could still see their interest rates go up. The interest on variable-rate cards is tied to the rise and fall of the prime rate.

The Overdraft Overhaul
September 29, 2009

Banks are backing off harsh overdraft fees and policies. That's the good news. The bad news is they'll probably look to make up that lost profit elsewhere. It's a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts.

Google Plans to Branch Into Loan Referral Biz, Says LendingTree
August 27, 2009

LendingTree, which allows prospective borrowers to get quick offers from multiple lenders, claims Google is about to get into the same business. A LendingTree lawsuit against a separate technology provider claims that it has learned Google plans to launch such a service later this month or in early September.

The Welcome Challenge of Scaling Up: Q&A With ProspX CEO Todd Young
March 30, 2009

Every small vendor -- no matter the industry -- dreams of landing at least one big name Fortune 500 client. Such a client, of course, would lend it the necessary street cred -- not to mention revenue -- that all smaller companies need. It also might open the door to new product development and distribution possibilities. That has been the case with ProspX.

Not Your Father's Bank: Building Online Banking for Gen Y
February 20, 2009

Growing up in a world immersed in digital technologies, members of Generation Y have the highest of expectations on how they want to interact with their banks online. Born at the dawn of the digital age in the early 1980s, the oldest among Generation Y have never known a world without personal computers and video games.

All About the Bottom Line: Q&A With Avaya Global Services President Chris Formant
February 02, 2009

Chris Formant, president of Avaya Global Services, has been on the job since March 2008. It is no small irony that one year ago he was tasked with the assignment of strengthening the services group's financial and operating performance -- a significant undertaking, given that the services division touches upon more than half of Avaya's revenue and workforce.

Alternative Payments: More Ways to Close the Sale
January 26, 2009

For the past few decades, checks, ACH, credit cards and debit cards have been the primary means of payments for consumers. These payment methods have been successful because consumers can pay for their purchases without carrying cash, merchants can increase sales by reaching a wider consumer base and banks are able to establish themselves as trusted financial providers to both merchants and consumers.

Bank Mergers and Data Integration: Survival of the Boldest
January 19, 2009

Spend wisely and be bold, or stay home and keep cover. In 2009, these are the choices IT professionals at banks and financial institutions will face. While the current economic turmoil has many running for cover, hiding your head in the sand will not protect your company from these tough times. As 2008 has shown us, mega-mergers and near failures are around every corner.