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  • @fintechna 12:18 pm on August 19, 2018 Permalink | Reply
    Tags: , CashHeavy, Commerzbank’s, , , , , , strategy   

    Commerzbank’s Digital Innovation Strategy in Germany’s Cash-Heavy Economy 

    In some markets, and fintechs are a long way from overcoming the dependence on cash. This challenge is felt at Commerzbank. As one of the country’s top five banks, with €452.5 billion ($ 513 billion) in assets, and boasting a 50-person lab, implementing for a fiat-focused market has its challenges. “What is striking [&;]
    Bank Innovation

     
  • @fintechna 3:36 am on June 16, 2018 Permalink | Reply
    Tags: , , , , strategy,   

    How well does your bank’s pricing strategy fit the digital economy? 

     

    17 percent of US banking revenue now comes from truly banking relationships

    Modern metal starting blocks for sprinting—complete with offset footrests—first appeared at the 1948 London Olympics. This innovation both reinforced the benefit of a crouching start position and also signaled the end of athletes digging holes for their toes in the dirt to get a solid foundation to push off of. It demonstrated that when something truly new comes along, it can make the old ways immediately obsolescent.

    Read the report

    After years of hype, but little real change, we are now seeing the truly new arrive in US banking, and it is beginning to make the old business model look obsolete. Accenture research shows that 17 percent of US banking revenue now comes from truly digital banking relationships and that number is increasing quickly.

    In response, most incumbent US will likely default to trying to be a better version of themselves and adopt a digital relationship management business model that seeks to be most things to most customers, and relies on a mix of fees and balance sheet spreads for income. As digital advice and increased efficiency squeeze fees, more attention is going to focus on net interest margin, particularly in a rising rate environment, where there will be increased competition for both assets and liabilities. As we enter this transition it begs the question, “How does your fit the digital ?”

    It’s a question more than 80 banking executives in North America explored through dialogue and demonstrations at the recent Banking Growth Forum 2018 jointly hosted by Accenture and our partner, Nomis Solutions. We concluded that a product orientation when it comes to pricing will no longer drive success in the world of truly digital economy. Instead, building and delivering a true digital relationship manager strategy will mean a level of pricing sophistication that is challenging for most banks.

    Source: Accenture

    The fact is that many banks are culturally and organisationally tethered to product-based pricing, as it fits easily with banks’ traditional internal organisation and allows effective aggregate balance sheet management. Yet, it is also limited when it comes to optimising margins and truly differentiating the customer proposition—two key elements of running a successful digital relationship manager business model.

    Even in setting simple cross-sell pricing, banks need to utilise a customer profit view to target the retention of their most profitable customers. And while cross-selling usually gives customers some choices like product packages or a rewards wrapper, it is still based on selling products. True relationship pricing on the other hand requires sophisticated lifetime value analysis to shape decisions, drawing on vast stores of customer and transaction data to offer the right product at the right price through the customer’s preferred channel. Rather than products sold, it hinges on promises delivered, backed by accountability, transparency and explainability—a notion that typically runs contrary to the traditional organisational structures of banks.

    As industry change accelerates, banks will need to offer something genuinely new in their pricing. Those that will thrive will enhance their existing capabilities to advance along the pricing and offer management maturity journey—pivoting from a product focus to a real-time, intelligent, customer-relevant, promise-centered approach. That will be a strong foundation on which banks will be able to sprint forward and remain competitive.

    For more on this topic, I invite you to read our report, Ready, Set, Next: A Guide for Banks in Advancing to In-The-Moment Pricing

     

    The post How well does your bank’s pricing strategy fit the digital economy? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 am on May 31, 2018 Permalink | Reply
    Tags: Citigroup’s, DigitalFirst, , strategy   

    Inside Citigroup’s Digital-First Strategy 

    Citigroup has a digital-heavy, branch-light business approach that extends beyond its National Digital Bank platform (announced in March and currently in testing phase), according to Stephen Bird, CEO of Citi’s Global Consumer Banking. For starters, Citigroup doesn’t have many physical branches, and it has no plans of changing that, according to Bird, who spoke yesterday [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on May 26, 2018 Permalink | Reply
    Tags: , , , , , , strategy   

    PayPal’s Platform Strategy Brings It Closer to Banking Services 

    PayPal wants to be the world’s largest open payments , according to CEO Dan Schulman. At the heart of this aspiration is ongoing technological evolution, which also enables the payments giant to expand into . “We are just beginning to scratch the surface of the opportunity in front of us,” Schulman said yesterday [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on February 13, 2018 Permalink | Reply
    Tags: , Barclaycard’s, CoBranding, , strategy   

    Inside Barclaycard’s Co-Branding Strategy 

    EXCLUSIVE – What’s a bank to do when it’s core market is somewhere else and it’s trying to establish itself as a major player in a market already dominated by a set of major ? The answer, at least to Barclaycard, is co-branding. Based in the U.K., Barclays is one of the major banks in Europe. [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on February 2, 2018 Permalink | Reply
    Tags: , , , , , , Matt, strategy, Wilcox   

    Matt Wilcox, SVP Marketing Strategy and Innovation at Fiserv, Joins Innovation Bar at BI 2018 

    Apple has its Genius Bar, and Bank has its Innovation Bar, where three experts (fintexperts?) share the wisdom (and complimentary signature cocktails.) Bank Innovation takes place March 5-6 at the Parc 55 Hotel in San Francisco. , SVP of and Innovation at , will join Ryan Gilbert of Propel [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on March 8, 2017 Permalink | Reply
    Tags: , , , , , Leans, strategy   

    Chase Leans Strategy to ‘Buy’ from ‘Build’ 

    SAN JOSE, Calif. – The “ or buy” scale is leaning increasingly towards “buy” at JPMorgan , as fintechs become less concerned with disrupting traditional . That’s the upshot Adam Carson, the bank’s head of digital partnerships, during a fireside chat at Bank Innovation 2017. “In my space, which is digital, I think you’ve [&;]
    Bank Innovation

     
  • @fintechna 9:40 pm on August 16, 2016 Permalink | Reply
    Tags: , Explorer, , , , strategy,   

    Hyperledger Tests Open Strategy With First Blockchain Explorer 

    CoinDesk profiles ongoing developments at business consortium and its collaborative effort to launch an -source tool.
    CoinDesk

     
  • @fintechna 3:35 am on June 14, 2016 Permalink | Reply
    Tags: Advise, CACEIS, Clear, , , , , , SocialMediaStudies, strategy   

    PwC & CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy 

    The rise of the digital economy has changed the way businesses deliver services, interact with clients and market their products. As social networks have become an important component of our daily lives, asset managers and need to have a in order to stay in the game.

    caceis pwc social media studies asset management report 2016In a new report, PwC Luxembourg and explore the state of asset management&;s use of social media and the leading players in this area. The document, the second paper of the series , aims at highlighting the growing importance of social media in the industry.

    &;Three years on, social media usage in our industry has evolved rapidly, and the factors driving that change have also intensified,&; Joe Saliba, CACEIS Deputy Chief Executive Officer, said in a media statement.

    Since the previous study in 2013, asset managers have increased their presence on social media, increasing thus their interactions with clients and followers.

    &8220;Something clear emerged from our analysis: the asset management community is increasingly betting on social media, and asset managers with no clear strategy on how to take advantage of social media as communications and sales channels will be left behind,&8221; said Dariush Yazdani, partner and Market Research Centre Leader at PwC Luxembourg. &8220;Social channels could unlock new opportunities for investment firms.&8221;

    The report, entitled &;Asset Management in the social era,&8217; suggests that social media continues to thrive and is now a global phenomenon in all countries. Today, the total number of active users exceeds 2.3 billion, representing over 30% of the global population.

    Facebook is the leader in the field with 1.6 billion of active accounts in 2015. The giant is followed by YouTube with over 1 billion users, LinkedIn with 414 million, and Twitter with 305 million.

     

    Social media a &8220;key component of companies&8217; marketing mix&8221;

    Social media channels have been gradually integrated into companies&8217; mix paradigms and the share of marketing budgets spent on social media is expected to more than double over the next five years, the document claims.

    fortune 500 corporations on social media pwc caceis report

    Corporates are increasing their presence on social media, a trend fuelled by changing customer expectations, notably among younger generations. 62% of millennials say that if a brand engages with them on social media, they are more likely to become loyal customers. Moreover, 33% of them rely mainly on blogs to get informed on purchase decisions.

     

    &8220;Social media strives in the asset management industry&8221;

    Since 2013, the presence of asset managers on social media has increased consistently. Asset managers are using these channels as instruments to enhance brand and reputation, as well as to provide information and support to a diversified array of interlocutors, the report says.

    asset managers active on social media report pwc caceis

    It suggests that 89% of asset managers are present on social media today, up from 60% in 2013. Moreover, the use of social media has increased significantly within the hedge fund industry in recent years. Today, 90% of hedge funds are using social media.

    &8220;Social media is also becoming an important source of information for institutional investors. They are increasingly augmenting traditional financial news media with social media in order to make investment decisions,&8221; the report says.

    A research conducted by Greenwich Associates found that in 2014, one third of institutional investors made an investment decision based on information collected from social media platforms. Respondents are turning to social media mainly to read timely news or industry updates (48%), research specific industries information (47%) and seek opinions or commentary on markets and/or events (44%).

    US-based brands still dominate the social media realm with Blackrock/iShares, Vanguard Group, Charles Schwab Investment, Fidelity Investments, Franklin Templeton Investment and T.Rowe Price ranking at the top of the list. However, European players are progressing. In 2016, the top ten asset managers include three European firms: Schroders, Robeco and Aberdeen AM.

     

    Featured image: Social media apps by Twin Design, via Shutterstock.com.

    The post PwC &038; CACEIS Advise Investment Firms to Have a Clear Online Marketing Strategy appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 12:18 am on June 6, 2016 Permalink | Reply
    Tags: , , , , , strategy, ,   

    What’s the Trojan Horse Distribution Strategy for Online Business Lending? 

    An efficient and unique product model is critical if you want to scale your business. This is evident in the small business space. Why? Well, as competition increases in the sector within well-trodden distribution channels, two things happen: Customer Acquisition Costs (CAC) in popular channels will increaseRead More
    Bank Innovation

     
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