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  • user 3:35 pm on June 5, 2018 Permalink | Reply
    Tags: , , , , , hydrate, properties, , , , , trends   

    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

    can be a lot like water. It’s prized for its ability to 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 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 emerging technology that could each spark the next wave of industry disruption. Even in markets that currently look stable and profitable, must be prepared to deal with the threats and opportunities arising from 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.

    Accenture Banking Blog

     
  • user 12:18 am on May 30, 2018 Permalink | Reply
    Tags: , trends   

    Top 3 Fintech Trends in May 

    A lot happened in the digital banking world this month, from major events in the payments worlds like PayPal acquiring iZettle for $ 2.2 billion only days before its IPO to major regulations such as GDPR going live last week. Here are some of the important that Bank Innovation pulled out of the chatter [&;]
    Bank Innovation

     
  • user 3:35 am on March 6, 2018 Permalink | Reply
    Tags: , , , , , , trends   

    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

     
  • user 3:35 pm on February 23, 2018 Permalink | Reply
    Tags: , , , , , trends   

    10 trends that could change the shape of banking in 2018 

    “It’s tough to make predictions, especially about the future.”

    Read the report

    Yogi Berra had it right.

    Nevertheless, I would like to share some of my impressions about the issues that will be top-of-mind for executives this year.

    Originally posted to my Forbes.com blog, these thoughts came together as a result of the various experiences and conversations I’ve had with clients over the past 12 months.

    People will have their own opinions and in the end, I may be proven wrong. Regardless, I welcome lively discussion and discourse. Here are 10 trends to keep an eye on in 2018.

    The post 10 trends that could change the shape of banking in 2018 appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:35 pm on February 2, 2018 Permalink | Reply
    Tags: , , , , , trends   

    10 trends that could change the shape of banking in 2018 

    “It’s tough to make predictions, especially about the future.”

    Read the report

    Yogi Berra had it right.

    Nevertheless, I would like to share some of my impressions about the issues that will be top-of-mind for executives this year.

    Originally posted to my Forbes.com blog, these thoughts came together as a result of the various experiences and conversations I’ve had with clients over the past 12 months.

    People will have their own opinions and in the end, I may be proven wrong. Regardless, I welcome lively discussion and discourse. Here are 10 trends to keep an eye on in 2018.

    The post 10 trends that could change the shape of banking in 2018 appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 am on January 26, 2018 Permalink | Reply
    Tags: , , , trends,   

    Top 5 Trends to Watch in 2018 

    EXCLUSIVE — It’s not even a month into and already so much has changed. The , which shocked everyone by surpassing $ 17K, further shocked everyone by dropping below $ 10K. Then of course there are various other events sweeping the financial services space, from new tax laws in the U.S., to the rise of [&;]
    Bank Innovation

     
  • user 3:35 pm on January 18, 2018 Permalink | Reply
    Tags: , , , , , , trends   

    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

     
  • user 12:18 am on December 20, 2017 Permalink | Reply
    Tags: , , , , , trends   

    Bank Innovation’s Top 5 Fintech Trends in 2017 

    EXCLUSIVE &; The year of has been marked with more than a few good and not-so-good : but we’ll stick to . Aside from the important events like record-level funding for fintechs across the globe, mania, Coinbase entering the Unicorn club at a $ 1.56B valuation in the last quarter, there have been some [&;]
    Bank Innovation

     
  • user 3:35 am on November 21, 2017 Permalink | Reply
    Tags: , , , , mega, , trends   

    Ten mega trends that will drive the future of payments 

    In &;Paradise Lost&;, 17th-century English poet John Milton describes two types of warriors: One group are “employed in sporting games and exercises” and “sing in the valleys”, while the other group “rend up both rocks and hills”, “make wild uproar” and “ride the air in whirlwind”.

    Milton’s bifurcation also applies to the modern-day industry. With fast-paced disruptive change sweeping the industry, are traditional payment players going through the motions trying to protect their traditional sources of profit or are they willing to be combative and create “wild uproar” by driving radical change?

    Read the report

    Consider Accenture’s prediction that in the UK alone there will be between six billion and nine billion contactless card transactions in 2017. Alternative payment mechanisms such as PayPal and iDEAL will continue to grow at 20 to 30 percent a year for e-commerce transactions, driven by convenience and sky-rocketing fraud rates in card-not-present transactions. We estimate that up to 25 percent of banks’ traditional cross-border payments revenue streams are at risk from these innovations. These are just a few of the seemingly endless examples of disruptive change in the payments industry. Traditional payments players are at a crossroad: figure out how to ride this whirlwind to success, or be content to just keep playing the traditional games.

    To help make sense of this fast-changing landscape, Accenture has identified ten payments from our 2017 North America Consumer Payments Pulse Survey.

    One key trend is banks’ new-found enthusiasm for collaborating with digital consumer-to-business and partners to both exploit the power of an exponentially growing network and deliver benefits to customers. Tapping into these networks allows payments players to multiply capabilities and extend their reach without building and investing from scratch. One example is Zelle®. This API-enabled network of more than 50 partners, including Ally, Wells Fargo, Bank of America and JPMorgan Chase, offers real-time, person-to-person payments and disbursements through one recognisable brand. According to Zelle, some 85 million consumers can now experience its services through the mobile banking apps of the Zelle Network® participant banks. The app quickly ramped up to $ 33.6 billion in network volumes and 100 million transactions in the first half of 2017. This scale gives participating banks the edge they need to compete effectively with challengers like Venmo from PayPal. Creating and capitalising on network effects require banks to participate in digital ecosystems beyond their own walls and be willing to subsume to some degree their own operating models, cultures and strategies. Just as the payments industry of 50 years ago was energised by the emergence of the credit card networks, we are now seeing a new set of digital networks emerge that also have the power to reshape payments.

    Another critical trend driving the of payments is the democratisation of payments acceptance. Today, everyone can be a merchant and every device can accept payments, whether you are talking traditional point-of-sale, online or mobile. Enabled by new entrants like Stripe and Square, all it takes is connectivity, a portable card reader or a website to create the next-generation POS. This “payments everywhere” wave that enabled small merchants and peer-to-peer commerce has also created new growth opportunities for payments players; they can address such increasingly attractive markets as large merchant payment margins get more compressed. This democratisation of payments acceptance has also created new opportunities for analytics-based lending and data monetisation strategies, which also offer new and appealing revenue streams for payments players.

    These are just two of the ten payments mega trends identified in our recent report, Driving the Future of Payments: 10 Mega Trends, and I encourage you to explore the other eight. Regardless of what type of payments warrior you are, we hope this report can help you ride the whirlwind to the future, as simply singing in the valley is unlikely to be a successful long-term strategy.

    The post Ten mega trends that will drive the future of payments appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 pm on June 3, 2017 Permalink | Reply
    Tags: , , , , trends,   

    5 Payment Trends and More, with Bill.com CEO [Video] 

    Mobile wallets, , P2P &; it&;s been busy in the payments world lately. But before focusing on far-off technologies &8212; such as cross-border transfers via blockchain &8212; the payments industry should address immediate pain points, according to René Lacerte, CEO of , a processes provider. &;Getting rid of checks and automating the back office [&;]
    Bank Innovation

     
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