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  • user 3:53 pm on April 19, 2019 Permalink | Reply
    Tags: , , Costs, , Employers, , Nothing, Prized, , Wages   

    Early Access To Wages, A Prized Benefit, Costs Employers Little Or Nothing 

    Several companies are offering from small shops to Walmart a tech tool that allows workers to get advances on they have earned, helping the avoid payday lenders, overdraft fees and late charges.
    Financial Technology

  • user 4:52 am on December 4, 2018 Permalink | Reply
    Tags: , Costs, , , Reducing,   

    Reducing KYC Costs With Digital And Artificial Intelligence 

    Getting right isn’t easy, EXL worked with HSBC to apply digital tools to KYC.
    Financial Technology

  • user 12:18 am on July 6, 2018 Permalink | Reply
    Tags: 2023, , , , Costs,   

    Chatbots to Save Banks $11 Billion in Costs by 2023 

    Bank of America has Erica, Capital One has Eno, Bank of Montreal has Bolt. Safe to say that most major are at least exploring the possibility of a virtual assistant, if they don’t already have one. And there is more to this virtual assistant than just the cool factor, for banks these improve [&;]
    Bank Innovation

  • user 12:18 am on April 28, 2018 Permalink | Reply
    Tags: , , , , Costs, , , , , Synechron’s,   

    Synechron’s RegTech Program Aims to Help Banks Reduce Compliance Costs 

    EXCLUSIVE – services provider Synechron launched a focused on helping its financial services clients on regulatory issues. The program, which Synechron refers to as its Regtech Accelerator Program, went live yesterday. Although it is called an accelerator, the model of the program is based on Synechron’s project (also called an [&;]
    Bank Innovation

  • user 10:52 pm on March 22, 2018 Permalink | Reply
    Tags: , Costs, , Taming, ,   

    Taming The High Costs Of Compliance With Tech 

    Financial firms are beginning to apply to regulation — the only cost-effective way to cope with the massive number of new rules.
    Financial Technology

  • user 12:19 am on December 8, 2017 Permalink | Reply
    Tags: , , , Costs, Electronification, Operational, ,   

    Bank of America Turns to Electronification of Cash to Reduce Operational Costs 

    EXCLUSIVE &; of  seeks of not only as way to better serve its banking customers but also as an excellent way to : according to Bank of America CEO Brian Moynihan, this digitization of cash can save the bank billions of dollars. “That’s why Zelle is so importance to us,” Moynihan [&;]
    Bank Innovation

  • user 6:38 pm on October 26, 2017 Permalink | Reply
    Tags: , , , Costs, , FutureReady, , zerobased   

    Target black box costs for zero-based, Future-Ready Banking 

    Seneca, the 1st-century Roman statesman, didn’t believe in luck. For him, what others called luck was when opportunity met preparation. Hopefully there aren’t many bank CEOs relying on luck to get them through their digital transformations. The opportunity in front of them is becoming clearer—to thrive in a more open and competitive industry by being customer-centric and agile—but what of the preparation? What does a Future-Ready Bank look like? One big obstacle that need to tackle is their cost base; particularly, seeing and understanding “ box” and then assigning ownership of them in ways that provide competitive advantage.

    Regardless of how committed a management team is to becoming Future-Ready, in the words of Muhammad Ali, “The hands can&;t hit what the eyes can&8217;t see.”

    The black box refers to the complex and opaque costs, functions, processes and activities in banks that are not directly related to any single line of business. Comprising some 65 percent of a bank’s cost base, the complexity, centralisation, disparate data and non-accountability of the black box lands a knockout punch to bank profitability and evolution.

    Banks can gain visibility into black box costs by bringing together data from the General Ledger, HR and AP systems, invoices, and other data sources to create a rich dataset that categorises costs in a meaningful way and clarifies cost ownership. It provides management with a front-to-back value chain view of the organisation, costs and headcounts tied directly to business line and revenue base.

    Once banks have a clear view on this hefty share of their costs, they can assign responsibility for most, if not all of the cost base. Bank leadership can make such ownership concrete by creating a framework for rewarding managers based on successful cost management. Arguably, clarifying cost ownership represents the greatest shift in improving a bank’s ability to manage itself.

    Read the report

    With visibility in hand and ownership in place, banks are positioned to better re-enact zero-based approaches to get off the traditional ropes and transform to the “new”. They can challenge not only the cost, but also if the activity needs to be done in the first place—informed by actionable, granular-level data analysis on how cost, risk and capital interact, to then purge unwarranted activities.

    Though not a new concept, zero-based budgeting is becoming more critical as rates and yield curves rise, compliance costs increase and new agile, digital-native contenders emerge. Rather than being boxed into a cost corner, banks can fundamentally rethink their path to efficiency, better their cost-income ratios and, ultimately, their digital readiness. It requires banks to establish a culture in which visibility, transparency, simplicity and ownership of costs are the goals of the organisation. With the right preparation, banks will be able to make their own luck in a digital future.

    To learn more, I invite you to read our report: Get fit | Shining a light into the black box


    The post Target black box costs for zero-based, Future-Ready Banking appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:18 am on April 12, 2017 Permalink | Reply
    Tags: , , Costs, , , , , , ,   

    FIs Expect Regulation to Increase Costs in 2017 (Without Doing Much Else) 

    How will affect financial services firms in ? Well, everyone agrees it will bump up , according to a study by corporate finance advisor Duff &; Phelps. Of 181 financial services professionals surveyed for the study, 77% of respondents said that up and coming financial regulations will costs for their firms. The only other choice [&;]
    Bank Innovation

  • user 9:40 pm on October 14, 2016 Permalink | Reply
    Tags: , , Costs, , , Mercuria   

    Mercuria Chief: Blockchain Could Cut Oil Market Costs By 30% 

    The executive of , one of the world’s largest commodities traders, is bullish on .



  • user 3:35 pm on August 26, 2016 Permalink | Reply
    Tags: Administrations, , Corporates, Costs, EInvoicing, , , ,   

    Corporates and Public Administrations Look at E-Invoicing to Cut Costs 

    Companies are looking at e-invoicing as a way of saving , according to a new survey by Vereon AG, a Swiss conferences, congresses and professional training courses organizer.

    An online survey conducted by Vereon found that 65% of businesses believe that the saving potential of e-invoicing is high. 27% see it as a driver for other projects aiming to optimize business processes.

    E-Invoicing Cost Saving Potential, Vereon AG report

    Respondents believe that the biggest challenges in implementing e-invoicing in their organizations are internal resistance (21%), compatibility issues (20%) and lack of information (15%).

    Biggest Challenges for E-Invoicing Vereo AG report

    Electronic invoicing, also referred to as e-invoicing, is a form of electronic billing often used by trading partners, such as customers and their suppliers, to present and monitor transactional documents between one another and ensure the terms of their trading agreements are being met. These documents include invoices, purchase orders, debit notes, credit notes, payment terms and instructions, and remittance slips.

    As corporate enterprises and seek to automate business processes, e-invoicing allows has numerous benefits such as reducing costs, errors and time spent on administration.

    Vereon will be hosting the Exchange Summit in Barcelona on October 10 and 11, 2016. The event will provide attendees with the opportunity to learn and share their experiences on a global level. They will also get the chance to meet and connect with experts, thought leaders and professionals in e-invoicing, purchase to pay, e-procurement, supply chain finance, and accounts receivable/accounts payable (AR/AP).

    Among the topics that will be discussed, experts will tackle the potential of to disrupt the peer-to-peer process, the state of Public Procurement in the EU, as well as the region&;s regulatory framework for e-invoicing.

    Exchange Summit Barcelona 2016 E-Invoicing


    E-Invoicing regulation in Switzerland

    In Switzerland, e-invoicing is subject to certain legal requirements under commercial and tax law. The rules require for instance that all VAT relevant e-invoices are digitally signed by one of the four Swiss-admitted digital signature providers.

    That said, the Swiss Federal Tax Administration (SFTA) has moved closer to the general EU rules recently and has approved different ways of accepting e-invoices, according to Deloitte Switzerland.

    The authority requires that the integrity and authenticity of the e-invoices are assured, and that companies establish an internal control system that allows a constant and reliable audit trail between procurement process, e-invoice and payment. Businesses are also required to establish a new procedure-to-pay internal control process, which is regularly audited.

    Many governmental initiatives are currently being implemented, notably by the European Commission. By the end of 2018, public administrations in all EU member states will be required to support e-invoicing and to automatize public procurement processes as stipulated in Directive 2014/55/EU.

    Separately, EDICOM&8217;s R+D+i initiative, driven by the European Commission as well, aims at fostering implementation of the European e-invoicing schema between hospitals and laboratories.

    The initiative is open to healthcare suppliers and public agencies belonging to any of the EU member states.

    In Europe, Finnish startup Zervant is one of the leading e-invoicing solution providers. Earlier this month, the startup announced a new €4 million funding round to fuel global expansion. This brought the total amount of capital raised to more than €8 million.

    Zervant is used by tens of thousands of entrepreneurs all over Europe. Its core markets are Finland, Sweden, Germany, France and the UK. The company’s revenue is expected to grow by 200% this year, according to EU-Startups.

    According to Mattias Hansson, Zervant co-founder and CEO:

    &;There is going to be a tremendous shift towards electronic invoicing in the next 5 years and more accessible financial products for micro enterprises. We want to lead the way in this segment.

    &8220;This investment will help us expand significantly and strengthen our position as the leading invoicing service for small businesses in Europe. We will accelerate growth in our current markets as well as expand into new countries.&;


    Featured image: Online invoicing concept by Bakhtiar Zein, via Shutterstock.

    The post Corporates and Public Administrations Look at E-Invoicing to Cut Costs appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

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