Bankers Expect A Profit Bump From Open Banking
#Bankers #expect to see an increase in revenues #from #Open #Banking but it may be a competition to see who gets the customer. Will fintechs jump into the opportunity?
Financial Technology
Tagged: Bankers Toggle Comment Threads | Keyboard Shortcuts
-
user
-
user
Thomson Reuters And Squirro Offer Powerful CRM For Wealth Managers and Commercial Bankers
For complex customer relationship management (CRM) #Thomson #Reuters Financial and Risk, now known as Refinitiv, has partnered with #Squirro to make better use of the multiple CRM systems that #wealth #managers and #commercial #bankers often have to rely on.
Financial Technology -
user
Bankers, these five tech trends hold properties to hydrate traditional business
The United Nations’ set of principles to help change the way the world uses and manages water, opens with a profound statement: “Water is precious, fragile, and dangerous…Water and its sources must be respected, because, if neglected, it has the power to harm, divide or even destroy societies.”
Read the report #Technology can be a lot like water. It’s prized for its ability to #hydrate business and society, and we’ve seen its beneficial impact on the world’s unbanked. Between 2011 to 2014, the World Bank reports the number of unbanked individuals dropped by 20 percent—thanks to mobile offerings from #banks and mobile money service providers. In China, technology has moved a cash-driven society to one that had $ 15Trn in mobile payments last year, accounting for two-thirds of the global total. Yet, technology can also be incredibly disruptive and fundamentally change industry structures, creating winners and losers in the process. Think Netflix and Blockbuster; Uber and the highly regulated taxi industry; Expedia and travel agencies.
In banking, both old and new industry players need to understand and respect the impact of fast-proliferating technology—if they are to both tap it for its transformative power and avoid being set adrift in an ocean of competitive sharks.
In our recently released Banking Technology Vision 2018 report, we highlight #five emerging technology #trends that could each spark the next wave of industry disruption. Even in markets that currently look stable and profitable, #bankers must be prepared to deal with the threats and opportunities arising from #these trends to ensure that they are truly future-ready.
Inaccurate, unverified data will make banks vulnerable to false business insights that drive poor decisions.
One of the trends is the emergence of artificial intelligence as a member of the bank workforce, working next to humans in a symbiotic relationship as co-worker, collaborator and trusted advisor. Nearly 80 percent of bankers in our survey believe that this will happen within the next two years. This is fresh water cascading on what is often a technologically dry element of a bank’s operation, where employees lack the innovative capabilities at work that they use and enjoy in their personal lives. AI as a more visible, trained and accountable co-worker can help bank workers perform their work more efficiently, deliver service that builds customer trust, and drive business growth.
Just as water must be clean to be useable, so must data. Eighty-one percent of bankers said they are basing their most critical systems and strategies on data. Yet, 28 percent said that they do not validate or examine the data they receive from ecosystem or strategic partners most of the time, and five percent said they do not validate at all or rarely do. Inaccurate, unverified data will make banks vulnerable to false business insights that drive poor decisions. Banks can address this vulnerability by verifying the history of data from its origin onward—understanding its context and how it is being used—and by securing and maintaining the data.
I invite you to read our full report, Banking Technology Vision 2018: Building the future-ready bank.
The post Bankers, these five tech trends hold properties to hydrate traditional business appeared first on Accenture Banking Blog.
-
user
Bankers Undecided — Are Fintechs Friend Or Foe?
Financial services firms fear a big hit from #fintech firms but are also looking for ways to partner with some.
Financial Technology -
user
Here’s Why Bankers Should Care About Bitcoin [VIDEO]
Even the most hidebound, incurious, old-school banker has heard the word “#bitcoin” many times by now, whether from curious customers, well-meaning relatives, or the morning paper (print edition). But bitcoin’s continued association with the unsavory, from drug purchases on the dark web in days past to the seemingly endless string of hacks and breaches today, …Read More
Bank Innovation -
user
Bankers Undecided — Are Fintechs Friend Or Foe?
Financial services firms fear a big hit from #fintech firms but are also looking for ways to partner with some.
Tom Groenfeldt – Financial Technology -
user
Open Banking Is A Must for Millennials, Bankers Claim
It’s crucial for #banks to start participating in the finance revolution, especially as millennials are on the hunt for #open #banking—at least, according to #bankers. According to a survey of 300 banking officials, conducted by Marketforce and Earnix, developing open APIs is becoming more and more crucial to retaining customers. In fact, 80% of the […]
Bank Innovation -
user
CFA Swiss Fintech Survey: Swiss Bankers Convinced That Fintech Will Dramatically Impact Financial Industry
#Swiss #bankers are the most #convinced that #fintech will #impact the entire #financial services #industry, naming #robo-advisory and #blockchain #technology as the most impactful innovations, according to a new #survey by CFA Institute.
Released earlier this month, CFA Institute’s ‘Fintech Survey Report 2016&8217; measures the opinions of the organization&8217;s investment professional members to better understand their sentiment towards the emerging fintech scene.According to Christian Dreyer, CFA and CEO of CFA Society Switzerland, the survey results highlight “the fascination and respect that financial experts have for financial technologies.”
&8220;Swiss counterparts are particularly convinced by all things related [to financial technologies],&8221; Dreyer said in a media release.
Findings suggest that among the current innovations in the financial services industry, robo-advisors are expected to have the biggest impact in both short and long-term.
Asset management (55%), banking (16%), and securities (12%) are the three sectors that will be the most affected by automated financial advice tools.
70% of participants consider that mass affluent investors will be positively affected by robo-advisors in the form of reduced costs, improved access to advice, and improved product choices. In Switzerland, this figure rises to 80% of respondents.
That said, respondents also named the biggest risks affiliated with the increase in automated financial advices as technical flaws in the algorithms (46%), mis-selling of financial advice (30%) and privacy and data protection concerns (12%).
While robo-advisors are considered to be the technology that will have the greatest impact on the industry both 1 year and 5 years from now, blockchain technology is considered as the second technology with the greatest potential future opportunity (and risk) in the medium- to long-term.
Clearing and settlement, alternative currencies, and commercial banking are the top three areas that are thought to be under greatest impact of blockchain technology.
Crowdfunding and lending marketplaces on the other hand should have short-term impacts on the financial services industry.
38% of respondents believe that existing crowdfunding and/or peer-to-peer lending marketplaces do not have the right balance between ease of access and investor protection. 53% of them are not sure if such balance is possible.
As a leader in both financial services and innovation, Switzerland has the potential to become a frontrunner in fintech. That said, not all are convinced that the country is putting enough effort to fulfill its potential.
In a report released in February, EY argued that Switzerland is lacking governmental support when compared with the likes of London or Singapore.
In March, the Swiss Financial Market Supervisory Authority (FINMA) issued new rulings aimed at reducing obstacles for fintech startups and allowing the industry to flourish.
The circular allows financial intermediaries to onboard clients by means of online and video transmission and is targeted at digital businesses in particular.
Read CFA Institute&8217;s &8216;Fintech Survey Report 2016&8217;: https://www.cfainstitute.org/Survey/fintech_survey.PDF
Featured image: Graphs and charts with stacks of coins, by S.Dashkevych, via Shutterstock.com.
The post CFA Swiss Fintech Survey: Swiss Bankers Convinced That Fintech Will Dramatically Impact Financial Industry appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
Reply