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This Week In Business Banking – November 8, 2013

This week in business banking banks are overcoming their concerns about security and control to take advantage of the business benefits of running core applications in the cloud.

Tech Innovation

High Costs Consumer Demands Drive Fresh Approaches to Branch Tech
Financial institutions are pressured to redesign their branches to satisfy customer expectations for a price that makes sense on a channel losing volume. (via americanbanker.com)

Square Cash Nails P2P Payments
Just email money directly (via debit card) from any client, web, mobile, tablet or any other email-enabled device (or from the Square mobile app). No third-party accounts needed, no login, no challenge questions, no selecting your payment method, no navigating various fee structures. Just send payment like you would any other email by adding a cc to Square. (via netbanker.com)

Banking in the Cloud: Four Hot Initiatives
Cloud computing services are on the rise across the business landscape. The promise of low-cost, easily scalable solutions and improved operational efficiency has attracted big and small business interests alike. (via banktech.com)

Security

‘Pattern Password’ Unlocks Capital One Mobile App Without Typing
Capital One (COF) is allowing customers to access its mobile banking app with “pattern passwords” — unique patterns traced on the screen of the phone with a finger. (via americanbanker.com)

Trends

Top Banks Stick to What They Know Best
According to McKinsey, the most successful banks follow one of five strategies. The first is providing “distinctive” customer service for which customers will pay a premium. Wells gets high marks in this area, largely for its success in cross-selling. Its customers have an average of more than six products with the bank, compared with an industry average of roughly two products per customer. The second is a back-to-basics approach in which banks offer straightforward products and services at a reasonable cost, while strategically pursuing acquisitions to gain scale. Among U.S. banks, Comerica (CMA) and M&T Bank (MTB) have had the most success with this approach, McKinsey said.  (via americanbanker.com)

M&T Bank most active small business lender
M&T Bank was Delaware’s most active financial institution in the U.S. Small Business Administration’s lending program.The bank issued 17 SBA loans in Delaware during the first quarter for a total of $966,500. M&T, which became the state’s largest retail bank by deposits following a 2011 merger with Wilmington Trust, is also the fifth-most active SBA lender in the country. (via delawareonline.com)

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