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BST TOC (Page 1) BS&T’S EXECUTIVE SUMMIT 2011: SEE PAGES 20-21 NEW STRATEGIES FOR NEW BUSINESS MODELS Business Innovation Powered By Technology July 2011 Arkadi Pete Kuhlmann Kight Muhammed Steve Yunus Jobs Richard Jack Fairbank Dorsey INNOVATORS OF THE DECADE Who has had the most significant impact on banking technology over the past 10 years? Here are 10 innovators who have helped shape the 21st century banking industry. p.15 David Jeff Walker Bezos Aaron Barney Patzer Frank $8.95 www.banktech.com B:8.375” S:7” Visit star.com/learnmore B:11.125” S:9.4375” In today’s changing debit landscape, choose the STAR® Network to ensure success every step of the way. Regulatory change is coming, and you need to prepare. The STAR® Network adds value beyond the transaction with: • Cutting-edge Security Solutions • Industry-leading Innovation • Coast-to-coast POS/ATM Access • Proven Commitment ©2011 First Data Corporation. All Rights Reserved. 79649_Star_Mag_FP_Size_A.indd 215 Park Av. South, Saved At: 4-11-2011 2:55 PM By: JPavia / mgobel Printed at: None Print #: 1 Round #: 1 2nd Level NY, NY, 10003 212.206.1005 Job Info Specs Fonts, Images & Inks Approvals W/C OK Client: FD Bleed: None Inks: Cyan, Magenta, Yellow, Black Creative Director: Product: First Data Trim: 8.375” x 11.125” Fonts: Simple Sans (Regular, Medium) Art Director: Job #: 79649 Safety: 7” x 9.4375” Images: grey_bg_7x5.tif (Gray; 354 ppi; 169.15%), Copywriter: Star_Logo.eps, FD_3C_4c.eps, FD_Star.eps, FD_Bird.eps, Job Title: Star Program Ads Gutter: None Account: FD_Cloud2.eps, FD_Cloud1.eps, FD_Hat.eps, FD_Man.eps, FD-Beyond-Symbol-4c_ERS.eps, FD-Tagline-4c_ERS.eps Studio: Publications: The Warren Group, Bank News, Bank System & Tech Print Production: Business Innovation Powered By Technology July 2011 banktech.com INNOVATORS OF THE DECADE COVER STORY FEATURE STORY 29 How to Build a 15 Unstoppable Force Secure Mobile App THE INNOVATION JUGGERNAUT Innovation — and the change As banks rush to deploy mobile that comes with it — are inevitable. But innovation can be both banking apps for the fast-growing transformative and disruptive. Successful innovators, though, smartphone market, security remains paramount. But as apps recognize that it does not come without risks. BS&T presents get smarter, the potential security 10 individuals whose vision and persistence have helped shape threats are growing. the 21st century banking experience. 16 Arkadi Kuhlmann 22 Jack Dorsey PAYMENTS WATCH INNOVATE OR DIE DOUBLE DOWN 12 A Boon for P2P? 17 Pete Kight 23 David Walker A new person-to-person payments network from three of the nation’s DEFINING PAYMENTS DRIVING CONSENSUS biggest banks is receiving a warm 18 Muhammed Yunus 23 Jeff Bezos welcome — from competitors. BANKING THE UNBANKABLE THE GREAT DISRUPTOR RISK WATCH 18 Steve Jobs 24 Aaron Patzer 13 Who Goes There? The cloud and mobile banking are ARE YOU EXPERIENCED? TIMING IS EVERYTHING changing the rules of identity and 19 Richard Fairbank 25 Barney Frank access management, according to Michael Versace, IDC Financial THE SCIENTIFIC METHOD THE MAN BEHIND THE LAW Insight, and Sally Hudson, IDC. 26 Protecting Your IP KEEPING SECRETS Financial services firms often live or die on the strength of innovation. But protecting those Arkadi Pete Muhammed Steve Richard Kuhlmann Kight Yunus Jobs Fairbank advantages can be a major challenge. 28 Forces for Change DISRUPTING THE STATUS QUO Most innovation in banking isn’t really innovative, says TowerGroup’s Jim Eckenrode. But customers Jack David Jeff Aaron Barney Dorsey Walker Bezos Patzer Frank and regulators are forcing that to change. BANK SYSTEMS & TECHNOLOGY ■ WWW.BANKTECH.COM ■ JULY 2011 ■ 3 Protecting my clients’ privacy is the best investment I can make. 3M™ Privacy Filters Look to 3M for a full line of visual privacy solutions. Designed for today’s computer monitors or mobile devices, they offer you a crisp, clear view of sensitive fi nancial data while blocking wandering eyes. To learn how 3M Privacy Filters can help your organization meet regulatory and compliance standards, download the white paper at: 3MPrivacyFilters.com/fi nance © 3M 2011 Display good judgment. BankSysTech_Ad_vend.indd 1 6/20/11 11:37 AM INDUSTRY WATCH 8 A Wallet for the Digital Age Google Wallet, a new partnership involving the search engine giant, MasterCard, Citibank, First Data and Sprint, aims to bring mobile NFC payments to the masses. 9 Disaster Preparedness Put to the Test Banks such as First Horizon and Regions Financial are heeding lessons learned during the recent devastating storms in the South not only to keep their doors open during disaster, but also to ensure that customers and 8 employees are safe. 10 Not Feeling the Love Customers don’t feel that their banks care about them, and that is costing the industry serious money, according to Corporate Executive Board. 11 Coping With the Regulatory Burden 11 Deloitte’s new U.S. financial services head, Bob Contri Bob Contri, says business strategy, for the first time, must address regulation. BEST PRACTICES 32 Balancing Act To maximize mobile banking performance in a virtualized IT environment, Austin Bank taps virtual load balancing software from KEMP Technologies. 32 Jeff Sowell 6 From the Editor 34 Executive Watch READER ADVISORY BOARD FRED COOK, CIO, JOHN ITOKAZU, EVP, CIO, North Shore Credit Union Zions Bancorporation FRANK DEARMAS, CIO, PAUL JOHNSON, CIO, BB&T Whitney National Bank MARK LA PENTA, CIO, MetLife Bank COLIN ECCLES, CIO, Umpqua Bank MICHAEL LINDSEY, SVP, BancorpSouth JOHN FIORE, CIO, BRUCE LIVESAY, CIO, First Horizon Bank of New York Mellon KEVIN LYNCH, SVP, eCommerce/ VINCE HRUSKA, SVP, Director, Contact Center, 1st Mariner Bank Product Solutions and Strategies, City National Bank BANK SYSTEMS & TECHNOLOGY (ISSN 1045-9472) IS PUBLISHED 5 TIMES PER YEAR (MARCH, MAY, JULY, OCTOBER, JAN. 2012) BY UNITED BUSINESS MEDIA LLC., 600 COMMUNITY DR., MANHASSET, N.Y 11030.; (516) 562-5000. SUBSCRIPTION POLICY: CIRCULATION FREE TO OFFICERS AND EXECUTIVES OF BANKING INSTITUTIONS WHOSE RESPONSIBILITIES INCLUDE BUSINESS LINE/P&L MANAGEMENT, TECHNOLOGY SPECIFICATION AND PURCHASING, AND OTHER RELATED FUNCTIONS. ALL OTHER DOMESTIC SUBSCRIPTIONS: $65 PER YEAR. ALL CANADIAN SUBSCRIPTIONS: $67 PER YEAR. ALL FOREIGN SUBSCRIPTIONS: $295 PER YEAR. SINGLE COPIES: $8.95, EXCEPT FOR ANNUAL BUYERS’ GUIDE, WHICH IS $50. SINGLE ISSUE REQUESTS, WRITE TO: BANK SYSTEMS & TECHNOLOGY, P.O. BOX 1052, SKOKIE, IL 60076-8052, OR CALL (1-800) 255-2824, (847) 647-4065, OR E-MAIL TO [email protected]. EDITORIAL OFFICES: 240 W. 35TH STREET, NEW YORK, NY 10001; (212) 600-3000. POSTMASTER: SEND CHANGES OF ADDRESS TO BANK SYSTEMS & TECHNOLOGY, P.O. BOX 1052, SKOKIE, IL 60076-8052. PERIODICALS POSTAGE PAID AT MANHASSET, NY, AND ADDITIONAL MAILING OFFICES. COPYRIGHT 2011 UNITED BUSINESS MEDIA LLC. “STANDARD MAIL ENCLOSED, STANDARD RATE PERMIT #161, LONG PRAIRIE, MN.” RETURN UNDELIVERABLE CANADIAN ADDRESSES TO PITNEY BOWES, P.O. BOX 255542, LONDON, ON N6C 6B2 5 ■ JULY 2011 ■ WWW.BANKTECH.COM ■ BANK SYSTEMS & TECHNOLOGY FROM THE EDITOR Volume 48, No. 4 VP & GROUP PUBLISHER John Ecke 212.600.3097 [email protected] EDITORIAL The Costs of Zero Sum Editorial Director Katherine Burger [email protected] Group Content Manager Les Kovach [email protected] Associate Editor Matt Gunn [email protected] HAT HAS BEEN THE MOST DIFFICULT TASK financial services Associate Managing Editor Nathan Conz [email protected] ART firms have faced over the past 20 years? One could easily make Kristen Terrana, Igor Jovicic & Tony Vecchione BigYellowTaxi.com the case that it hasn’t been moving to service-oriented architecture, ADVERTISING SALES OFFICE suppporting multichannel delivery, improving data security or 240 W. 35th St., 8th Floor New York, NY 10001 Wadopting analytics — all daunting challenges for banking executives at National Sales Director Ben Riggle 212.600.3171 [email protected] Northeast Robyn Forma 212.600.3118 [email protected] West Coast Leilani Provost 415.947.6146 [email protected] particular points in time. No, I think the more common “culture of fear” — Southeast and Midwest James Lloyd 212.600.3375 [email protected] the most elusive goal has been the “You’re only as good as your weakest effort to attain the holy grail of IT/ link,” Stevenson says. “We all win or PRODUCTION Account Coordinator Publishing Services Manager business alignment. The industry has we all lose. It’s about getting people Amanda Waller [email protected] Ruth Duggan [email protected] been questing for this for years, and aligned around what’s possible.” AUDIENCE DEVELOPMENT while there has been In banking, Stevenson emphasizes, Assistant Manager Adrienne Farquharson [email protected] For article reprints and e-prints, please contact: progress — execu- innovation cannot happen without Wright’s Media tives on both sides the IT organization. “It is your R&D,” Brian Kolb 877.652.5295 [email protected] List Rental: of the table are better she says. “You can’t deliver products MeritDirect at “talking the talk,” in financial services without IT to sup- Anthony Carraturo 914.368.1083 [email protected] and senior manage- port them.” However, within the afore- INFORMATIONWEEK FINANCIAL SERVICES TechWeb CEO ment undoubtedly is mentioned culture of fear is the culture Tony L. Uphoff [email protected] more appreciative of finger-pointing, where it’s more VP & Group Publisher John Ecke [email protected] today of the critical about casting blame when something EVP, Sales, InformationWeek Senior Director, Events role technology plays goes wrong than it is about partnering Business Technology Network Robyn Duda [email protected] Martha Schwartz [email protected] Event Director in the business — the to share — and hence minimize — Editorial Director Jennifer Iannucci [email protected] Greg MacSweeney Senior Event Manager fact that we’re still discussing it in 2011 risks as well as rewards. “A culture [email protected] Mitzi Trafton [email protected] Group Content Manager Senior Event Manager tells me we have a long way to go.
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