Content about Banking

February 18, 2014

The costs related to Target's data breach have now exceeded $200 million for financial institutions, according to the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported.

New York -- The costs related to Target's  data breach have now exceeded $200 million for financial institutions, according to  the Consumer Bankers Association and the Credit Union National Association, the Associated Press reported. The $200 million figure does not include the cost of any a fraudulent activity, which would push the cost of the breach to the industry higher as consumers are not held liable.

The two trade associations said that 21.8 million of the 40 million compromised credit and debit cards have been replaced.

January 7, 2014

Most U.S. consumers, and many retailers for that matter, have probably never heard of Rakuten. But if Japan’s largest e-commerce marketplace has its way, that will soon change: The company has set its sights on becoming a household name in the United States. An even loftier goal: outpacing e-commerce giant Amazon.com.

December 2, 2013

Steady as she goes. That old nautical phrase, urging a firm hand on the wheel and an unwavering eye on the compass, seems apt for today’s retailers. While economic waters remain troubled, an improved economic forecast promises retailers a smoother route to profitability in 2014. 

September 23, 2013

Imagine you are at in a major department store’s corporate headquarters as your team prepares numbers for the upcoming holiday season.

By Jay O’Donnell, N8 Identity

December 5, 2012

By Keith Carpentier, Tensator, Inc.

By Keith Carpentier, keith.carpentier@tensator.com

November 27, 2012

Traditionally, cash office management and the reconciliation process have relied on manual procedures, such as counting currency and coin by hand, creating handwritten check deposits, and keying totals into the POS system. Many retailers have used the same cash office procedures for years, with the procedures inconsistently executed from store to store. Chain Store Age talked with Balance Innovations’ Janette Davis about how technology is bringing new efficiencies to cash office management.

October 8, 2012

Walmart and American Express have teamed up to offer customers an alternative to debit and checking accounts.

Bentonville, Ark. -- Walmart and American Express have teamed up to offer customers an alternative to debit and checking accounts. The new service, called Bluebird, is designed to provide financial services to customers who often do not have traditional bank accounts. It will allow for deposits by smartphone and mobile bill paying, with no minimum balance or monthly, annual or overdraft fees.

August 27, 2012

By Jim Hogan, GE Capital

By Jim Hogan, james.hogan@ge.com

The retail industry is a bellwether for U.S financial health given that consumer spending is roughly 60%-70% of the economy. While the economy has sent mixed signals of late -- consumer confidence down, unemployment up -- consumer credit has swung up decidedly and leading companies in a wide swath of retail segments can point to positive year-over-year same store sales. This is prompting some retailers -- particularly discount stores--to begin opening new stores.

August 8, 2012

By Jundong Song, 89 Degrees

By Jundong Song, songj@89degrees.com

In mid-June, Safeway, the number three U.S. food retailer after Wal-Mart and Kroger, capped two years of testing in selected markets and rolled out its enhanced reward program, “Just for U,” chain wide.

It’s a key move in loyalty card programs that all retailers should be watching.

May 15, 2012

Research by ACI Worldwide and Aite Group has identified a new group of smartphone fanatics – coined Smartphonatics – are driving demand for mobile banking and other financial services.

New York -- Research by ACI Worldwide and Aite Group has identified a new group of smartphone fanatics – coined Smartphonatics – are driving demand for mobile banking and other financial services.

April 26, 2012

Walmart said it has launched a “Pay with Cash” service that offers cash payment options for online orders at Walmart.com in the United States.

Bentonville, Ark. -- Walmart said Thursday it has launched a “Pay with Cash” service that offers cash payment options for online orders at Walmart.com in the United States.

Walmart is the first major retailer to offer online purchases without the need for banking services or a credit, debit or prepaid card.

April 26, 2012

Walmart said it has launched a “Pay with Cash” service that offers cash payment options for online orders at Walmart.com in the United States.

Bentonville, Ark. -- Walmart said Thursday it has launched a “Pay with Cash” service that offers cash payment options for online orders at Walmart.com in the United States.

Walmart is the first major retailer to offer online purchases without the need for banking services or a credit, debit or prepaid card.

April 25, 2012

Payment processing service-provider Vantiv said that it has launched its Mobile Check Deposit product that enables consumers and small business owners to use their smartphone to take a picture of a check and deposit into their account.

Cincinnati -- Payment processing service-provider Vantiv said Wednesday that it has launched its Mobile Check Deposit product that enables consumers and small business owners to use their smartphone to take a picture of a check and deposit into their account.

The service, which had been in pilot with Town & Country Bank in Salem, Mo., is now available in the United States and already more than 40 financial institutions have signed up for the service.

December 14, 2011

By Kenneth Gruskin, Gruskin Group

By Kenneth Gruskin, kgruskin@gruskingroup.com

Today, fickle and demanding consumers can access virtually anything they want as a result of technology such as smartphones, tablets, and computers. This anytime, anywhere access coupled with what can be referred to as the four ‘C’s’ — convergence, convenience, connection, and cost — are having a dramatic impact on retailers. 

December 6, 2011

Middle market CFOs, buoyed by increasing optimism fueled by sales growth, are prepared to increase capital expenditures by dipping into their stockpile of cash reserves, according to a survey by TD Bank.

Cherry Hill, N.J. -- Middle market CFOs, buoyed by increasing optimism fueled by sales growth, are prepared to increase capital expenditures by dipping into their stockpile of cash reserves, according to a survey by TD Bank. The top three areas of expected capital deployment include technology (40%), improvements to existing facilities (17%), construction of new facilities (12%),

September 27, 2011

Lending to retailers is once again on the rise, as capital flows back into the market and retailers that stayed afloat during the recession look to strengthen their competitive positions. During the economic downturn, the more nimble and savvy retailers cut costs, reduced inventory levels, renegotiated leases and closed underperforming stores. 


September 21, 2011

LandMark Retail Group, a subsidiary of NewMark Merrill Cos., has partnered with Accubranch, a strategic planning and market research group that specializes in providing real estate advice to the regional banking industry.

Woodland Hills, Calif. -- LandMark Retail Group, a subsidiary of NewMark Merrill Cos., has partnered with Accubranch, a strategic planning and market research group that specializes in providing real estate advice to the regional banking industry.

August 3, 2011

Tesco has committed to the Microsoft platform in an eight year, world-wide agreement.

Reading, England -- Tesco has committed to the Microsoft platform in an eight year, world-wide agreement. The deal is designed to enable the U.K.-based retailer to improve productivity, decision-making, knowledge sharing and operational excellence across the 14 countries in which it currently operates.

The agreement will underpin Tesco’s strategic objectives of growing its international presence; expanding its non-food business; and offering a broad selection of retail services such as banking, online and mobile. 
 

June 8, 2011

Retail Maintenance Service (RMS) has changed its name to Ascential to reflect its growth and enhanced capabilities.

Racine, Wis. -- Retail Maintenance Service (RMS) has changed its name to Ascential to reflect its growth and enhanced capabilities.

December 8, 2010

Nearly half of U.S. smartphone users say they have already, or soon will, use their phones to do mobile shopping, according to a recent survey conducted by ABI Research, and 53% also use, or intend to use, their smartphones for mobile banking.

New York City -- Nearly half of U.S. smartphone users say they have already, or soon will, use their phones to do mobile shopping, according to a recent survey conducted by ABI Research, and 53% also use, or intend to use, their smartphones for mobile banking.

December 7, 2010

Commercial real estate investment banking firm George Smith Partners, has completed a $17.2 million, two-phase, construction loan transaction in Oxnard, Calif., for Upside Investments.

Los Angeles -- Commercial real estate investment banking firm George Smith Partners, has completed a $17.2 million, two-phase, construction loan transaction in Oxnard, Calif., for Upside Investments.

October 20, 2010

A new report maps out the shape of Walmart's retail financial services footprint in the United States and Mexico.

Madison, Wis. -- A new report maps out the shape of Walmart's retail financial services footprint in the United States and Mexico. The study, The Blended Walmart Business Model, published by the Filene Research Institute and written by Robert Manning, PhD, knits together the many angles of Walmart's involvement in banking services: from its 2007 charter travails to its foray into Mexican banking and, most importantly, to its long-term strategy of providing financial services to ever more of its many customers -- with or without a formal bank charter.

October 19, 2010

A new report maps out the shape of Walmart's retail financial services footprint in the...

September 28, 2010

Giant Eagle and Huntington Bank, Columbus, Ohio, have entered into a 15-year agreement to install...

September 6, 2010

American Apparel has been pressed by its banking facility to bring in an outside restructuring...