Banks are not ready for Risk Analytics in the Cloud!

Banks have been reluctant to handle data-heavy tasks such as credit risk analytics in the cloud, for understandable reasons. But firms such as CubeLogic hope this will change, given the rapid pace of new regulations, heightened risk management mandates and the potential of external economic shocks that can potentially change a bank’s exposure to potential credit peril faster than traditionally deployed risk systems can handle.

In FSA requires companies display a mechanism of compensation of deposits

From the 31st August 2012, the Financial Services Authority (FSA) will require all banks, building societies and credit unions to prominently display posters and stickers in branches and on websites explaining which deposit guarantee scheme applies to their customers’ deposits.

Credit card interest rates hold steady!

The national average annual percentage rate (APR) on new card offers held steady at 14.93 percent Wednesday after inching up the previous week in average's first movement in more than a month. This is the 13th week out of 22 that interest rates haven't budged. However, not all card issuers were inactive this week.