Banks Want to Make Customers of Their EmployeesRead the rest of this entry »
One of the latest trends in banking is to make customers out of employees.
If that seems like something a financial institution shouldn't have to work at, you should be right, but you're wrong. "Lately, banks have been quietly sharing their concerns with ABA that many of their employees choose to bank elsewhere. This reflects a cultural issue that needs attention." That's from an article on the ...
Banking's 10 Future Shock IssuesRead the rest of this entry »
2017 was a year of angst for the banking industry. Fintech, which begin its nascent ascendancy as a way to facilitate online transactions, has become both a partner and a challenger as cashless payments and virtual banking grows in popularity.
As American Banker said, "More fintech firms are being formed every day, promising to offer financial services faster and cheaper than banks, and the Silicon Valley giants are not far ...
What the Banking Industry Is Facing in 2018Read the rest of this entry »
Even before the Great Recession, banks were struggling to adjust to a new future driven by customer demand and technology. The latter, in fact, showed customers what was possible and they were already beginning to pressure the industry to change.
Now, from Deloitte, comes a 2018 Banking Industry Outlook that examines six "big-picture" themes -- issues each of the industry's five business segments will have to address in the next ...
Cybercrime Becoming Banking's Biggest WorryRead the rest of this entry »
Bad credit used to be the biggest worry for banking executives. Now, cybercrime is rapidly overtaking it.
At a roundtable discussion at a conference in New York last week, executives from some of the nation's largest banks said that in the wake of the summer's massive Equifax hack, their fears of a security breach at their institution have intensified.
U.S. Bancorp CEO Andy Cecere was quoted by ...
7 Trends That Should Have Banks Rethinking StrategyRead the rest of this entry »
In a sobering analysis of seven trends that will have a profound and growing influence on banking, consultants Bain & Company say the industry and its leaders "need to manage for the long game." "Discussions about strategy, which typically cover three-year horizons, should in fact extend to a decade-long perspective.
In the decade since the start of the Great Recession, the financial services industry has seen the rise of multiple ...
Most Insurance Companies Plan to HireRead the rest of this entry »
Fueled by an expectation that their revenue will increase, 62% of insurance companies plan to add staff by the end of the year, with small firms leading the way.
The latest version of Aon Hewitt's Insurance Labor Market survey reports a broad optimism among insurance companies, with 81% expecting to grow revenue. That's a full 10 points higher than in the previous survey in January. It's the ...
How Technological Advances Are Changing BankingRead the rest of this entry »
A new survey of thousands of business and IT leaders found wide agreement on how they are harnessing technology to change the way business is being done.
Of the more than 5,000 leaders participating, some 1,100 were in the financial services sector. They identified five key trends driven by the rapid pace of technological innovation:
- By large majorities -- more than 7 in 10 -- banking and insurance executives see ...
Wall Street Spreads Across the NationRead the rest of this entry »
Wall Street is the finance capital of the U.S. and one of the world's leading banking centers, but with the cost of living and doing business in New York similarly ranking at the top, financial institutions have been slowly shifting some of their operations elsewhere.
The Dallas metro area has become an attractive location for banks and financial services firms. Goldman Sachs, J.P. Morgan, Bank of America ...
Banks Are Beginning to Embrace BlockchainAs banking continues its embrace of fintech, interest is fast developing in using blockchain technology. Santander InnoVentures estimated that banks could save $15-$20 billion a year by dumping their current transactional processes in favor of using blockchain.Read the rest of this entry »
Over the last few years, the technology has, to its detriment, been associated with the bitcoin currency and its sometimes unsavory uses. Though blockchain may have been developed to facilitate bitcoin transactions ...
Hedge Fund Founder: Global Economy Headed for DisruptionThe global economy is chugging along "at or near its best" right now. But the longer term "looks scary," writes Ray Dalio, founder, chairman and chief investment officer of Bridgewater Associates, one of the largest hedge funds in the world.Read the rest of this entry »
He's fretted in the past over the potential for social upheaval caused by national financial policies and economic disruption. In his latest article, Dalio argues that while the outlook ...