BANK OF
AMERICA
TWEETS
ABOUT ITS
GRIPES ENSUE.
Wells brings PFM
to the ATM
PLUGGING LEAKS
Social network analysis
battles insider insecurity
Page 26
FEBRUARY 2011
TECHNOLOGY INNOVATION. BUSINESS RESULTS.
VOL. 24 NO. 2
Mortgage
Reboot
COMPLIANCE
Reg changes mean lots
of IT adjustments
Mobile
Apps
Insecure?
SECURIT Y
LOOKING TO PROTECT BOR-
rowers and score political
points with consumers worried about foreclosures and
underwater loans, Congress
and regulators are unleashing an almost-constant barrage of new mortgage laws
and regs, cascading across
the lending industry like a
heard of elephants. “We refer
to it as rolling thunder,” says
Annette Tirabasso, a partner in Deloitte Consulting’s
banking team who focuses on
the mortgage space.
Even for IT departments,
providers and consultants
who are long-accustomed
to aiming at moving targets
when it comes to mortgage
compliance, the fluid nature
and pace of the new rule-mak-ing is staggering. All mortgage technology will have to
be upgraded and recalibrated,
an investment of time, money
and staff that’s still emerging,
and will certainly have an
impact downstream on more
forward-looking customer
acquisition tech.
“I do compliance, I do tech
Business Innovation, page 17
A BIG HIT ON EVERY CHANNEL First Horizon National CIO Bruce Livesay aims for cross-enterprise consistency
Speed-to-market
pressures are making
mobile apps vulnerable
COVER STORY PAGE 18
BANKS NEED TO IMPROVE CELL
phone banking applications’
security or face losing customers frightened by the risk,
security experts say.
About 80 to 90 percent of
mobile phone-based apps that
Chicago-based security fi rm via
Forensics analyzes for security
flaws fail its free “
appwatch-dog” tests. The firm recovered
usernames, passwords, transaction data—sometimes all of
the above—from the mobile
apps offered by five banks
Direct Access, page 25
A Batch of Trouble for NAB
Glitches show inadequate capacity can slay e-payments progress
SYSTEMS
BY THE
NUMBERS
NATIONAL AUSTRALIA BANK’S
season of I T horror, a span of
several weeks that featured
everything from periodic
Web outages to the stalling
of thousands of automated
transactions, is a stern warn-
ing—as payments and other
transactions become more
mobile and Web enabled, it’s
of little use if legacy systems
can’t handle the speed and
volume.
Flat
Salaries
$88,553
The average salary earned by
;nancial tech professionals in 2010,
essentially unchanged from 2009.
