About 10 years from now, are we going to look back and realize that banks had already missed the massive market change and were already on their way out?
As smartphone’s like Apples new iPhone X and Samsumg’s Note 8 have become ubiquitous, seismic shifts are taking place in the way people bank and make payments.
Global banking-industry performance has been lackluster. Now comes the hard part: the rise of nonbanking platform companies targeting the most profitable parts of the banking value chain.
According to global consulting firm McKinsey, the banking industry is facing significant threats from new digital competitors, and from consumer adoption of digital services overall. If financial institutions don't address these risks appropriately, they could suffer the kind of big blows to their balance sheets not seen since the worldwide financial crisis of 2008.
IT-related expenses account for about 10% to 15% of financial institutions total expenses. However, many banks and credit unions question whether their investments in financial technology are providing a good enough return on investment. Are banks and credit unions destined to be usurped by fintechs with the capital and the know-how to reimagine banking for today's mobile-first world?
To find the best innovations in retail banking, you usually need to look beyond North America. The best evidence of this ongoing trend is a review of winners in major financial innovation competitions worldwide. Here is a summary of some of the best-of-the-best innovations recognized by Efma and Accenture.
What do you do after you've created a multibillion-dollar cryptocurrency? A skinny, 23-year-old hacker in a green "Doge" t-shirt gave us an answer today. At ethereum's flagship conference, Devcon, project creator Vitalik Buterin revealed he has been quietly working on a new long-term plan for the future of the blockchain network.
Bank futurists seem to coalesce around the same prediction: Technology will take over banking. So banks must get on board, they say, with data mining, artificial intelligence programs and other high-tech services — or they risk their demise.
Don’t miss what’s right under your nose, which may be an engineer with the right mix of curiosity and talent, says Leda Glyptis. They are the key to your future.
You throw out the welcome mat and hundreds of new customers come flooding in the front door. That's great... but how many of your existing customers are sneaking out the back door? Most banks and credit unions pour a lot of effort into marketing to lure people in, but what good is it if they don't stick around.
When artificial intelligence in business became public knowledge, there was a general freak out about all of the jobs that would be lost to the robot overlords. If AI assistants wormed their way into marketing and sales departments and could more effectively perform the work of human employees, how many people would be out of a job?
Unless you’ve been hiding under a rock, I’m sure you’ve heard of Bitcoin and blockchain. After all, they are one of the most trending topics these days — the ultimate buzzwords of the year. Even people who’ve never mined cryptocurrency or understand how it works, are talking about it.
“Our investing culture blind spots are causing us to ignore places, people, and ideas in a way that stifles innovation and makes it difficult for most entrepreneurs to realize the American dream.”
The term ‘robo-advisor’ refers to online investment services that deliver algorithmically derived financial advice. Robo-advisors typically provide their clients with one or more of the following features:
Digital technologies are irreversibly changing the way we interact with different businesses. Many times, the play of technology behind the scene is so subtle yet widespread that we fail to notice it in action. As digital transformation slowly yet surely leaves its footprint in our lives, AI is the next paradigm shift that would drive this change.
Yes, the ATM was a breakthrough, but a lot has happened since then.
Return on equity remains a depressing story and only those banks embracing digital have any hope of turning things around, writes Brian Caplen.
The IMF has been carefully studying the trends in fintech, and my colleagues and I have gathered some initial thoughts about the way that the financial realm is likely to change. We’ve also been weighing how financial regulation and central banking will need to respond.
Corporate finance executives and financial service providers quickly acknowledged a dramatic change in the treasury department: Over the last decade, the corporate treasurer has become a strategic component of the enterprise, driving growth in a challenging, constantly changing market.
The UK government can help IT decision makers embrace digital transformation in four areas of technology – 5G, blockchain, AI and the cloud.