Efficient control

Article Abstract:

Internal audit experts participating in a recent roundtable discussion sponsored by Banking Strategies magazine agreed that bankers are obligated to remain in control of their organizations' internal audit functions even as they outsource these functions. Many banks have been outsourcing various internal audit activities in response to the pressure for greater efficiency. This presents a serious challenge for senior audit executives to achieve a balance between the need to preserve the objectivity and sharpness of the audit function and their dependence on third-party services providers. The roundtable participants were Richard J. Anderson of PricewaterhouseCoopers, Gerald A. Edwards Jr of the Federal Reserve Board, Banc One Corp's chief auditor Robert M. Parkinson and Mellon Bank Corp's chief auditor Robert A. O'Neill Jr.

Conferences, meetings and seminars, Auditors, Outsourcing, Internal auditing

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Online banking: profits or peril?

Article Abstract:

A roundtable discussion participated in by First Network Bank CEO James Mahan III, NationsBank Pres of Direct Banking Richard J. Parsons, Tower Group Pres Diogo Teixeira and Thomas K. Brown of Donaldson, Lufkin & Jenrette addressed profitability issues in online banking. The panelists agreed that information management expertise is crucial to success in this arena. They concurred that bankers need accurate measures of channel economics and usage as well as of relationship profitability. Additionally, they require product development skills and substantial financial resources. Although the panelists had different opinions about online banking's long-term profit potential, they all seemed to believe that a window of opportunity is currently open to banks that want to enter the market.

All Other Information Services, Home Banking Service, Banking industry, Analysis, Services, Beliefs, opinions and attitudes, Teixeira, Diogo, Parsons, Richard J., Mahan, James S., III, Brown, Thomas K.

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Throwing the switch

Article Abstract:

Integrion Financial Network Managing Dir William M. Fenimore Jr says that his organization is now focusing on marketing its capabilities to the banking industry. Integrion is a consortium formed by IBM Corp and 18 major banks to develop a framework for a national electronic commerce system. It combines network services, message standards and home banking applications into a generic package that user banks can tailor to their own needs. Fenimore claims that Integrion is now ready to start building transaction volume. To achieve this, it wants to find a way to drastically reduce unit cost so that banks will be encouraged to use Integrion rather than develop its own capabilities. The company faces competition with MSFDC, a new alliance between Microsoft Corp and First Data Corp.

Commercial Banking, Electronic Banking Svcs, Interview, Electronic banking, Fenimore, William M., Jr., Integrion Financial Network L.L.C.

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