Two-thirds of financial firms believe they have analytics programmes and infrastructures that are insufficient in handling increasing analytical complexity and data volume, recent research showed. Christopher Andrews reports
With the Solvency II deadline approaching, financial services organisations will be able to reap the benefits of a well-designed cross-functional technology platform. But challenges remain. Dave Howell reports
The European Payments Council (EPC) recently said that inconsistencies between the European Commission’s objectives threaten to hamper SEPA progress. David Adams reports
Liz Morrell asks: what does it mean to the highly regulated banking world when millions of people are using Facebook etc to communicate, share, network and entertain? And who are the pioneers in this field?
Smartphone uptake is continuing at a blistering rate and these devices are now shaping the way we behave. Yet mobile banking adoption has stalled. As Scott Thompson finds, fraud and security concerns underpin the stalemate
Glynn Davis looks at the latest mobile payments developments and the challenges facing banks as the m-payments/NFC bandwagon picks up pace
Wil Cunningham is an independent consultant who was contracted with LBG as the IT Lead for HBOS LIVE IT Planning, Command and Control and Execution for LBG/HBOS Integration, now the Delivery Lead new LBG Disaster Recovery Strategy. Here he discusses the best ways to plan and execute implementations
Elaine Graham looks at the rapidly changing world of trading systems and highlights how technology can help win competitive advantage
Data quality has moved up financial institutions’ agendas ahead of new regulatory regimes. But good data management also offers several advantages, reports Graham Buck
A recent report from the Treasury Select Committee criticised UK banks for not doing enough to protect against online fraud. The claim has been met by the industry with mixed views, with some in agreement and others blaming the Government for not taking data security seriously enough and calling for a regulatory body to set regulations to protect bank customers. Liz Morrell reports
The financial sector is at the head of the pack when it comes to combating security threats, but, with global cyber attacks on the rise, companies remain vulnerable. David Adams reports
As cybercrime mutates and hackers change gear in their quest to get hold of sensitive data, the challenge facing financial organisations is greater than ever, says Christopher Andrews
On Thursday 31 March 2011, IT professionals from across the financial sector gathered at the Lancaster London Hotel, Bayswater to attend presentations from prominent members of the IT industry speak on IT Security and Storage, Data and Cloud. Sophie Baker, Elaine Graham and Justin Quillinan review the day
How suitable is the Cloud for small and medium businesses? Is it as accessible and relevant for them as it is for larger institutions? Do they face different challenges? Duncan Jefferies finds out
The UK’s banks appear to have been rather slow on the uptake of cloud, but what about their European counterparts? Christopher Andrews looks at the benefits European finanical institutions have seen; the risks they have had to get to grips with, and asks what the future is for the cloud in European banks
Against a backdrop of ongoing unease and uncertainty across the Middle East and North Africa, how are UK and European financial institutions coping under the pressure of identifying and dealing with this renewed focus on their efforts to combat money laundering? Graham Buck reports
On the evening of 31 March 2011, at the Lancaster London Hotel in Bayswater, representatives from banks, regulators and suppliers gathered to celebrate the 11th Financial Sector Technology Awards. Sophie Baker looks back on a night of euphoria, dancing and celebrating...
Wil Cunningham, an independent consultant currently on a contract with LBG as IT Lead for HBOS LIVE Command and Control and Planning and Execution in London, part of the LBG/HBOS Integration, discusses the best ways to optimise your infrastructure provisioning
Brett Farrell, an associate at Barlow Robbins LLP, looks at the issue of datacentres and N+1 redundancy, a form of resilience that ensures system availability in the event of component failure
2011’s Infosecurity Europe conference will feature speakers and topics to address all financial institutions’ concerns, finds Alison Ebbage
Philip Gregory, business intelligence manager at Chaucer Syndicates, talks to Sophie Baker about the importance of data quality for an insurance company, how technology and customer service are linked, and how IT and upcoming regulation will affect insurance services
In December 2010, the FSA put rules into place that would see all pertinent customer information held in one place, creating a single customer view (SCV). How has the industry dealt with the deadline, and what are the benefits for both the customer and the financial sector? Liz Morrell asks the industry
The FSA has studied the way financial services companies communicate to the public and has found that some communication through new media channels, such as Twitter and Facebook, lacks compliance with its safeguards. Duncan Jefferies looks at the FSA’s rules, and asks whether banks are embracing communication through these more informal mediums
Following the Basel Committee’s publication of rules and regulations for banks to comply with, with the aim of creating more resilient banks and banking systems, what must now be considered by the industry? Alison Ebbage finds out
Banks are sometimes viewed as slow when it comes to adopting the latest technology; but in a world of secrecy, confidentiality and heavy steel vaults, the idea of using open source codes – freely available over the Internet – is rapidly gaining traction to cut administrative costs, reports Justin Quillinan
In September 2010, the FSA proposed changes to its complaints handling rules as part of a package of measures to up the standards of complaints handling in the industry. But what is the FSA proposing? And how have the proposals been received by the financial services sector? David Adams asks the industry
What does 2011 hold for the financial sector? Sophie Baker asks the industry about technology, regulation and security for the coming year
The UK’s Cheque Guarantee Card Scheme is being withdrawn on 30 June 2011, and from 2018 cheques will also be pulled out of circulation. Jacqui Tribe, manager of the UK Domestic Cheque Guarantee Card Scheme, looks at alternatives to the guaranteed cheque
FST invited a group of retail bankers to tackle the issues hitting the Retail Banking sector the hardest
Over a series of roundtables, FST got together with EMC Consulting and a panel of financial sector commentators to discuss the industry’s current hot topic – Cloud Computing. Are the benefits clear as day?
Intellectual Property is a hot topic right now, particularly with David Cameron’s recent pledge to conduct a review into the UK’s current regime. Philip Bartlett, Partner, Simmons & Simmons, looks at the issue, and sets out some top tips for employers
The Independent Commission on Banking is to conduct a series of hearings in an effort to address the problems in the banking industry. The British Bankers’ Association’s chief executive, Angela Knight, looks at the importance these conclusions will carry
With new banks popping up on the High Street, more traditional banks’ core systems are under increased pressure to stand up and be counted in the midst of the hype. Duncan Jefferies asks if their technology systems are hindering their services
There’s pretty much an ‘app’ for everything, but is it appropriate – and safe – to move money around using mobile or contactless technology, asks Justin Quillinan
A loss of consumer confidence in the banking sector, thanks to the financial crisis, paved the way for new banks to launch on the High Street, with new offerings to tempt customers away from more ‘traditional’ banks. Liz Morrell looks at what they have to offer
Failure to accurately monitor and manage credit risks was a significant factor in the crisis – but what has the sector done to lessen the risk of recurrence? David Adams asks the industry
With the UK’s financial services market climbing out of the recession, it’s no surprise that businesses are now more than ever concentrating on keeping their systems running. Alison Ebbage finds out what’s next for business continuity
Our panellists got together in June to look at the issues surrounding datacentres, from virtualisation challenges to the very real pressures of operating in an increasingly regulated world
The Financial Services Authority’s Mortgage Market Review outlines best practice for responsible lending. Amir Ghani, policy adviser, Mortgage Policy Team, at the Building Societies Association, looks at the potential consequences of the consultations
In two cases in the Commercial Court and Court of Appeal parties to swaps have challenged the agreed jurisdiction clause under an ISDA Master Agreement in favour of their home courts, on the basis that the proceedings concerned the validity of internal company decisions. Jonathan Brogden, partner, and Laura Davis, solicitor, at Davies Arnold Cooper LLP, look at the ISDA Master Agreement
With regulators demanding global financial transparency to combat organised crime and terrorism, banks took a step in the right direction on November 21 last year by implementing SWIFT’s new message standard for cover payments, MT202 COV. Vivienne Rosch asks how opening single cross-border customer credit transfers to intermediary banks’ scrutiny has been received
The collapse of Lehman Brothers and AIG’s struggles left the industry’s lack of centralised clearing mechanisms and trade repositories plain for all to see. With the panic button well and truly hit, the industry responded. Duncan Jefferies looks at the initiatives the financial sector has come up with in an effort to address the problems
The Financial Services Authority (FSA) is preparing to bare its teeth yet again with a Consultation Paper looking at making the recording of mobile phone transactions mandatory for firms. Sophie Baker looks at the proposals and the implications for banks and suppliers alike
With a plethora of technology available to the financial markets, and competition hotting up as banks fight to win back consumer confidence, one would be forgiven for assuming institutions might have tossed out the paper by now. So why, in today’s electronic world, do ‘paper junkies’ remain in the finance sector, asks Justin Quillinan
The SEPA initiative does what it says on the tin – creates a zone for the euro in which all electronic payments are considered domestic; but what’s holding up full adoption? David Adams investigates
The UK’s Faster Payment Scheme has been on the industry’s radar for two years now, but how well has it been received? Liz Morrell investigates
Sandy Hamilton, vice president of the European, Middle East & African (EMEA) region, at EMC Consulting, explains the drivers for the adoption of private clouds, how they can be implemented and why she believes now is the perfect time to start
Many people were pointing the finger of blame at Credit Rating Agencies (CRAs) for the financial meltdown, blaming them for giving triple-A ratings to collateralised debt obligations (CDOs) and other toxic instruments that were stuffed with junk sub-prime elements. Jonathan Brogden, a partner at law firm, Davies Arnold Cooper, looks at the latest EC moves to reform the sector
The 360 degree IT show to be held at London’s Earls Court on 22-23 September used to be known as StorageExpo, but it has been rebranded to better address the growing importance of other infrastructure developments, outside of traditional data storage, such as hosted services, cloud computing, SaaS, and so forth. Neil Ainger previews the new beginning
Green IT, in the form of more efficient PCs, printers, building designs, remote working practices, chips, and so forth, can save you money by increasing efficiency and improve the image of your firm, so what’s not to like? Vivienne Rosch looks at whether the reality is living up to the dream
These are austere times but most financial institutions have already made their cuts with outsourcing increasingly taking up the slack for decimated internal IT departments. Justin Quillinan questions this short-term focus, and examines other outsourcing trends such as the rise of cloud computing and its impact on traditional managed service models
Dr Nathalie Aubry-Stacey, advisor on regulatory policy at the International Capital Market Association (ICMA), discusses the European covered bond market and the changes it is undergoing to try and improve transparency
There is an operational and environmental cost in meeting the ever increasing demand from financial institution data centres, whose power surge is being driven by the rising amount of customer and regulatory data that needs to be kept and new technologies such as algorithmic trading and blade servers. Optimising data centres to keep costs down is now a key concern, especially as budgets are tight for new builds and the government’s CRC ‘carbon tax’ kicks in. Duncan Jefferies looks at the best ways to ‘sweat’ existing facilities
Financial services is increasingly a data business, with good information and fast processing delivering new customers, cross-selling opportunities, arbitrage and numerous other advantages. The data centre is, therefore, the engine of growth for most retail/wholesale banks, insurers, exchanges and other financial institutions. Given its vital position then do you really want to outsource it? Liz Morrell looks at the issue of Datacentre-as-a-Service (DaaS), its differing definitions and whether it’s suitable for financial services
Lots of financial institutions these days are moving away from the traditional PC route with the hard drive next to your desk, and instead looking to adopt desktop virtualisation. Moving to such an arrangement however, places a lot more demand on your data centre. Making the move requires FIs to adopt a Virtual Desktop Infrastructure (VDI), which is the server computing model that enables desktop virtualisation, encompassing the hardware and software systems needed to support the environment. David Adams looks at the impact of VDI on your operations and data centre
In the wake of the new coalition government's statement that it intends to end 'unfair' bank charges, reopening a case that the OFT has already lost, and the FSA saying that it wants to take action to improve the way banks handle customer complaints, Eric Leenders, executive director, retail banking, at the British Bankers' Association (BBA), comes out fighting arguing that numerous initiatives are already underway and that competitive pressures are transforming the sector anyway
In a speech to the City of London last year Hector Sants, the outgoing chief executive of the Financial Services Authority, said "people should be very frightened of the FSA". In the wake of recent high-profile moves by the watchdog to prosecute insider dealing cases, Richard Sallybanks, a partner at law firm BCL Burton Copeland, thinks you'd better take notice
For years, IT departments have had full control over their own infrastructure (for better and worse) and are naturally uncomfortable with anything that prevents them from being in sole control. This is likely to change with the rise of cloud computing, argues Justin Pirie, director of communities and content at Mimecast, but it isn't something to fear
The stock exchanges space has undergone tremendous changes over the last decade with many new entrants joining the market and automated systems driving capacities and proximity hosting services up. More changes are on the way post-crunch as new business models are tried that are less reliant on low margins and fast disappearing high volumes. David Adams maps out the road ahead as the consolidation phase begins
As the global village arrives, the mobile phone has become an important tool linking people together. It's increasingly being used to send remittances back home by those working abroad or as an alternative to traditional banking and payment systems in developing countries. Viv Rosch looks at this growing remittance market and examines if banks are doing enough to grab a slice of it
A good cabling solution can 'sweat' an existing data centre or squeeze every last bit of investment out of a new build ensuring you get the best out of your telco and data communications architecture. Philip Hunter investigates what is the best cabling design, port options and mix of fibre and copper to use in reducing data centre heat, while maximising latency and efficiency
As the pace of modern life quickens the mobile phone is now an indispensable tool, with many using it in their everyday working lives. Tony Dennis looks at how financial institutions are catering for and taking advantage of this increased mobility to try and gain staff efficiency benefits, while still protecting their networks. The best smartphones, operating systems and mobile devices are also examined
Politicians and central bankers have been working overtime to overhaul the banking system in an effort to prevent another crisis. Graham Buck looks at the impact of the new international liquidity standards, dubbed Basel III, that are coming in and assesses how best to deal with the issue of liquidity risk on a global basis
Wil Cunningham, environments manager at Lloyds Banking Group who is currently working on contract on the integration with HBOS, discusses the best ways to sweat existing systems when budgets are tight, with particular reference to his previous work optimising a data centre at a well known High Street bank based in Edinburgh
Have the computer scientists at Cambridge University, who last month found a flaw in Chip and PIN so serious that they think the whole system needs a rewrite, got the financial services industry thinking the same thing? John Colley, CISSP, managing director, EMEA, for the (ISC)2 non-profit security organisation, investigates
Dai Davis, a partner at law firm Brooke North, discusses the implications of the recent high profile court case involving BSkyB v EDS, which the former finally won at the turn of the year after much argument, potentially smashing the constraints of limited liability in the IT contract / outsourcing world
Every day millions of financial services customers voluntarily provide personal identity details - passwords, first schools, maiden names and so on - to banks, insurers and others. Liz Morrell investigates the wisdom of this in the wake of numerous data breaches and what financial institutions are doing to protect our identities. it'd better be good as, starting in April, UK firms could face fines of up to £500,000 for serious breaches of the Data Protection Act thanks to new powers given to the Information Commissioner
Sometimes security professionals at financial institutions can make themselves paranoid worrying about the threats - both internal and external - to the security of their networks, forever fretting over the cloud, mobile technologies, and other new spectres on the horizon. David Adams looks at the latest attack vectors out there and tries to provide some reassurance to worried financial services professionals
Application security is one of the hottest issues for financial institutions right now as more and more mobile applications and web-based offerings are rolled out internally or to customers. Firms have invested a lot of time and money on their perimeter defences over the last decade, beefing up firewalls and monitoring tools to keep hackers out, but when it comes to securing their applications they've been nowhere near as pro-active. Duncan Jefferies calls for this to change
