Hacking a bank is serious business. This is true in terms of hacking as an illegal activity aimed at getting unauthorized access to data and information. Hacking a bank with the institution supporting the action is another matter. And it is a completely wonderful experience.
2016 has been a big year for advanced analytics. Banks that are already turning customer data into smart, actionable insights see major pay-offs in new business, better customer targeting and segmentation, faster decision-making, efficiencies in operations, and progress in risk management. As the banking industry approaches strategic planning season, it’s time for leadership to think long-term about the bank’s goals and future growth and how advanced analytics can support these objectives. Why should data science and advanced analytics be a critical component to the bank’s 2017 business plan? Consider these compelling reasons:
Whether for business or pleasure, the Internet, social media and digital access to information and applications, are a fundamental and fully integrated aspect of modern life. With so much personal technology now used day-to-day – from smart phones, to mobile applications, to the computerization of everyday activities that we all take for granted - wealth management customers increasingly expect 24/7 access to both digitally-delivered financial information and online assistance.
I’ve talked about how the global financial system is broken and how that freelancers are getting the short end of the stick. The free banking economy goes much deeper than you may think.
Innovation in the United States could be at risk due to a recent patent ruling having a detrimental effect on patent enforcement efforts and obtaining patents on business methods including financial technologies. Certain rulings disfavor patent owners and could hurt many sectors, such as FinTech. In particular, The Supreme Court’s Alice v. CLS Bank decision—has led to the invalidation of a multitude of software and business method patents in the FinTech sector (“pro-infringer measures”).
As the demand for faster and more sophisticated financial trading tools increase it is envisaged that future trading platforms will need to adapt in terms of functionality and flexibility.
For almost 40 years, a key piece of banks’ social responsibility strategies has been related to the Community Reinvestment Act (CRA), the 1977 enactment which ensures that banks are continually addressing the needs of low to moderate income neighborhoods and other underserved areas of the communities in which they are located. The CRA requires that financial institutions are periodically evaluated for these efforts, and this record is taken into account when an institution seeks to open a new location or participate in M&A activities.
Sensational headlines in the media describing Big Data as "the next big thing" somehow do not impress anymore. After all, sensational headlines sometimes are just ... sensational and not necessarily true. Behind all these boosted names and future forecasts the most important somehow lies unnoticed: numbers and the actual operational facts. And we need to turn the focus from talking to rather doing.
Real-time transfer technologies have given rise to a new class of customers in the United States: we call them the Overbanked. The Overbanked are people with open accounts with three or more depository institutions.
We have the web at our fingertips. We connect more and more parts of our lives to the internet. We are moving whole business segments from brick and mortar to the online space. That's not really big news - it is called progress and we observe it with more or less interest day in, day out. With the digitalization also comes a shift in the nature of the services offered to us. Consumers will change, the service landscape will change and banks will need to adapt - which means they will drastically change, too.
A few years ago, marketplace lending platforms quickly gained steam and emerged as Wall Street darlings, promising to bring greater access, speed and efficiencies to all parties involved in the borrowing process – borrowers (small businesses and consumers), the marketplace lenders themselves, and secondary investors. In recent weeks, however, a series of high profile incidents and disappointing earnings statements have called into question the transparency, stability and viability of the marketplace lending business model. Apparently, the headlines read, it is not time to ring the death knell for traditional banks just yet.
We’ve heard the sensationalism before – That the unbridled array of opportunities in Africa are either being “squandered”, “exploited” or just now seeping to the surface for globalization to capitalize on the ‘Rising Continent’ in timely fashion.
Yamini Kona has around 15 years of experience in Financial Services. She comes with a strong research and business analysis background and has authored various case studies and thought papers in the past.
Paul Bowman from Market Gravity shares his insights on how traditional long-term strategies are dead and banking organisations are finding new ways to innovate quickly.
When thinking about the implications of the gig economy, all industries must take notice of its disruptive nature in order to remain smart and streamlined, adapting to consumer needs. And, they can achieve this mainly by making their workforces more flexible. But particularly how can it affect the traditional finance industry and the new disruptive trend in fintech? The traditional financial industry is one of the anchors of the world economy, but it is undergoing a reinvention thanks to fintech. When you combine two major disruptive shifts -- fintech and the gig economy -- the results are powerful and game-changing.
We interviewed Kevin Bottoms, Global Vice President of TELUS International, about the importance of customer service and experience in financial services and beyond. Customer don't only need to be acquired, they need to be retained – by building trust.
It is generally calculated that businesses must spend between four and ten times more to acquire a new customer than to keep an existing one [1]. With that in mind, we would like to share several strategies risk departments can employ to help deliver a strong customer experience, an important component of customer loyalty.
We were interested in the P2P payment startup Cookies for quite a while now. When we met co-founder Lamine Cheloufi at the Pioneers Festival 2016 in Vienna, it was about time for an interview.
At the Pioneers Festival 2016 in Vienna, we met Maximilian Tayenthal of the rapidly growing mobile banking startup NUMBER26 and talked to him about the evolution in finance and what it means for their business.
We interviewed Raj Singh and Jürgen Hütter from online lender Avant about the reasons alternative lenders gain ground, why the US offers better prerequisites for the business and what the bank of the future will look like.
In London, we had the pleasure to meet with Co-founder and CEO Matiss Ansviesulis and PR-Specialist Viktorija Gorcakovaite from Creamfinance.
Tel Aviv based startups App Dome offers what they described to us as “Security as a Service”.
We met a part of the Scalable Capital team in London: Adam French (Founder and UK Managing Director), Dr. Manuela Rabener, (Global CMO) and Marianne Slamich (PR specialist).