2011 IT
SPENDING
FORECAST:
PAY AS YOU
Deutsche’s overhaul
focuses on corporate IT.
Union Bank warms up
to iPads for staffers.
JANUARY 2011
TECHNOLOGY INNOVATION. BUSINESS RESULTS.
VOL. 24 NO. 1
PFM Gets
Married
ONLINE BANKING
PNC’s Virtual Wallet now
caters to joint accounts
THE PROMISE OF PERSONAL
financial management is to
provide account data in a
single view—but not all viewers
are single.
PNC Financial Services
Group now allows joint ac-
count holders to get a more
detailed view of each other’s
spending in its Virtual Wal-
let account, an online prod-
uct that borrows themes
from PFM systems and pres-
ents most financial data in a
calendar view.
Each account holder can
now see the other’s bill-pay-
ment transactions on the
calendar, as well as in the
“Scheduled Out” and “Free
Balance” spending values.
Previously, different owners
of an account had a different
view of the cash flow.
Virtual Wallet divides
users’ money into three linked
accounts. Spend is the con-
ventional checking account,
Reserve is typically used for
overdraft protection and
Growth is its savings account.
The latest update to Virtual
Wallet “achieves a more accu-
Direct Access, page 25
CITI’S MASTER OF SOCIAL MEDIA How Frank Eliason plans to turn Twitter and Facebook into the bank’s new community
A Real Rough
Draft from
The FDIC
REGULATIONS
New overdraft rules are open to interpretation.
The compliance deadline’s pretty tight, too.
INTERVIEW PAGE 12
AFTER THE HOOP-JUMPING REQUIRED BY CHANGES TO REG. E THIS
summer, regulators are targeting overdraft again, with the FDIC
issuing final guidance for overdraft payment programs that will
challenge banks to adapt their processes, systems and products by
the July 1 deadline.
According to the new FDIC guidance banks will have to moni-
tor DDA accounts and limit the use of overdraft coverage as a
form of short-term, high-cost credit by “giving customers who
overdraw their accounts on more than six occasions … in a roll-
ing twelve-month period a reasonable opportunity to choose a
less costly alternative and decide whether to continue with fee-
based overdraft coverage.” Banks must also apply appropriate
daily limits on overdraft fees, and consider eliminating overdraft
Leading Off, page 8
Green Lighting the Script
NICE, Verint offer new apps to ensure optimization and compliance
CALL CENTER
BY THE
NUMBERS
THE SURE WAY TO MAKE MONEY
selling products to banks
these days is to peg your
pitch to “compliance.”
Call center goliath NICE is
making hay in that way, tar-
geting a product developed
after a recent acquisition as
a way for banks to offer real-
time compliance reminders
and scripts to contact center
and branch personnel.
Web
Threats
of bank tech-
nologists expect an
increase in man-in-the-middle attacks
next year, according a recent customer
survey by PhoneFactor.
