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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).
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.
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.
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.
"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.
Published By: MarkLogic
Published Date: Jun 21, 2017
Remember Y2K – the IT “problem” that should have brought businesses to a screeching half? Despite the hype, the preparation led to widely documented business benefits and uncovered new opportunities that transformed organizations worldwide.
Similarly in today’s highly regulated Financial Services industry, enabling GRC by integrating data from silos can be the driver for future business use cases like machine learning and anti-fraud detection services. GRC can be your catalyst for new opportunities.
Listen in as our panel of financial services experts discuss the keys to reinventing your data strategy.
How to align your GRC strategy with a business transformation agenda
How to ensure your organization’s approach to data management isn’t just a one-off solution, but a comprehensive one adaptable to changing regulations
How to navigate the increasing regulatory demands for granular data security
How to turn your compliance spend into new opportunities to earn revenue
The financial services industry is increasingly at a crossroads. Faced with mounting pressure from external forces, such a competition from FinTech companies and a more demanding client base, banks and financial services firms are working to become more customer-centric in their approach to business. However, the need to keep sensitive customer and business information secure and ensure compliance with government regulations can stymie those efforts.
The proprietary hardware so prevalent in traditional networks can’t provide what financial institutions need; a growing number, therefore, are turning to software-defined networking
The financial services industry has seen its share of disruption brought about by technology. Yet, technology also is serving as a catalyst to help financial institutions move beyond their traditional boundaries to provide expanded, more customer-centric services. For many institutions, embracing innovation from FinTech companies is part of that movement.
A growing number of banks and institutions, therefore, are taking action. But rather than fighting against the tide of FinTech innovation, many now are embracing FinTech as a way to improve their operations, update their image and increase their customer satisfaction.
Argyle CIO Webcasts, in partnership with Oracle, brings together top IT executives for an innovative, discussion-based webcast exploring the promises and perils of transformational technologies on the financial services industry.
Every financial services firm understands the importance of data. More is better. Sooner is better. Accessing it, understanding it, and taking advantage of it before the competition is better.
In the mid-2000s, Financial Services was the first industry to strongly adopt data virtualization as a disruptive, new technology for accessing and integrating more data, faster and more easily than ever before.
Buy and sell side groups at the largest institutions led the charge, followed soon after by risk management and compliance units. The leading mutual fund providers, along with hedge funds, led the next wave of adoption. In recent years, commercial banks and insurers have accelerated their use of data virtualization. And today, analyst firms such as Gartner, Inc. and Forrester project continued data virtualization adoption for both first-time use at new firms and expanded deployments at existing sites.
This whitepaper provides 10 examples of TIBCO Data Virtualization enabled application
It’s probably no surprise to you that the financial services industry is changing rapidly. Digital technology is redefining the possibilities with automated processes, AI insights, customized experiences, new operating models and next-generation applications — yet global industry profits are stagnating. As the number of disruptors in the space rises, many banks are being asked to innovate while lowering structural costs and improving capital returns — and many traditional banks are falling behind.
Published By: Workday
Published Date: Sep 19, 2018
The data deluge problem isn’t just about the amount
of internal, operational data being stored, but also the
level of granularity available. The finance and HR teams
of many institutions still operate on outdated systems
that are only able to store aggregate data with complex
details summarized. While these systems may be
sufficient for the purpose of financial reporting, they’re
unable to keep up with the level of complexity needed
to drive business decisions.
Today's financial services organizations covet customer insight and understanding like never before. It represents the key to growth and profitability in an industry increasingly saddled with a more stringent regulatory environment.