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  • user 3:35 pm on June 11, 2018 Permalink | Reply
    Tags: , , , Strategic, , ,   

    Talent and transformation: New strategic approaches for banks 

    Around the world, are engaged in the transition to what we at Accenture call “the New”; they are undertaking initiatives to digitize operations, reduce costs and create previously unexplored revenue streams.

    The transition to the New is based upon the twin pillars of and . The technology—in the form of cloud, big data and analytics, , robotic process automation, machine learning and artificial intelligence—is readily available, and although it may not be easy to identify the right solutions and to graft these solutions onto the existing computing and data framework, it can be done.

    However, as banks are discovering, it is just as difficult to build and maintain the talent pillar as it is to develop or acquire needed technology. Banks are competing for new talent, not only with other banks but with technology start-ups, internet giants and a variety of digital players. Indeed, digital players interested in making inroads into the banking market are poaching talent from the banks themselves.

    Banks have not helped themselves on the talent front with their unrelenting focus on cost reduction. They have announced staff reduction objectives connected to plans to digitize and automate. This may please shareholders, but it can hardly be expected to please staffers worried about being displaced by digital technologies. Banks will be unable to compete with the Googles and Apples of the world if they are not seen as valuing the major asset (along with capital and liquidity) embodied in the competency and customer focus of their people.

    There are, in my view, three key steps banks need to take in dealing with the “people problem” and the impact of digital upon the workforce:

    1. Banks should figure out where they stand on workforce issues. This means either admitting that the workforce is, in effect, a commoditized asset to be managed for optimal efficiency at the lowest possible cost, or making it clear that talent is a competitive differentiation point and that people are central to the success of the organization. Depending on the bank’s overall strategy, either approach might be valid, but claiming that people are vital and then treating them as interchangeable parts is a recipe for failure.
    2. Banks then need to take actions appropriate to the people strategy they have adopted. Banks’ actions should match up with their stated objectives; for example, few banks have increased their training budget in recent years, even though training might be an excellent path to creating the intellectual property and people asset that distinguishes one bank from another in the marketplace.
    3. Banks need to acknowledge that they (and their people) live and work within a larger social context. In modern industrialized societies, large employers have obligations to their workers that extend beyond compensation and benefits. Banks contemplating major restructuring or reductions in staff due to digital initiatives should be working with an ecosystem of partners—including universities, government agencies and other potential employers—to develop coherent solutions leading to retraining and employment for displaced workers. 

    Banks have not yet come to grips with the full impact of digital transformation, including automation and artificial intelligence. In my next blog, I will look more closely at how artificial intelligence will affect banks, and how banks can create a powerful new force by combining AI with human insight and judgment.

    For further reading about the impact of technology on the workforce, read Whose Customer Are You? The Reality of Digital Banking.

     

    The post Talent and transformation: New strategic approaches for banks appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:19 am on July 27, 2017 Permalink | Reply
    Tags: , , , , Strategic   

    Making Core Banking Strategic [SPONSORED] 

    By Chae An, CTO, IBM Global Financial Services Sector Ask anyone who’s spent more than a decade in the and financial services industry and they’ll tell you that one of the most common misconceptions about their field is that it is stagnant, old school, and passed over by the incredible innovations happening all around [&;]
    Bank Innovation

     
  • user 12:18 am on August 29, 2016 Permalink | Reply
    Tags: , , , , , , , Strategic,   

    Visa’s Head of Global Strategic Partnerships To Speak at Israel Event 

    Bill Gadja, senior vice president of innovation and , has confirmed that he will attend Bank Innovation to about payments. Bank Innovation Israel is the leading in Startup Nation, as Israel is called.
    Bank Innovation

     
  • user 3:35 am on June 23, 2016 Permalink | Reply
    Tags: , , , , Foster, , , , Strategic,   

    Deutsche Börse Group: A new platform to Foster Strategic Investments in Fintech Firms 

    announced the launch of a dedicated corporate venture capital (CVC) DB1 Ventures – which fosters in .

    The DB1 Ventures team will be primarily based in Frankfurt and will undertake new investments as well as actively manage Deutsche Börse’s existing minority shareholdings. While Deutsche Börse has already made several strategic investments in early stage and mature companies, the new approach allows the Group to actively manage its existing and new portfolio to realize the full potential of these strategic shareholdings.

    DB1 Ventures will invest only in areas that are strategic to Deutsche Börse. The focus will primarily be on early to growth stage fintech firms in order to establish mutually beneficial partnerships. DB1 Ventures will initially be funded via the significant resource base of Deutsche Börse’s balance sheet. The strategic investments will be governed by a dedicated Investment Committee, which will be chaired by Deutsche Börse CEO Carsten Kengeter and have a cross functional and business perspective.

    Carsten Kengeter

    Carsten Kengeter, CEO of Deutsche Börse.

     

    “Our objective with DB1 Ventures is to continue to be active in investing in early to growth stage ventures which are core or adjacent to our client, product, geographic and strategy. And as part of our active management, we will also deepen and extend promising partnerships with some of our current portfolio companies,” said Carsten Kengeter, CEO of Deutsche Börse.

    Ankur Kamalia, Managing Director Deutsche Börse, Head of Venture Portfolio Management and responsible for DB1 Ventures, explained: “This dual approach will allow us to bring in our professional expertise as a market infrastructure provider and offer value creation opportunities for fintech companies. In return, we will benefit from new ideas and technological developments in an early stage. Simultaneously, we continue to actively manage our existing portfolio of investments, including divestments where necessary.”

    New study “Future of Fintech in Capital Markets”

    Deutsche Börse, in collaboration with Celent, a financial technology research and advisory firm, has analyzed the significance of fintech firms and its potential impact on market infrastructure incumbents. The new report “Future of Fintech in Capital Markets” highlights the opportunity for market infrastructure providers to interact with fintech firms and drive a higher degree of strategic partnership. Since 2008, capital flow into fintech investments has grown six-fold. Last year, about $ 19 billion in capital was invested globally in fintech across approximately 1,200 deals. CVCs now represent 25 percent of global fintech capital flows.

    Future of Fintech in Capital Markets2

    David Easthope, Senior Vice President and responsible for the Securities and Investments practice of Celent: “Major parts of the financial services ecosystem are being transformed by pioneering financial technology firms. Instead of going alone, fintech firms can decide to pursue a collaborative approach with leading incumbents through partnerships, including market infrastructure firms. Combining forces will allow fintech firms to shape the future of capital provision, technology, and other industry workflows.”

    Download the full study: Future of Fintech in Capital Markets

    Recent Fintech developments of Deutsche Börse

    &; In April 2016, Deutsche Börse opened its Fintech Hub in Frankfurt to support the Hessian State Government’s initiative to set up a fintech cluster in Frankfurt. With this Hub, Deutsche Börse aims to promote Germany’s start-up and investment culture.

    &8211; In February 2016, Deutsche Börse sold its 50 percent stake in Infobolsa S.A. to
    its joint venture partner BME.

    &8211; In January 2016, Deutsche Börse also took part in a capital increasing round for Digital Asset Holdings, a developer of distributed ledger technology for the financial services industry. Launched in 2015, Digital Asset’s mission is to improve efficiency, security, compliance and settlement speed while reducing costs through the implementation of distributed ledger technology. Digital Asset software radically improves post-trade processing efficiency, reducing cost, latency, errors, risk and capital requirements.

    &8211; In November 2015, Deutsche Börse Group invested in Illuminate’s IFM Fintech  Opportunities Fund: This fund focuses on fintech companies in areas such as compliance, regulation and connectivity, among others, which fits into Deutsche Börse’s growth strategy to extend its service portfolio.

    The post Deutsche Börse Group: A new platform to Foster Strategic Investments in Fintech Firms appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
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