Retail opportunities for IT contractors

IT contractors could be facing new opportunities as retail banking looks set to invest in major improvements to IT systems and branches, says Zeva.

While investment banks appear to be looking to recruit permanent staff, the overhaul of retail banking will be a time-limited venture that will require the flexibility of freelancers and contractors.

With Royal Bank of Scotland and Lloyds TSB already providing contracts for many freelancers in retail banks, Barclays now looks set to introduce huge plans to improve its retail banking with IT systems facing a major overhaul costing £250 million each year for the next four years.

The rate of adoption of any access security infrastructure is ultimately determined by the ability of the user, writes SC Magazine.

David Ting, CTO of Imprivata, notes that as the healthcare industry takes control of access and identity via biometrics, the banking industry faces a deeper password problem with increased regulation on data security and auditing such as the Basel Accords and Sarbanes Oxley.

This is alongside the challenges of a fast-paced working environment that means users are required to log on/log off from multiple applications, several times each day. “In the banking industry, strong, or two-factor authentication, where a password is combined with another form of authentication, such as a smartcard, token or biometric, is ideal for user convenience, productivity and security,” he said.

Bank of America Merrill Lynch has created a strategic platform to enhance the delivery of its global liquidity product offering, reports Market Watch.

The new Global Liquidity Platform is a centralised technology hub that enables the company to provide consistent, seamless and integrated liquidity solutions to clients around the world.

Bank of America Merrill Lynch embarked on this multi-million dollar platform last year as part of the bank's commitment to innovative technology for its treasury management and corporate banking clients.