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Strategies & Market Trends : Tang's school of business management for serious investors
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From: Arthur Tang4/11/2007 10:10:47 AM
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Banks, insurance and brokerages, should be on the same website?

In the financial industry, they are often separated and had problems of transferring assets and money.

Citigroup in Texas can not transfer money from another bank to fund a new account. Sad but true. Smith Barnet website does not allow a corporation to logon to do business. And where is Traveler insurance account to transfer cheap 5% loans to Citibank, no one knows?

In their new attempt to cut cost, they better hire some Fleet bank IT department employees to run their Texas IT facility. Maybe the importance of money transfer and stock certificate transfer can be streamlined. If all market makers have an account at Smith Barney, they never have backroom cost to transfer certificates and money paid is always right in their accounts. Smith Barney also has to have an account at every market makers' website, likewise.

Websites today is how you make obscene profits by keeping good records and money transfer is always fast and accurate.
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