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This Week in Business Banking – 11/1/2013

This week saw new data on how small businesses feel about their banks (not great), and how much they dislike paying by check (a lot). Security was another hot topic with articles outlining how fraudsters steal funds, and how layered security can help keep them out.

Announcements

J.D. Power Reports: Overall Satisfaction among Small Business Banking Customers Drops Despite a Rise in Fees Satisfaction

Overall satisfaction among small business banking customers declines due to dissatisfaction with problem resolution and with the most frequently used transaction methods, branch and online; yet, satisfaction with fees increases, according to the J.D. Power 2013 U.S. Small Business Banking Satisfaction Study.SM (via Yahoo News)

City National Prices $100 Million Stock Sale

The $29 billion-asset City National plans to offer four million shares of preferred stock at $25 per share, according to the company’s Thursday press release. Proceeds from the sale will be used for debt repayment and general corporate purposes. (via Americanbanker.com)

Payments 

MineralTree encourages small businesses to rethink how they pay their bills

If you’ve never heard of MineralTree, that’s not really a surprise, because the platform actually sits behind some of the services and applications that some regional banks are beginning to private label and use to help small-business owners pay their bills more efficiently. (via zdnet.com)

Banks Can Thrive in the New Payments World

The NACHA white paper, “What Will the Role of Bank Accounts Be as Payments Evolve?” examines emerging payments trends and banks’ role, or potential roles, in this space. Banks need to understand the impact that trends such as payments convergence, alternative accounts, mobile payments, automated account switching, and real-time payments have on customer expectation and will need to leverage these trends to keep the bank account at the heart of the payments industry, the paper notes.(via banktech.com)

Banks Need To Target Small Businesses For Online Payment

Banks are failing to provide the online payments capabilities that small businesses desire, according to a survey by MineralTree, a software company that provides online payments solutions to banks. The survey, “Small Business Banking Report: SMBs Still Paying with Paper – And Begging Banks for a Better Way,” found that the majority of small and medium businesses continue to use paper checks to pay for bills, while 70% of say they want to eliminate the process and go paperless.(via banktech.com)

Security 

How Banks Can Leverage Mobile Network Operators for Security<

Some banks are already using mobile network operators to help secure customers’ access to their accounts, says Joe DiFonzo, CTO of Syniverse, which helps connect different mobile networks worldwide. A simple example of this would be if a bank sends a short authentication code to a customer’s mobile device when they log into online banking from a new computer.(via banktech.com)

How Layered Security Improves Identity Confidence and Consumer Convenience

Multi-layered security will give banks the opportunity to achieve better authentication in the mobile channel without sacrificing customer convenience. (via banktech.com)

The 3 Biggest Web Fraud Tools In A Fraudster’s’ Arsenal

Global card fraud increased 14 percent in 2012 to reach $11.27 billion, according to a recent study by The Nilson Report. But, perhaps more notable was the study’s finding that it is online purchases that are increasingly becoming the principal target of this fraud. (via PYMNTS.com)

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