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Cyberbanking Competitors
Archive material 1997 - historical interest.
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Digital
meltdown of financial services - press here for video
J P Morgan has developed CreditMetrics, a sister of
its RiskMetrics which estimates market risk of financial instruments..Source:
Jiji Press Newswire
UK: Shell teamed up with a consortium of retailers
and high street banks to launch the Shell card. Its users will soon
be able to shop, bank, make phone calls and collect those all important
points and air-miles, all on the one card. Dixons and Currys are
already on board, and Sainsbury's and Lloyds are said to be interested.
Source: The Guardian
UK: Charles Schwab, the giant US broking firm and
parent of ShareLink, Britain's leading execution-only broker announces
that this time last year, only 5% of its dealing came from the Internet.
Now the figure has passed 50%. Source: The Independent
AT&T and MasterCard unveil a net shopping solution.
AT&T said it plans to roll out an electronic cash platform developed
by Mondex. Separately, AT&T and Wells Fargo Bank inked a deal
to bundle their services for prospective online merchants. Under
the terms of the marketing alliance, AT&T will provide Website
hosting, while Wells Fargo will provide its credit card processing
services to business customers. Source: Telecomworldwire
Zurich: Merrill Lynch eyes private banking on Internet.
Merrill Lynch Bank hopes to redefine private banking "by using
the Internet to help its clients move their wealth between currencies
and countries at the click of a mouse", said Michael Giles,
Chairman of Merrill Lynch International Banks London.Source: Reuters
News Service
244 Sainsbury's Banks opened in northern England and
Scotland, offering credit cards and savings accounts and soon to
expand into home mortgages, personal loans and pension plans as
the banks open nationwide. Rival supermarket chains Tesco and Safeway
have similar ventures planned. The promise of interest rates of
5.75 percent on instant access accounts, several points higher than
the rates downtown banks offer, gets shoppers' attention.Source:
Associated Press
Digital Subscriber Line modems company reports 113%
gain in revenues. Orckit Communications Ltd shipped ADSL product
to France Telecom - CNET for one of the world's ATM to the home
trials (late 1996).Source: Business Wire
MasterCard and Maison de la France (the French Government
Tourist Office) form an alliance. Source: Business Wire UK:
An Oxford based bookseller plans to become the first
UK company to offer its shares via the Internet. It plans to obtain
a trading facility on Ofex, the private environment for small, unquoted
companies. Source: Financial Times
Schlumberger and Absolu Technologies of Canada sign
to launch Internet/multimedia payphones in Europe. Source: M2 Presswire
Schwab expands into insurance. Schwab is an example
of a non-traditional competitor whose pricing structures, technological
expertise and customer service pose a challenge to traditional insurers.
Based on the experience it has developed in selling stocks, Schwab
believes that life insurance can also be made simple enough to sell
over the telephone or the Internet. Source: extracted from EIU's
Global Insurance to the 21st Century
"Banks as we know them will soon cease to exist.
Banks should recognise that the move by supermarkets into banking
is a trojan horse. National Westminster has already recognised the
dangers, and tore up the five year financial services agreement
it arranged last summer with Tesco." Source: David Llewellyn,
Professor of Money and Banking, Loughborough University.
The Thomas Cook Group has launched an Internet based
foreign exchange and wire transfer service for businesses. Source:
American Banker.
Banks are being out-hustled by securities industry
competitors. e.Schwab and E-Trade Group have gone mainstream. Dean
Witter Discover & Co acquired Internet broker Lombard.com in
December. Last week Lombard offered the QuickQuote insurance and
annuity pricing service free to subscribers, and Paine Webber Inc
went on line with Paine Webber Edge. Virtually every major firm
now has something capable of giving banks a literal run for their
money on the World Wide Web. "Unlike banks, they can concentrate
on the idea of value-added, rather than on how do they move people
from old to new delivery channels," said Bill Burnham, a Booz-Allen
& Hamilton consultant. Source: American Banker
The Swedish National Post Office recently launched
Europe's largest Internet-based electronic commerce service using
SmartGATE to secure all transactions. Source: M2 PressWire
UK: Commercial Union is sponsoring 200 brokers to
have their own Internet page on a newly available "Insurance
Mall".Source: Internet Business
The Future of Outsourcing
Business processing outsourcing, call centre, IT, offshore HR services, customer support, legal and accounting. Truth about outsourcing impact on emerging economies, US and Europe. Benefits and risks.
Why small businesses insurance often fails to protect
Many small business owners taking huge risks
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Why market research gives wrong results - blogging
The world is changing faster than you can make decisions
Future of Malaysia
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Limits to economic growth and sustainability
Why ports, ships and shipping will dominate global trade
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Outsourcing in India, China, Asia and Central Europe
Mobile phones, banking and financial services trends
Bottom of the pyramid - selling to the world's poor and making a difference
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Retail revolution in India
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