US lawyers recruit mortgage brokers to find plaintiffs, sue banks

A Los Angeles law firm shows how attorneys and mortgage brokers are working to get around the sprit, if not the intent, of regulations designed to protect troubled homeowners.



You can read the full article HERE.

The Citadel Advantage Daily

You can now keep up to date with current developments in the world of banking, back office operations, operations risk and much more.

Visit the “Citadel Advantage Daily” page on our blog or subscribe directly by following this LINK and clicking on the “SUBSCRIBE” button on the upper right hand corner of the new web-page opens in your browser.

Hackers ply new tactics against banks, business customers

Social engineering attacks — also known as phishing and spear-phishing — are on the rise against banks and their corporate customers. The stakes are high and rising for both. 

Ekosysystem – Mobile banking India

Five years’ ago, Abhishek and Abhinav Sinha created a software program that allows migrant workers in cities across India to send money to their families using a mobile phone. Now their company, Eko Financial Services, is working with two major banks, the State Bank of India and ICICI, India’s second largest bank, to offer financial services to poor and low income customers using local corner stores, pharmacies, and airtime resellers as agents. By harnessing the huge potential of domestic remittances as an anchor product, Eko hopes to tap a huge potential market in India, where three quarters of the 1.25 billion people live on less than $2 a day.

Mobile banking is just one of the reasons India is a place to watch for innovations in financial inclusion. This short film profiles one such innovation, Eko, to see how businesses chasing the fortune at the base of the pyramid are serving the needs of poor customers in India.

The future of banking in the digital age

Two senior correspondents from The Economist discuss how new technologies will affect the future of retail banking.

JPMorgan scandal puts focus back on Operational Risks

Operational problems involving people, processes and systems are now a greater danger to big banks than credit risk, according to US CurrencyComptroller Thomas Curry.

Simple launches iPhone payments app

US banking start-up Simple has launched an app for iPhones, iPads and iPod Touches that lets users send payments, add payees and schedule one-time or recurring bills. Customers can also search and organize transactions, editing descriptions, categories and locations. The app displays users' 'Safe-to-Spend' balance to help them keep on top of their budgets and has an ATM search function and tool for contacting customer service.

Dustin Barker, lead mobile engineer at Simple, says: "Too many banking apps feel like an afterthought. We took a different approach and put the mobile app first...We believe that mobile banking, when done right, can improve the decisions we make about money throughout our day, ultimately improving our financial lives. While technology and design might be line item expenses to many retail banks, they're our passion."