What We’re Reading This Week

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below.

  • YouTube as A Model for E-Banking

(American Banker)
“The best online experiences employ a kind of magic — and one of the Web’s leading conjurors says banks can learn the tricks. Understanding and managing a bank account can overwhelm many consumers. But a well-crafted user experience can create the illusion of simplicity, says Margaret Gould Stewart, the head of user experience at Google Inc.’s YouTube. The popular video-sharing site is a prime example: it hides the intricacies of uploading and accessing a vast collection of clips. Before joining Google four years ago, Stewart spent two years with Wachovia as its Web usability manager. Her experiences across different industries have helped her develop a sense of what consumers want from their online interactions, and how to meet those expectations.”

Read more

  • ING Extends Its Online Offerings to Youth Market

(American Banker)

“ING Direct has quietly introduced a savings vehicle for the under-18 market. The U.S. online banking unit of the Dutch company ING Group NV released in October its Kids Savings Account, which children must open with their parents. It lets them save and view balances online. They can make deposits and withdrawals with parental guidance, but the account’s transactional capabilities are turned off… ING has 400,000 people younger than 18 saving through joint accounts, out of 8 million savings account customers in the United States.”

Read more

  • WikiLeaks Plans to Release Documents from Major U.S. Bank in 2011

(American Banker)

“WikiLeaks, the controversial website that released thousands of classified State Department cables this week, says it plans to reveal potentially damaging documents from a major U.S. bank early next year. The site’s founder, Julian Assange, told Forbes of his plans in an interview earlier this month, the magazine said on its website Monday. Assange wouldn’t say exactly when the documents will be unloaded or which bank they are from, but “it will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume,” he told Forbes. “For this, there’s only one similar example. It’s like the Enron emails.”

Read more

  • Study: PNC, Ally, BofA Set Online Banking Bar

(Media Post)

“Rethinking online banking to be about empowering customers should be the cornerstone of any bank’s reinvention strategy, according to a study from Change Sciences…Personal financial management tools are no longer a “nice-to-have” add-on to online banking. Instead, smart and spare PFM functionality is becoming a must-have core component of online banking. The report details how banks can transform online banking from being statement and register-driven to being driven by a new understanding of customer goals.”

Read more

  • Customers Opt in for Overdraft Protection

(Wall Street Journal)

“As the holiday-shopping season kicks off, there is one thing most consumers won’t be leaving home without: an overdraft cushion. Rather than face the embarrassment of being declined a purchase, 75% of consumers are opting to pay a fee—sometimes as much as $34—each time they overdraw on their debit-card account, according to Moebs Services Inc. The choice is a recent one, thanks to new rules that came in as part of an overhaul of consumer-protection regulations. Since Aug. 15, banks have been required to ask consumers to “opt in” for overdraft protection on their debit cards and the added fees.”

Read more

Written by Banking.com Staff

Our privacy policy has been updated. Click here to see the updates.