Finra backtracks as opposition to Cards projects mounts

From Finextra –

“In the face of fierce opposition from industry bodies, Wall Street watchdog Finra appears to be backtracking on proposals to introduce an automated data collection system designed to help identify risky and suspicious activities.

First proposed in 2012, the Comprehensive Automated Risk Data System (Cards) plan would require brokerage firms to hand over huge amounts of customer account data - although not personally identifiable information - in an automated, standardised format.

Industry-funded regulator Finra argues that the system would boost investor protection and ensure market integrity by allowing it to identify and quickly respond to high-risk areas and suspicious activities that it might not identify through normal surveillance and examination programmes.”

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Raincoats, taxis and the future of banking

From Banking Technology

“What do taxis, the weather, mobile wallets and raincoats have in common? They are all potential variables in determining a person’s daily spend – and they provide a great opportunity for banks to use data to save customers money, according to Aman Narain, global head of digital banking Singapore at Standard Chartered.

Narain is an enthusiastic early-adopter of every mobile financial technology under the sun. Having joined the bank in 1999, he has worked in investor relations, strategy, corporate development and technology and operations, and has a keen eye for some of the latest trends – including wearable technologies and the ‘internet of things’. However, he is also a vocal critic of many of the solutions out there today.”

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Formula for Growth Big Data Analytics and Innovation

From Deloitte CIO Journal 

Deloitte, in conjunction with the Grocery Manufacturers Association, explored how consumer products companies can more effectively leverage big data, analytics and innovation to achieve business results.

How advanced analytics are redefining banking

From McKinsey

"Every single major decision to drive revenue, to control costs, or to mitigate risks can be infused with data and analytics," says Toos Daruvala, a director in McKinsey's New York office.

"[This] will be a differentiator for some period of time." In this video, Daruvala explains how three diverse banks are using analytics to gain an edge in a cutthroat environment—by improving risk assessment and predicting customer behavior.

Read more about how banks are poised to reinvent themselves with data and analytics on McKinsey's site, the latest in our series, "Big data: What's your plan?"

Analytics Our Take Series: Regulatory Risk in Banking

From Deloitte's CIO Journal

Vivek Katyal, Principal at Deloitte & Touche LLP looks at the need for better data in banking especially in the light of new regulatory requirements.

The 8-character password is no longer secure

From Deloitte CIO Journal

“More than 90 percent of user-generated passwords are vulnerable to hacking. Inadequate password protection can lead to billions of dollars in losses, declining confidence in Internet transactions, and significant damage to the attacked company's reputation. Today's eight-character password is simply no longer good enough.”

Bye-Bye Big Data (Please!)

“2012 was a long year. Being a fact-based research analyst I don’t say that lightly of course. The simple fact is that 2012 was 0.27% longer than 2011 (it was a leap year). But, that’s not what made 2012 seem long. To be perfectly honest, I got a little weary of Big Data. And, mea culpa, of course I’ve chimed in on this topic with my esteemed colleague Nat Rowe in the Aberdeen research report Go Big or Go Home? Maximizing the Value of Analytics and Big Data. But, sometimes it seemed like Big Data was featured in every press release and every strategy briefing that I receive from vendors.” <<READ MORE>>

The Empty Promise of Big Data

“Aite Senior Analyst Ron Shevlin knows a thing or two about data analytics. He’s crunched numbers in the banking industry for 20 years, and he says financial institutions should purge the term “big data” from management discussions. Here Shevlin outlines three reasons financial marketers should dodge the “big data” trap.” <<READ MORE>>

What we are reading … 18th January 2013

Disruptive IT trends that business continuity managers need to be aware of http://www.continuitycentral.com/feature1032.html

Five budget apps to help you keep tabs on your spending http://dld.bz/bZ2pD

Where Big Data fails http://www.techrepublic.com/blog/big-data-analytics/where-big-data-fails/339

Betrayed by Basel http://shar.es/4AEB8

MyBankTracker Lets You Get Directions to Your Bank Branch http://dld.bz/bZ2p2

Big Data Analytics Masters Degrees: 20 Top Programs http://twb.io/UEPKs2

Nonsense Innovation. http://www.finextra.com/Community/FullBlog.aspx?blogid=7270

Bank liquidity: Go with the flow http://econ.st/U78kdZ