We are in the midst of a global productivity crisis. The IMF estimates that if productivity growth had followed its pre-2008 financial crisis trend, overall GDP in advanced economies would be about 5% higher today. However, to blame everything on the financial crisis is misleading. The overall trend in productivity growth is stagnant and has been on a downward trend for the last several years.
This is costing the U.S. a staggering $450–$550 billion a year. In the U.K., concern is such that there have been calls for the government to set new targets and create an independent watchdog to monitor progress to improve national productivity.
There is also a workforce engagement crisis. Most people are simply not engaged at work, with industry research showing that typically 66% of people are either partly or not engaged at all at work. This means that only 1 in 3 people at work are fully motivated and productive.
Yet most companies are oblivious to this fact. Some run annual emplo
In the financial services industry (FSI), high-performance compute infrastructure is not optional; it’s a prerequisite for survival. No other industry generates more data, and few face the combination of challenges that financial services does: a rapidly changing competitive landscape, a complex regulatory environment, tightening margin pressure, exponential data growth, and demanding performance service-level agreements (SLAs).
When you choose Frontier as your partner, your bank or financial services firm can take advantage of this experience and our extensive portfolio of network and equipment solutions. We will work closely with your team to assess your current situation, determine future communications requirements, and select products and services that fit into your timeframe and budget. What’s more, Frontier backs everything up with local customer support.
Adobe article that condenses/highlights key findings from the Econsultancy Digital Marketing in the Financial Services and Insurance
Sector 2017 Study, an in-depth, 5000+ word report covering FSI executives’ opinions on:
– General trends in retail banking, investment banking, and insurance
– Internal structures their companies are using to execute digital transformation
– The biggest threats/disruptions in the industry
– The biggest priorities in 2017 (leaders are focusing on both customer retention and customer acquisition, mainstream is focusing just
on customer retention)
– Main sources of sales and leads (digital + mobile are steadily increasing sources)
– Digital marketing budgets & investment areas (leaders are investing more in digital marketing automation and analytics)
– Use of the cloud and AI to automate analysis and marketing
– The importance of multichannel personalization
– Innovation in the types/formats of products/services provided (leaders are focusing on i
As of May 2017, according to a report from The Depository Trust &
Clearing Corporation (DTCC), which provides financial transaction and data processing services for the global financial industry, cloud computing has reached a tipping point1. Today, financial services companies can benefit from the capabilities and cost efficiencies of the cloud. In October of 2016, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC) and the Federal Reserve Board (FRB) jointly announced enhanced cyber risk management standards for financial institutions in an Advanced Notice of Proposed Rulemaking (ANPR)2. These proposed standards for enhanced cybersecurity are aimed at protecting the entire financial system, not just the institution. To meet these new standards, financial institutions will require the right cloud-based network security
platform for comprehensive security management, verifiable compliance and governance and active protection of customer data
Published By: Dell DnCP
Published Date: Nov 20, 2018
Forrester Consulting conducted a Total Economic Impact™ (TEI) study to provide readers with a framework to evaluate the potential financial impact of Dell UltraSharp monitors above 27” on their organizations. To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed one customer from the global financial services industry with experience deploying Dell monitors. This summary is based on a full TEI study, which can be downloaded here.
Published By: Sage EMEA
Published Date: Dec 19, 2018
We are in the midst of a global productivity crisis. The IMF estimates that if productivity growth had followed its pre-2008 financial crisis trend, overall GDP in advanced economies would be about 5% higher today. However, to blame everything on the financial crisis is misleading. The overall trend in productivity growth is stagnant and has been on a downward trend for the last several years. This is costing the U.S. a staggering $450–$550 billion a year. In the U.K., concern is such that there have been calls for the government to set new targets and create an independent watchdog to monitor progress to improve national productivity. There is also a workforce engagement crisis. Most people are simply not engaged at work, with industry research showing that typically 66% of people are either partly or not engaged at all at work. This means that only 1 in 3 people at work are fully motivated and productive. Yet most companies are oblivious to this fact. Some run annual employee sa
ENGAGE AND SATISFY FINANCIAL SERVICES CUSTOMERS
In order to stay relevant and retain today’s “always-on”, mobile customers, financial institutions must prioritize and innovate. According to a recent Akamai FinServ industry survey conducted by TechValidate, almost half of the respondents are “behind” or “slightly behind” their peers with regard to their mobile capabilities.
Download a free report with detailed findings and takeaways from the survey to find out how to maximize customer acquisition, increase retention, and drive card usage. You’ll also learn:
- Current mobile strategies and barriers to adoption
- The right metrics to measure success
- The most important factors in a mobile banking experience
In the spring of 2015, the IDC organized a study on the business value Vblock systems bring VCE customers. The organizations that took part in this study ranged from 400 employees to 200,000 employees, with an average employee count of 27,113. These organizations represent a wide array of industries and countries.
The results of this study were published in the VCE-sponsored IDC white paper entitled, “The Business Value of VCE Vblock Systems: Leveraging Convergence to Drive Business Agility, May 2015”.
This report identifies the challenges faced by financial services industry today and how VCE’s Vblock Systems are being used to address them.
Datacenters are the factories of the Internet age, just like warehouses, assembly lines, and machine shops were for the industrial age. Over the course of the past several years, riding the wave of modernization, datacenters have become the heart and soul of the financial industry, which each year invests over $480 billion in datacenter infrastructure of hardware, software, networks, and security and services.
The financial services industry has been significantly impacted by the increasing use of technology from smartphones to wearables. This transformation in methods of transacting has enabled more personalized engagement, allowing customers to use multiple channels simultaneously to engage in seamless, multi-dimensional banking. This has also increased both the potential and complexity of creating a positive customer experience.
Resistance to change is futile. Financial services are becoming more embedded in the banking customer’s everyday life, driving unprecedented levels of change across the industry. The unfolding digital economy is ushering a new era of technology adoption in banking. From cloud to open banking APIs, these play a defining role in enabling banks to create new digital products and services, refresh the bank branch, find new customer segments, and monetize underutilized data and information assets.
The digital, connected world is fundamentally changing the dynamics of the financial services industry. Consumers expect anytime and anywhere access with a customer experience commensurate with the Internet world, while fintech start-ups disrupt established value chains, driving a need to deliver faster innovation. This is creating tremendous pressure on the network, with escalating demands for performance and agility, while cost control and compliance imperatives remain as dominant as ever. This paper looks at optimal strategies for CIOs and CTOs, exploring how the future network needs to evolve to both drive operational effectiveness and enable business change, while assessing key investment and strategic considerations for equipping the network for the digital financial institution.
The latest version of CA Project & Portfolio Management facilitates core financial activities with the ease and familiarity of a spreadsheet.
Two years ago, CA began to reevaluate how organizations were leveraging their project and portfolio management solutions. Our goal was to identify ways CA Project & Portfolio Management (CA PPM) could better serve every user, from project, resource and financial managers to executive decision makers and team members.
CA PPM 15.3 simplifies the job of the financial manager with Microsoft Excel®-like functionality, embedded communication and collaboration features, and direct links to the industry’s most popular reporting and business intelligence tools.
Digital technologies and increasing customer engagement point traditional financial institutions towards a wonderful new world of an enhanced customer experience. Herded by a wave of regulatory ‘enablers’ - through the yin-yang regulations in the form of the GDPR and PSD2 - the industry landscape is ripe for transformation for those willing and able to embrace this new world: connected customer ecosystems beyond their own institutional walls. In doing this, this creates more comprehensive customer journeys - and ultimately, better quality customer experiences.
Sanctions screening and fraud prevention solutions use real-time detection to prevent terrorist financing and financial crime; whereas anti-money laundering (AML) primarily follows an “observe and report” process. Such a process is all that is currently required by many regulators. Increasingly though, international compliance teams are choosing to stop transactions before they are executed – based on suspicions of money laundering activity. More and more, the industry has been asking itself if this approach of rejecting suspicious activity is a more effective strategy to prevent money laundering. This paper explores where and why AML real-time detection might make sense as a new paradigm for global financial institutions.
Global anti-money laundering (AML) standards have long required that understanding beneficial ownership be a part of a financial
institution’s AML program. Beneficial ownership outlines the identity of individuals with a controlling interest in a privately held company, enabling a financial institution to understand the ultimate beneficiary of a financial transaction. Identifying beneficial ownership can be a complex process, but it’s one that institutions must conquer if they are to remain in compliance with industry rules and legislation.
"Today’s procurement leaders are using technology to achieve greater procedural and financial efficiencies, secure the best products and services, and improve vendor relationships. However with the lack of technology to boost efficiency and strengthen the partnership with vendors and employees, saving costs and speeding up procurement processes can be quite cumbersome.
Industry experts predict that successful businesses will soon become 100% digital for all transactions. The challenge is how to “go digital” in the right ways. Download this best practices paper to learn the eight important ways that procurement teams can make meaningful progress in their digital transformations. "
For decades, the financial services industry has endured constant change
and uncertainty, from the depths of a financial crisis to widespread
regulation overhauls. With the advent of more advanced cybersecurity
threats, the industry has responded with rapid digital transformation to
remain competitive while also pushing the envelope. Today, managing
and mitigating cyber-related risks not only draws government scrutiny, but
increased consumer scrutiny as well, with longstanding brand reputations
anchored to institutions’ ability to protect its most sensitive data. In a
recent survey of Americans, financial information was considered by
consumers to be their most valuable personal information, worth even
more than personal or family photos and videos. For consumers, failing
to protect their data is a grave violation of trust, to the point where 72%
would consider leaving their current financial institution if their sensitive
information was taken hostage by ransomware.1
Not only does the
The financial services industry has unique challenges that often prevent it from achieving its strategic goals. The keys to solving these issues are hidden in machine data—the largest category of big data—which is both untapped and full of potential.
Download this white paper to learn:
*How organizations can answer critical questions that have been impeding business success
*How the financial services industry can make great strides in security, compliance and IT
*Common machine data sources in financial services firms
The transformation imperative is now the imperative of the entire enterprise. The challenge to leaders of top financial services firms is to build operating models that are ready for anything. Join American Banker Editor-at-Large, Penny Crosman, and former IBM Global leader for strategy and design, Robert Schwartz, as they discuss this idea, pulling clips from a recent event for industry leaders, including: Bridget van Kalingen, IBM on redefining success with cloud, AI, quantum and blockchain Shari van Cleave, Wells Fargo on rethinking data strategies in the age of AI Bret King, Moven on rebuilding the bank from the ground up Rob Bauer, AIG on the ways to get started with transformative projects Marty Lippert, MetLife on creating space for innovation by migrating core operations off of legacy infrastructure and many more
Loop Commerce invented the $600B G-Commerce industry by building the first digital solution that makes it simple to shop for others and partnering with retailers like Target, Uniqlo, and Neiman Marcus along the way. After an acquisition by Synchrony, their deep consumer financial services experience and strong retail partnerships makes this the most exciting innovation in an always changing industry. See how the top retailers on the planet are embracing the huge customer segment shopping for others and seeing spikes in revenue because of it.