Checks at a crossroads

Article Abstract:

The paper check is a major tool in the US payments system. About 72% of noncash transactions are made through checks, with banks handling most of the processing. However, several changes are threatening to erode the dominance of the paper check. These developments include the introduction of new technologies, the rising problem of fraud and the popularity of electronic payment systems. In light of these trends, Banking Strategies Magazine sponsored a panel discussion to provide clarifications regarding the check strategy that can best function in this context. The participants, including Carreker-Antinori CEO-Chmn J.D. Carreker, Federal Reserve Bank of Boston's Sarah G. Green and First Union National Bank's Kathy B. Harris, agreed that senior executives should make a decisive move in developing check strategy and pioneering in the shift from paper to electronic payments.

Depository Credit Intermediation, Checking & Savings Services, Conferences, meetings and seminars, Panel Discussion, Checks

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Channel harmonics

Article Abstract:

Martin Lippert, the chief information officer for the Royal Bank of Canada, testifies to the advantages of using interactive technology on the bank's delivery channels. He says that the information technology scheme is guided by customer attitudes and preferences determined through surveys and focus groups. When the studies showed that relationship-oriented variables were most important to customers, the bank developed a technology plan that was sensitive to customer relationship issues. According to Lippert, the new system segmented customers according to their current profitability, potential, and life-cycle/life-event issues. The bank developed unique treatments for each customer segment which were translated to business rules executed through software agents. Royal Bank's branches will soon be installed with systems that provide composites on each client.

Electronic computers, Electronic Computer Manufacturing, Bank Automation Systems, Interview, Technology application, Computer applications, Royal Bank of Canada, Bank automation, Lippert, Martin

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Lines of defense

Article Abstract:

James Sexton, director of the supervision division at the Federal Deposit Insurance Corp is a man who does not neglect the fundamentals of banking during seasons of economic boom. He emphasized the importance of safeguarding the industry's ability to protect itself from perceived problems. Sexton's views were born out of the devastating effects of economic crisis on the banking industry which he has witnessed during his 18-year banking career. At FDIC, Sexton started as an assistant bank examiner then he was appointed for the top supervisory position in Washington where he became responsible for overseeing about 5,400 state-chartered banks and 540 savings banks.

Officials and employees, Practice, Federal Deposit Insurance Corp., Sexton, James

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