COVID-19 has brought the centrality of the banking industry within the financial sector into sharper focus. Banks’ roles in shepherding their economies through the troubling times of the pandemic and beyond are indisputable; how well they fulfil their mandates will determine the success of the broader recovery in Europe and elsewhere. The road won’t be easy, and the banking sector needs to redefine and restructure itself to meet these challenges. Bank boards will have to take a more prominent role in this process.
Social-media giant Facebook comfortably beat analysts’ estimates across earnings, revenues and active users for the fourth quarter of 2020. “We had a strong end to the year as people and businesses continued to use our services during these challenging times,” explained Mark Zuckerberg, Facebook founder and chief executive officer.
As consumers continue to move more boldly into the digital realm, it has become increasingly clear that their personal data is of considerable value to different stakeholders. Whether it’s through their heart rates monitored by their watches, their geolocation data provided when they check into particular restaurants
In October 2015, the alternative-data company Eagle Alpha published its research on GoPro, the popular action camera company, with much of its findings having been determined by using web-scraping techniques. “The data from US electronics websites pointed to potential weakness in GoPro revenue for the third quarter of that year,” Eagle Alpha noted.
The proliferation of digital currencies over the last few years has led to a rapidly growing list of use cases for tokenised assets. Thanks in no small part to the development of blockchain technology, as well as the recognition and anticipation of what cryptocurrencies
In the banking world, where handling money safely and securely is a foundational element of the entire industry, having the public’s trust is a nonnegotiable element of success. The financial industry had to scramble to rebuild this trust after it took a hit during the Great Recession
As the world becomes more digitally intertwined, competition between its major economies grows more combative, as evidenced by the US-China trade battles and legal actions. No sector is more impacted than frontline information and communications technology, in which much of today’s warfare between the two heavyweights rages. At the inception of a new year and a new decade, is there reason to hope for cooperation toward shared growth and prosperity?
There are times when no one wants to see history repeat itself, and that’s the case among today’s investors in technology stocks. Some fear that the dot-com bubble burst of 2000 may repeat itself 20 years later. Although some tech stocks may be overvalued, the flourishing Fourth Industrial Revolution displays no signs of running out of steam any time soon. Caution is advised but not panic.
There are enough new terms floating around banking to make one’s head spin, and along comes greenfield bank. This refers to the growing trend among incumbent banks to create standalone digital banks that are as agile and innovative as the fintechs and neobanks. After considering how difficult and expensive it is proving to be for banks to break out of their legacy-infrastructure moulds, this approach makes a lot of sense.
Most banks have processed the message that they need to change if they plan to stay competitive in today’s financial world, increasingly infiltrated by fintech and bigtech disruptors. But the change that is required goes beyond changing strategy; it involves transforming the entire culture of a bank, from the top down. What are the practical steps banks must take to change their internal cultures and use technology most effectively?