banking (53)

What happens when a Bank Account is hacked?

Who’d ever think that 50 years ago, your money was safer in your bank account than it is today in this “modern” age: remote theft. If you bank with a large or small bank, your account may be at risk by hacking rings.

However, most of the time, but not always, if your account is drained by a cyber thief, the bank will cover it for you.

The latest information is that a big attack is planned in the spring, but it’s the “It’s easier to get one dollar from a million people than it is to get a million b

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 8028231468?profile=originalLow interest rates, new regulations and an unstable economic situation have impacted revenues and profits of retail deposits in North America.   Therefore, the upcoming GFMI 3rd Edition Retail Deposit Optimization & Strategic Management Conference comes at a very important and optimal time for banks.

 

Silvio Stroescu, Managing Director, Investments & Deposits at Tangerine Bank recently spoke with GFMI about key topics to be discussed at this upcoming meeting, scheduled to take place April 27-29,

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File an FBAR or Find Yourself Behind Bars

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A few years ago the IRS offered a tax amnesty program for US citizens who failed to declare assets held in foreign bank accounts. This came on the heels of a highly publicized legal action against UBS. The IRS forced the Swiss based bank to turn over the account information of US citizens. The IRS was clamping down on tax evaders, exploiting the protection of Switzerland's bank secrecy laws to hide income and assets. The IRS was looking to determine if FBARs had been filed by the banks American
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SME Lending: Get Redi to Get Funded

The tough conditions in the credit markets require small businesses to communicate and demonstrate their credit worthiness to satisfy exacting credit risk standards of lenders. Credit channels are open and loans are being made but strict federal regulations and heightened risk aversion by lenders places additional burdens on borrowers to demonstrate they are a good credit risk.
 
“You have to be prepared,” said Robert Seiwert, a senior vice president with the American Bankers Association. “If you
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SMEs Dance to the Basel III Shuffle

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I often wonder, what if Basel II capital accords had been in place prior to the Great Recession? 
 
Could the devastating crisis fueled by the serial pops of credit bubbles rumbling through the dismal landscape of G20 principalities been avoided with better capital adequacy safeguards? 
 
Could the precious Post Cold War peace dividend been preserved; had the fiduciaries of global solvency not toppled the dominoes of economic prosperity and political stability through extreme selfishness and irratio
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SME Credit Channels Open

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Golden Pacific Bank in California has created a new lending subsidiary to provide SBA loans for small mid-size business enterprises (SME). The program called SmartBiz uses an advanced technology platform that allows the bank to reduce the cost of borrowing and extend credit more efficiently to creditworthy SMEs. 
 
The lending platform was developed by the firm BillFloat. The technology enables SmartBiz to efficiently originate, process and close SBA loans. The cost of processing loan applications
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Regardless of the drama and conjecture within the debates there is one certainty already evident – local supervisors are carrying out spot checks on Systemically Important Financial Institutions (SIFIs), to ensure that their risk management policies and practices are comprehensive, documented and are being complied in practice. 

Can you Benefit from a Supervisory Spot Check? Download whitepaper to find out

It is common for departments or individuals to maintain a repository in isolation, feeling

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How do you get the balance right between customer service and security? The battle between banks and fraudsters is ongoing, with banks losing millions each year through fraud.

In addition, the rise of digital and mobile banking over the past few years has led to banks investing heavily in their fraud and security measures. These authentication devices alongside integrated malware detection and fraud monitoring systems can be a barrier to a satisfying, simple customer experience. How do banks prot

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Baby-boomers will soon be transferring their assets to generations X and Y, primarily defined by their exposure to technology and the web from an early age. As banks’ relationship management styles gravitate towards digital mediums, their next priority should be the associated customer data. How can banks adapt their IT infrastructures to manage the amounts of data new generations are generating?

In today’s digitalised world customer data is increasing daily. Social media alone (Twitter, Facebook

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The Basel Committee, which creates regulations for banks, has published a set of principles regarding effective risk data aggregation and risk reporting, which will provide a fantastic business case for risk professionals to improve their risk frameworks. I’ve included highlights below, but you can take a look at the full report here.

The principles for effective risk data aggregation and risk reporting will be mandatory for globally systemically important banks (G-SIBs) from 2016, and the Basel

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The new category of domestic systemically important banks will increase the data management and disclosure burden on qualifying institutions, at a time when many are already feeling the strain.

Banks that escaped classification as G-SIFIs in 2011 may have breathed a sigh of relief at the time, but for many, that relief will have been short-lived. In October last year, the Basel Committee on Banking Supervision (BCBS) set out its proposed framework for an additional category of systemically import

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Today’s banking industry must deal with an evolving regulatory landscape by developing new and innovative strategies for acquiring and optimizing capital. Banks must find a new way to raise capital, maintain a functional capital structure, and continue providing the products and services their customers demand while staying profitable. The new deadline for implementing the Basel III capital requirements makes capital management the most important issue for banks today.

Bogie Ozdemir, Vice Preside

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Operational risk management has moved beyond the simple calculation of capital requirements. Today operational risk managers need to have a proactive, holistic approach to operational risk to ensure they maintain their organizations’ profitability and reputation. Recent financial scandals have shown that operational risk could bring tremendous losses and not every firm is capable of recovering from them.

Paul Emerson answered a series of questions written by GFMI before the forthcoming Proactive

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As domestic and international trade continue to grow, companies are starting to consider the benefits of alternative sources of trade financing, according to David Hu, Managing Partner, IIG Trade Finance LLC.

 

“The cost of capital for banks, the traditional providers of trade finance, has increased tremendously. They also have other issues, such as the setting of LIBOR, which is being questioned right now. With the increasingly tighter capital requirements of Basel III, banks will have to tighten

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The GFMI Trade, Commodity and Supply Chain Finance: Liquidity, Funding and Risk Conference, June 10-12, 2013 in New York, NY will help banks and trade finance firms gain a profitable funding structure under Basel III.

Join speakers from Citi, IFC, HSBC, Deutsche Bank, BAFT IFSA, Bank of America Merrill Lynch, Santander, Wells Fargo, Standard Chartered Bank and many more.

This high-level, intimate event will allow attendees to understand the impact of Basel III across all financing business lines,

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Funds transfer pricing is under increasingly sharp focus. Financial institutions need to respond to Basel III, as well the Dodd-Frank Act in order to change the way their liquidity is managed and regulated. The efficiency, with which banks adapt their business strategy and their FTP model, will be a deciding factor in the future profitability of core product lines.

Christian Pichlmeier, CFA, Senior Vice President, Corporate Treasury, Institutional Clients Group at Citi answered a series of questi

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Testing Times

Coming out of the financial crisis the banking industry has found itself under scrutiny with regards to its resilience and questions have been raised about financial institutions’ abilities to weather another storm. How good are your preparations in reality?

If you want to know what shape your crisis readiness is really in, you need to start by re-appraising your stress testing framework. The objective is to prepare for potentially disastrous conditions in advance – instead of picking up the piec

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Risk management can be a paradox in nature and this often leads entire communities, perhaps society at large, to entertain red herring solutions for systemic threats.
 
Today, I can see at least three man made ills which may be killing us broadly and as a global community in the long term. We should perhaps rethink carefully what we are trying to achieve at times because we may just find our first desperate attempts to resolve the unwanted, could result in dilemmas that are far worse than the shor
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Cementing the Requirements of Dodd-Frank

Interview with Houman B. Shadab, Associate Professor of Law at New York Law School

Houman B. Shadab is an Associate Professor of Law at New York Law School. He is an internationally recognized expert in financial law and regulation whose research focuses on hedge funds, derivatives, and securitization. Professor Shadab is a director of the Center on Financial Services Law and the Editor-in-Chief of the Journal of Taxation and Regulation of Financial Institutions.

marcus evans had the privilege to

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Credit Suisse - Eat your own cooking

The Partner Asset Facility

A novel concept that might be one way forwards for aligning bankers risk appetites to the outcome they create, is to entertain a Partner Asset Facility.
 
Credit Suisse has an innovative bonus structure which makes bankers eat their own cooking as the saying goes and ring fences traders bad deals into a bonus draw scheme with a bit of a twist.
 
See the video here by following this link
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