Big banks need IT reform almost as badly as regulatory change

Re:Big banks need IT reform almost as badly as regulatory ch... by oasisbob on Friday July 23, 2010 @07:13PM (#1542665)

It's not just big banks, small community banks (and credit unions) are at the mercy of convoluted system vendors as well.

A system I know of includes many barely-integrated parts, most of which are from different vendors: - A core processing system

- An online banking system

- An add-on to the online banking system to provide "enhanced" logon security to comply with an FFIEC mandate

- An add-on to online banking that provides online statements

- An email-alerting system (think "your account is overdrawn")

- A loan origination system

- A loan servicing system

- A CRM system

- A document archiving system

- A mobile banking "solution"

The WTFs you find in these systems will boggle the mind, and seamless integration is maddening.

[ Parent | on HN ]

Re:Big banks need IT reform almost as badly as regulatory ch... by VMG on Friday July 23, 2010 @07:26PM (#1542690)

Here in Germany, I haven't found a bank that has any email functionality or a post-2001 web interface.

Maybe the reason why it takes 3 days to transfer funds to another account really is incompetence rather than greed.

[ Parent | on HN ]