For European banks, regulations (GDPR, MiFID II, PSD II, Open Banking) are aligning at a time when they are already warding off digital disruptors intent on wooing customers with convenient, cutting-edge technology-based offerings. Financial institutions that adopt a wait-and-see approach will likely lose ground in a rapidly changing financial landscape, but those who adapt and maximize their formidable advantages will prevail.
Cloud computing is expected to be one of the fastest growing technology areas in the coming years with business applications likely becoming the biggest market for cloud-services spending.
With the number of reports suggesting that fintechs are bad news for banks, it may come as a surprise, that the opposite is in fact true. Fintechs may actually be the best thing to happen to traditional banks and the banking sector for a long time. No, really.
New regulation forcing businesses to provide consistent and timely evidence of accountability are hitting processes and operating costs hard and are leading to the emergence of third-party, specialist “financial crime and compliance risk utilities”. Matthew Long of Oracle looks at the pros and cons of outsourcing compliance and risk to third parties.
The ranks of traditional banks have been joined by a new generation of digital-only upstarts that promise all manner of exciting ways to manage your money or interact with financial advisors.
In this world nothing can be said to be certain, except death and taxes.” If Benjamin Franklin were alive in today’s post-financial crisis world, he might have added “compliance” to his statement.
Consumers today undoubtedly have high expectations. They now demand access to the products, services and information they desire and need anytime and anywhere.
Technology for technology’s sake has little value to an organization. An analytics engine alone cannot provide a company with useful insights if it is not fed relevant information.
Over the past four years, we’ve witnessed something in the banking industry that we have not seen in more than 100 years: the rise of smaller, niche banks that are ready to service a new breed of consumer known as the millennials.
News that Apple is upping its game in mobile payments serves as another reminder that traditional banks are increasingly under siege. Aside from managing a growing mountain of regulatory requirements and escalating margin pressures, financial institutions face the emergence of formidable competitors, often from companies in the retail and communications sectors that haven’t traditionally operated in this space.