Financial Services News

Credit card fraud and identity theft are increasingly on the minds of American consumers, but that doesn't mean they know what to do. Financial institutions of every stripe are setting up services to help educate the public and give people tools to protect themselves.

The original consumer savings destination www.coolsavings.com — with its iconic pink piggybank with the black sunglasses — celebrates 10 years of deals this month with expanded savings and a new look.

Dow Jones & Co. yesterday said its board of directors had received an unsolicited proposal from News Corp. to acquire all of the outstanding shares of Dow Jones common stock and Class B common stock for $60 per share in cash, or in a combination of cash and News Corp. securities.

Dow Jones & Co. has formed a joint venture with interactive conglomerate IAC to create a new personal-finance Internet business targeting a Web-savvy audience. The partnership will produce a community-driven Web site that will use the personal finance content of the Wall Street Journal, MarketWatch and other Dow Jones products.

Hemscott Group Ltd., a provider of financial data and investor relations services, has merged with i-Deal LLC, a provider of capital markets workflow solutions. The combined company has been named Ipreo LLC. It will have revenues of approximately $100 million for 2006, according to Veronis Suhler Stevenson, a New York-based private equity firm dedicated to investing in the media and information industries. Hemscott is Veronis Suhler's portfolio company.

Developing successful new products is crucial for credit card and other consumer lenders to meet the needs of customers and stay ahead of competition. Though startup costs in financial services marketing may be lower than in manufacturing, the goal remains to bring profitable new products to market as quickly as possible while avoiding expensive failures and public embarrassments.

A new study available in the fourth quarter will measure consumer attitudes toward various payment methods including cash, bankcards (credit and debit), online payment methods and checks.

NEW YORK -- Direct marketers who target institutions face multi-tiered structures with buying power, specific purchase timelines and restrictions as well as the benefit of tapping a growing market that holds a little more than half of the U.S. gross domestic product.

TowerGroup, Purchase, NY is a research and consultancy firm focused on the strategic use of technology in the global financial services industry. Its clients are senior managers at financial and IT firms and organizations doing business with them.