Financial Services
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4 Trends That Are Changing Recruiting in Wealth Management
Read the rest of this entry »Four trends are reshaping recruiting among financial firms, with long-term implications for the relationship between clients and their financial advisors as well as for the industry as a whole.
That's the reading from the recently released whitepaper, The Landscape of the Wealth Management Industry. Produced annually by Diamond Consultants, the paper surveys changes and trends in the financial management sector with a specific focus on what they mean for ...
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Point-of-Sale Is the Hot, New Trend In Lending
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Point-of-sale loans are one of the hottest and fast growing lines of credit being offered by the banking industry.They're not new; if you've ever gotten a loan through an auto dealer or had the orthodontist finance your braces, that was a point of sale loan. Now, technology is making it simpler to offer these types of on-the-spot loans, opening up opportunities for thousands of other businesses to ...
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Economic Forecast: Expect Volatility, Above Trend Growth
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Global growth is expected to be strong -- "above trend," is the exact language -- while in the U.S. "favorable financial conditions and stimulative fiscal policy should support economic momentum."That's the assessment from J.P. Morgan's Global Fixed Income, Currency & Commodities Investment Quarterly meeting. The report earlier this month raised the "Above Trend Growth" scenario by 5 percentage points to 75% for the current quarter and possibly ...
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Banks Have Good Reason to Fear Amazon
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The banking industry is keeping a wary eye on Amazon, wondering just how far into the financial services tent the online retailer is planning to go. It already has a co-branded credit card, and Amazon Cash is a way for buyers to deposit cash they can use to shop on, naturally, Amazon.But now the company is reportedly looking for a bank to partner with to offer a co-branded mobile ...
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Banks Want to Make Customers of Their Employees
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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 ...
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Banking's 10 Future Shock Issues
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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 ...
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What the Banking Industry Is Facing in 2018
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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 ...
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Cybercrime Becoming Banking's Biggest Worry
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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 ...
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7 Trends That Should Have Banks Rethinking Strategy
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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 ...
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Most Insurance Companies Plan to Hire
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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 ...
