BANKS CAN’T
INVENT A
FAVORABLE
CLIMATE FOR
PATENT
REFORM
Page 14
Can institutions be too
small to fail?
The bank reaches out to
its public online.
Page 30
MAY 2010
TECHNOLOGY INNOVATION. BUSINESS RESULTS.
VOL. 23 NO. 5
Clouds in
Their IT
MORTGAGE TECH
New apps adopt mostly
private cloud computing
to cut processing costs
JERRY JOERAUF SEES A LOT
of clouds in the mortgage
skies, but that’s not to say the
business climate isn’t clearing.
“The era of companies hav-
ing large IT infrastructures
and using that as a way to
gain competitive advantage
is behind us,” says the evp
of business development for
First American, which of-
fers analytics and other data
resources for lending clients,
with settlement services rep-
resenting 90 percent of all
commercial and residential
mortgage transactions. “And
with mortgage processing,
you have lenders that now
need to maintain their own
infrastructure. What we en-
vision is those lenders plug-
ging into a cloud rather than
having to do that processing
in house.”
First American has
granted worldwide exclusive
rights to Dorado, giving the
firm, which offers collabora-
tive cloud computing solu-
tions to financial services
clients, the ability to com-
bine First American’s data
Business Innovation, page 22
COVER STORY PAGE 24
VSoft’s Big
Play is New
To the Core
CORE BANKING
Imaging vendor promises ;exibility and savings,
but attracting new bank takers will be tough
MOBILE AT THE
TIPPING POINT
MOBILE AT THE
TIPPING POINT
Bank rollouts and consumer
demand blossom, while
security and payments heat up
Bank rollouts and consumer
demand blossom, while
security and payments heat up
TO CALL THE CORE BANKING MARKET IN THE U.S. ENTRENCHED IS AN
understatement, with several blue-blood domestic technology
vendors defending their turf against a handful of top-notch
international players looking to make inroads. But that’s not
stopped VSoft, a company known mostly in the U.S. for its image solutions, from jumping into the fray with a new core banking product called CoreSoft. The March announcement from
the Atlanta-based company might have been disregarded if not
for the fact that Virginia-based Carter Bank & Trust, a $3.4
billion institution, concurrently announced its successful beta
conversion to VSoft’s core system.
Even in a crowded field—with the likes of Fiserv, FIS and
Jack Henry—CoreSoft’s technology is differentiating says
Rajesh M R, an analyst at Celent. It’s a browser-based system
Leading Off, page 11
Not Your Grandson’s Internet
E-commerce is mature, and users have little patience for bad experience
USABILITY
AS FIDELITY INVESTMENTS
found out, silos and the Web
are hardly chocolate and
peanut butter when it comes
to how well they go together
for users.
Steven Scullen, president
and CEO of Fidelity’s per-
sonal and workplace invest-
ing technology unit, says the
firm learned the hard way
that its siloed internal opera-
tions diminished users online
experience. Because each
business line and each chan-
nel was a completely separate
operation, a customer with
five Fidelity products, for ex-
ample thought they had just
one relationship, but Fidelity
thought they had five.
BY THE
NUMBERS
32%
of U.S. mobile phone users say they
would change banks in order to get
free mobile banking.
