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  • @fintechna 2:53 pm on February 12, 2020 Permalink | Reply
    Tags: , , , Management, , , , , ,   

    Active Wealth Management Firms Target Next-Gen Investors Using Old Tech 

    around the world are focused on the next generation who will inherit wealth, but their is more Boomer than Gen X.
    Financial Technology

     
  • @fintechna 4:52 am on November 9, 2018 Permalink | Reply
    Tags: , , Management, Reasoning, ,   

    Digital Reasoning Brings AI To Wealth Management 

    firms want to know how well their advisers are doing, if customers have complaints, if customers want different products and whether they are likely to leave. They are using artificial intelligence to learn what their customers are thinking in time to take action.
    Financial Technology

     
  • @fintechna 3:35 am on August 21, 2018 Permalink | Reply
    Tags: , digital—and, , Management, mobile—in, ,   

    Going digital—and mobile—in wealth management 

    In the post-financial crisis era, European have sought new avenues for profitable growth. There has been an emphasis on finding ways to grow without taking on the types of trading and financing risk that got so many banks in trouble in 2007 and 2008.

    Private banking (or ) seems like an attractive area of growth for many banks. The Allianz Global Wealth Report for 2017 points out that the financial assets of households in Western Europe grew by 4.7 percent to a total of EUR 35.3 trillion during 2016, the latest year for which such numbers are available.

    The private banking market, however, presents banks with significant barriers to entry. Private banking relationships are “sticky” and are often built on long-term, multi-generational interaction, along with considerations such as reputation and brand image. New entrants may find it hard to take share from established competitors.

    But, increasingly, private banking clients have the same concerns as other bank customers do. They travel frequently, are short of time, and have become accustomed to using digital financial services. We noted in a recent report that, among High Net Worth (HNW) and Ultra-High Net Worth (UHNW) customers, 70 percent use digital financial services and 85 percent use at least three mobile devices. More than 40 percent said they were open to using mobile to check their portfolios and receive investment-related information.

    Digital solutions—including well-designed mobile apps—can help banks “take the office to the client.” For example, banks using digital solutions can see where clients hold other accounts, or they can readily check whether the client uses other bank services such as business accounts or foreign exchange.

    Such solutions will not replace the private banker but can help private bankers build relationships and expand service offerings. More importantly, such solutions have become essential to the kind of hybrid advice and digital wealth management that clients are now seeking.

    The wealth management market is both dynamic and competitive. Traditional banks are fighting for share with new entrants using digitally disruptive technologies. In our view, private banks combining investment expertise with new digital and mobile approaches will be well-positioned, not only to keep existing clients but to add new clients who want both connectivity and personalized advice.

    In my next post I will look at some of the features of a first-class mobile app for wealth management.

    The post Going digital—and mobile—in wealth management appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 9:52 pm on June 29, 2018 Permalink | Reply
    Tags: , , , Friendly, Management, , ,   

    Chase Finn Aims To Make Money Management Friendly For Millennials 

    has designed a bank account for millennials, a debit card linked to a mobile phone that bypasses paper and bank branches.
    Financial Technology

     
  • @fintechna 12:18 pm on May 23, 2018 Permalink | Reply
    Tags: , Management, , ,   

    3 Money Management Startups to Watch 

    The expectation for P2P payment apps is more than just payments. As the U.S. market gets saturated with various P2P apps, consumers are demanding that Venmo or Apple Pay or whatever platform they are using provide them with some capabilities as well. Even at major conferences such as Finovate in Santa Clara, Calif., [&;]
    Bank Innovation

     
  • @fintechna 3:35 pm on May 21, 2018 Permalink | Reply
    Tags: , , , coordination, Management, Meeting,   

    Meeting banking risk management coordination challenges 

    Accenture’s Global Risk Management Study highlights ongoing integration and that face teams. In our study’s first year (2009), only 15 percent of respondents reported having an integrated IT risk infrastructure. Over the years, that gap has closed only incrementally. This year, 67 percent of respondents report roadblocks resulting from a lack of integration across the enterprise.

    To centralize or not?

    New this year, though, is how our banking respondents view centralization. We first examined centralization trends in risk management coordination by risk type (market, credit and liquidity risks), and the results are somewhat contradictory. The 16 percent who are currently fully centralized expect to see an increase in coordination to 24 percent. Even the 20 percent of respondents who are fully decentralized, operating at mostly regional levels, expect more centralization in two years’ time.

    However, the majority of respondents that currently operate both a group and regional level believe the trend is toward decentralization. Forty-three percent of this cohort believe that coordination by risk type will actually decrease by nearly 10 percentage points overall in the coming two years.

    Interestingly, we see the same pattern of results in our examination of the coordination of risk management across lines of business. Those fully centralized across lines of business expect an increase of 10 percentage points in two years’ time and similarly those fully decentralized expect almost a halving of their full decentralization rate. Similarly, the majority of respondents fall in the hybrid model of centralization and believe that only 25 percent of risk functions will be coordinated across the business in two years&; time.

    Lastly, we looked at coordination of risk management activities across the overall business and found a lack of strong sentiment regarding coordination one way/another.  While 40 percent of respondents felt there was limited coordination between local- and group-level risk management functions, nearly 30 percent felt that this was neither true or untrue.

    Where do these seeming contradictions lead us? We see the role of risk manager becoming more integrated with the business and thus, demand has been put on the risk function to respond to both global and local needs. One intensive local need to highlight from our study findings is regulations; 78 percent of study respondents cite they are facing increasing demands in this area.

    Being an integrator of risk is a challenging role, not only in terms of serving global and local needs but also in terms of cost.  Over 50 percent of respondents reported duplication of risk management efforts across lines of business.

    An ongoing gap

    While ’ risk functions have had steady success since 2009 in coordinating with the business, a lack of integration with other business functions has always been a gap cited for improvement. We see an upward trend in improvement. In 2015, 7 percent of respondents said the risk and finance function worked closely together and provided joint input into enterprise risk strategy. That number more than doubled, to 16 percent, in this year’s study. And in two years, 30 percent of respondents expect that level of coordination between risk and finance.

    The other good news is the steady growth in influence among our survey respondents. Risk leaders have evolved from leading a very siloed function in 2009 to gaining a direct line to the CEO by 2013, and even a seat “at the table” in 2015. That positive trend is tempered by the challenge to integrate finance and risk. Only 38 percent of respondents say the finance and risk functions are working together—but they are not working together to help guide enterprise strategy.

    So, will risk leaders in banks take their seat at the leadership table to drive further integration? Time will tell, but we believe that working with common data sets and flows can be a powerful lever in addressing coordination challenges cost-effectively.

    We expect risk leaders to raise their game and be talented in many disciplines in order to rise to the integration challenge. In my next post, we’ll explore talent needs.

    How can risk managers balance both coordination and cost management? We believe sharing data is the key. Integration can be driven with increasing efficiency when data is at the core of the bank’s operating model. To effectively and efficiently share and use data means being a smart technologist, employing new technologies and a coordinated approach across the business.

     

    The post Meeting banking risk management coordination challenges appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 3:35 pm on March 22, 2018 Permalink | Reply
    Tags: , , , changing—but, Management, , , , ,   

    Banking risk management is changing—but some challenges remain the same 

    As the cliché goes, if you’ve grown tired of the current and climate, give it a few minutes. It’s bound to change.

    By the 2020s, Accenture predicts current banking business models to be swept away by a tide of ever-evolving and other rapidly occurring changes. The risk function is sure to be pressed to evolve in parallel and it is, according to our 2017 Global Risk Management Study.

    In this blog series on banking risk management, I will offer Accenture’s perspective of the changes that have already happened, and those yet to come. I will start with an overview of nearly a decade of risk facing , and then take a deeper look at the fresh challenges facing banking risk leaders today.

    We’ve been studying risk management across financial services—as well as in banking—since our first study debuted in 2009. Then, banking risk managers were reacting to the global crisis, grappled with siloed organizations, with technology not fit for purpose and a shortage in risk resources.

    Since then, banking risk leaders have made significant, admirable gains. Moving past the global economic crisis, by 2013 risk leaders began having a direct line to the CEO, even taking a “seat at the table” by 2015.

    Meanwhile, pressure mounts with rapidly increasing data volumes and requirements, and organizational analytic capabilities require constant upgrading. Likewise, digital data management and data analysis skills are more in demand than ever, adding to the ongoing talent squeeze.

    Our 2017 Global Risk Management Study findings illustrate the rapid pace of change across banking and the risk function, both driven by digital change, digital capabilities and digital competitors. Alongside this change, challenges similar to those from 2009 (see Figure 1). Banks face increasing business pressure to integrate risk and finance functions. They still struggle with talent shortages. From a technology standpoint, change is ongoing, but banks are stretching to use new technology (such as automation and cognitive computing) to full potential.

    Additionally, risk managers continue to face conduct risk, reputational risk and strategic risk challenges. Other new risks are still emerging, such as model risk, cyber risk and contagion risk. Complicating matters, the 2017 study finds banking risk leaders facing the expectations as their bank peers in terms of driving efficiency and wisely selecting the right people, technology and partnerships to get work done.

    In the midst of—and to address—these challenges, banks are in varying stages of experimentation and adoption with cloud, analytics, automation and artificial intelligence. These technologies offer promise, both in terms of innovative, sleek solutions and substantial cost and efficiency gains.  Can these technologies deliver beyond their promise?

    Our study finds the time for modest change or incremental fixes has passed. True, we might have predicted the steady growth of technologies such as cloud, artificial intelligence and analytics, but the competitive shifts are less expected, and new non-financial risks are a bit of a surprise. But the biggest surprise is the pace of change: more rapid than we might have expected.

    What can help banking risk leaders keep pace with constant and rapid change, and fend off new traditional and non-bank competitors?  It’s time to innovate. Banking risk leaders may want to carve out a core, proactive strategy that can build risk capabilities overall—now and in an ever-changing future.

    Figure 1: Evolution of Risk Management. For more details, view our interactive timeline.

    Evolution of risk management since 2009, across areas of integration, technology and talent
    Click to view larger

    Please join me in my blogs as I share my thoughts on how risk teams can become key organizational leaders by adopting smart technologies, playing the role of integrators of risk within the wider business, and layering existing risk talent to be multi-disciplinarian players and drivers of business value.

     

    The post Banking risk management is changing—but some challenges remain the same appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 3:35 am on March 6, 2018 Permalink | Reply
    Tags: , , Management, , , ,   

    Top 5 trends shaping the expense management market 

    Three years ago, SAP’s acquisition of software provider Concur sent shockwaves through the expense management industry. Its impact continues to shape the evolution of the today. The pairing of Concur, already the expense management market share leader, with SAP, one of the largest ERP software providers in the world, sent a clear message to the rest of the market: significant advancements and changes would be required to keep pace with the market leader. As a result, competing providers have responded with a flurry of product enhancements and strategic partnerships.

    As shown in Figure 1, some of the major players in the expense management market have moved quickly to leverage new, customer experience-enhancing . They have pursued partnerships with complementary providers to compete with the massive scale achieved by SAP and Concur together. Perhaps most notably, Certify united with a number of leading expense management specialist providers in the past year to broaden its offering and emerge as a formidable challenger.

    Figure 1. Expense Management Market Activity Timeline
    Click to view larger
    Source: Public announcements, company websites and Accenture research

    Five key

    Based on this recent activity, five key trends appear to be driving the future direction of the market:

    1. Market Consolidation: Merger and partnership activity is likely to continue as providers try to close the gap on market share leader, Concur.
    2. Expense and Booking Convergence: Integration between expense management and travel booking tools is becoming more common and creating a more streamlined process.
    3. Virtual Card Integration: Virtual card issuers are continuing to develop points of integration for payments with booking and expense management solutions.
    4. Automation and Machine Learning: Providers are exploring new ways to leverage smart technologies, such as OCR, chatbots, and geolocation, to automate the expense management process.
    5. Real-Time Expenses: As transaction data is loaded to expense management solutions at the time of sale, approvals and reimbursements are being handled in real-time, rather than in expense report groupings.

    Implications for commercial card issuers

    While many of the potential market changes will be driven by expense management software providers, commercial card issuers will also feel the impact of the evolving market. For them, the implications of the key expense management trends may include:

    • Rising demand for virtual cards used for travel
    • Significant opportunity for booking tool integration
    • Increased bank investment in travel card programs
    • Higher end-user expectations for user-friendly interfaces and functionality
    • Increased competition among issuers for partnerships
    • Customer emphasis on travel-friendly mobile payment functionality

    As the market continues to evolve, the coming years will reveal what roles providers and commercial card issuers will play in the future expense management landscape.

    To see how consumer interest in expense management services vary by age groups, read our recent report: Driving the Future of Payments: 10 Mega Trends

    The post Top 5 trends shaping the expense management market appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 3:35 pm on January 18, 2018 Permalink | Reply
    Tags: , , Management, , , ,   

    Top 5 trends shaping the expense management market 

    Three years ago, SAP’s acquisition of software provider Concur sent shockwaves through the expense management industry. Its impact continues to shape the evolution of the today. The pairing of Concur, already the expense management market share leader, with SAP, one of the largest ERP software providers in the world, sent a clear message to the rest of the market: significant advancements and changes would be required to keep pace with the market leader. As a result, competing providers have responded with a flurry of product enhancements and strategic partnerships.

    As shown in Figure 1, some of the major players in the expense management market have moved quickly to leverage new, customer experience-enhancing . They have pursued partnerships with complementary providers to compete with the massive scale achieved by SAP and Concur together. Perhaps most notably, Certify united with a number of leading expense management specialist providers in the past year to broaden its offering and emerge as a formidable challenger.

    Figure 1. Expense Management Market Activity Timeline
    Click to view larger
    Source: Public announcements, company websites and Accenture research

    Five key

    Based on this recent activity, five key trends appear to be driving the future direction of the market:

    1. Market Consolidation: Merger and partnership activity is likely to continue as providers try to close the gap on market share leader, Concur.
    2. Expense and Booking Convergence: Integration between expense management and travel booking tools is becoming more common and creating a more streamlined process.
    3. Virtual Card Integration: Virtual card issuers are continuing to develop points of integration for payments with booking and expense management solutions.
    4. Automation and Machine Learning: Providers are exploring new ways to leverage smart technologies, such as OCR, chatbots, and geolocation, to automate the expense management process.
    5. Real-Time Expenses: As transaction data is loaded to expense management solutions at the time of sale, approvals and reimbursements are being handled in real-time, rather than in expense report groupings.

    Implications for commercial card issuers

    While many of the potential market changes will be driven by expense management software providers, commercial card issuers will also feel the impact of the evolving market. For them, the implications of the key expense management trends may include:

    • Rising demand for virtual cards used for travel
    • Significant opportunity for booking tool integration
    • Increased bank investment in travel card programs
    • Higher end-user expectations for user-friendly interfaces and functionality
    • Increased competition among issuers for partnerships
    • Customer emphasis on travel-friendly mobile payment functionality

    As the market continues to evolve, the coming years will reveal what roles providers and commercial card issuers will play in the future expense management landscape.

    To see how consumer interest in expense management services vary by age groups, read our recent report: Driving the Future of Payments: 10 Mega Trends

    The post Top 5 trends shaping the expense management market appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on January 12, 2018 Permalink | Reply
    Tags: , , , , , Management, , Texting,   

    Merrill Lynch Wealth Management Adds Texting Feature for Financial Advisors 

    EXCLUSIVE &; is adding a client-to-advisor capability to its mobile app starting next month. For the , Merrill Lynch has partnered with mobile communication solutions provider CellTrust to manage, track, and deliver text messaging. All communication will be time- and date-stamped, tracked, logged and archived. According to a statement released [&;]
    Bank Innovation

     
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