Analysis

Hybrid skills shortage threatens growth say international bank chiefs

Hybrid skills shortage threatens growth say international bank chiefs

Limited availability of key skills is seen as a threat to growth prospects by 70% of chief executives in the financial services sector. A global survey by PwC shows that the disruptive impact of new technology and new competition in the sector has created new challenges for employers looking to hire in the months ahead. Concerns centre on the shortage of employees with the right combination of skills, with more than three quarters of executives looking for a broader range of skills when hiring than they did in the past.

Blog: Trends in Emerging Technologies

Younger users are setting the stage for a payments future of wearables and mobile. See what the latest consumer research from FIS reveals.

Blog: 5 Payments Trends to Watch in 2015

The U.S. migration to EMV chip technology, developments in mobile and contactless payments in retail and transit, and a focus on layered payments security, were the headlining themes from the annual Smart Card Alliance Payments Summit.

Can we trust cryptocurrencies?

It is a truth universally acknowledged, that a currency system seeking successful adoption must be in want of trust. Trust that a representation of value, such as a paper note, is backed by real value or a genuine obligation to repay; trust that those representations will be accepted by others as such; and trust that the representations of value are not counterfeit.

The Theory of Everything – and TCA

In the Oscar-winning film The Theory of Everything the lead character Stephen Hawking lays out his vision of a single equation that explains all physical aspects of the universe. This rarefied scientific debate has echoes in the more prosaic world of Transaction Cost Analysis in financial markets, where the availability of more granular data coupled with pressure from regulators is driving a whole new wave of research and analysis, says ITG’s Michael Sparkes.

The evolving relationship between banks and IT suppliers

Customers are looking for organisations that care about their needs in a way that is personalised, responsible, transparent and – of course – secure. In recognising this, banks are stepping up to the challenge and just as technology is at the heart of this business, so their relationship with IT suppliers is a key component of this value shift.

Code Halos: the key to improving banks’ Net Promoter Score

A company’s Net Promoter Score has become an important measure of customer satisfaction. It asks them a simple question: how likely they are to recommend that company to a friend. The responses split the audience into three groups: promoters, passives and detractors. By subtracting the percentage of detractors from the promoters, banks obtain their NPS. NPS has been a valued metric in many consumer-facing industries for several years, but its importance and influence in financial services is growing fast.

Sharing threat intelligence is challenging the industry, but it’s the only way forward

Protecting your banking infrastructure from cybercriminals is one of the toughest IT challenges in banking. It keeps getting harder, even though banks are working tirelessly to protect both customers and assets. Attacks are growing in size, and new developments such as the Internet of Things mean attack surfaces are growing, as well as the number of endpoints that can be used to launch attacks.

Bringing it all together

From the early days of internet distribution, New York-based Alacra has been aggregating reference data. Chief executive Steve Goldstein told David Bannister the company’s story

House Passes Bipartisan Bill Curbing CFPB Budget; Veto Expected

House Passes Bipartisan Bill Curbing CFPB Budget; Veto Expected

he House of Representatives on Feb. 4 passed bipartisan legislation sponsored by Rep. Virginia Foxx (R-N.C.) that she says would require greater transparency in government and would cap the CFPB budget for FY2016 at $550 million, $36 million below its expected funding.

Complaints: stopping the next scandal

As 2015 begins to gather momentum, it looks like the end is finally in sight for PPI claims, according to the Financial Conduct Authority. Back in September, the FCA announced a further drop of 11% in complaints from the first half of 2014, continuing a downward trend that began back in 2012.

Gov. Christie Signs ZIP Code Repeal Bill (Feb. 6, 2015)

N.J. Governor Chris Christie (R) signed into law a bill that eliminates the collection of consumer ZIP code information for gift cards purchased at the POS, putting an end to a protracted legal battle over unclaimed property rules in the state.

Blog: Tackling Fraud with Data

Merchants appear to be more apt and capable of leveraging their own data today than the preceding several years. And, they are finding that using this data is more effective in combating fraud than traditional validation services.

I am a bank

Remember those Microsoft adverts that touted ‘I am a PC’, showing everyday people as happy PC users? What if everyday people could do the same for their finances and say, ‘I am a bank’? What would that bank look like and what services would it offer to meet customer aspirations?

NYAG Widens Access to Bank Accounts, But Still Plenty of Room for Prepaid (Feb. 3, 2015)

NYAG Widens Access to Bank Accounts, But Still Plenty of Room for Prepaid (Feb. 3, 2015)

New York Attorney General Eric Schneiderman wants to increase access to traditional banking services by getting banks to change their account-opening criteria. But broader access to checking and savings accounts doesn’t mean consumers won’t continue to seek out alternatives, including prepaid cards, which may have more features and fewer fees, according to industry observers.

Thaw in investment freeze drives tech hires

Technology hiring is on the up, with employment within the industry forecast set to grow at 2.19% this year, nearly five times faster than the UK average, according to the 2015 Salary Guide from specialist recruiter Robert Half.

Banking innovation: a marathon, not a sprint

Britain’s banks have reliably serviced the banking needs of millions of customers for more than a hundred years; providing a safe place to store hard-earned cash, mortgages to buy dream homes, and great interest rates to accumulate savings

A winning mobile strategy

The mobile revolution is taking the financial services industry by storm. In less than five years it is predicted that the number of mobile phone owners using their device for banking purposes will double to over 1.75 billion. Banks cannot ignore the implications of what this means to their future business models. A mobile-first approach will be essential in leading the way.

Blog: Hot Topics at ‘The Big Show’ 2015

Coming off a strong holiday season, retailers have their sights set on data security and the shopping experience. First Data’s Jerry McNerney talks about how the payments industry can help.

Blog: Building the Next Generation of Payroll Cards  

In 2014, payroll cards took a beating in the general press, fueling the fire in some state legislatures to impose onerous restrictions and potentially category-killer requirements. Now, CFSI, working in consultation with industry participants and consumer advocates, has created best practices for what it calls “high-quality payroll card products” that promote choice, safety, affordability, transparency and convenience (and discourage outliers).

FDIC Advises Banks to Contact Examiners on Brokered Deposits

FDIC Advises Banks to Contact Examiners on Brokered Deposits

Prepaid issuers aren’t the only ones confused by the potential implications of the FDIC’s recent FAQs on brokered deposits. The agency offered some clarifications to ABA staff but recommends issuers reach out to their examiners with specific questions.

Investment banks can benefit from online intelligence

It’s no secret that more bulge bracket trading desks are turning to online intelligence – predominantly social media – to obtain breaking news and views ahead of traditional wires. Yet, with constant pressure to get the edge over competitors, other departments of major investment banks will start following the trading floor’s lead.

Increasing customer engagement through mobile banking

Consumers in both developed and developing countries have embraced their mobile devices to check balances, make payments and conduct other financial activities. As a result, mobile banking has become a must-have offering for financial institutions. However, many are still working out how to go beyond the basics to add value for customers, increase engagement and maximise the return on the mobile channel investment.

Taking care of business

With a string of client projects in flight, the immediate effects of the financial crisis weren’t a problem for Dublin-based Information Mosaic, but as projects that had run for two or more years started coming to an end, things got a little tougher. Fortunately, the company has one major shareholder that has both funds and a long-term view …

AEOI: tax reporting doesn’t have to be taxing

With so much attention on FATCA in recent times, the financial services industry could be forgiven for seeing it as the most obtrusive regulation ever imposed. This view will soon change. Once the Automatic Exchange of Information (AEOI) comes into force, financial institutions will have far greater challenges to overcome.

The critical 48 hours after a cyber attack

A range of social, political, cultural and economic factors drives cyber attacks. How well banking and financial institutions understand the drivers for an attack and how effectively they respond in the 48 hours following the discovery of an attack has a major effect on the resultant impact.

Regulation: why it must be seen as the carrot rather than the stick

The global financial crisis triggered an avalanche of fierce criticism for the financial industry, the repercussions of which are still being felt. In its wake industry bodies around the world introduced stringent regulations that require in-depth auditing to achieve compliance and complete corporate accountability.

Banking competition, divestments and the rise of the digital challenger banks

The Competition and Markets Authority has recently embarked on a full investigation into the so-called competitive stranglehold the four big banks – Lloyds, RBS, Barclays and HSBC – have over the UK market place. The CMA ended a five month consultation with the announcement of the investigation into accounts for customers and corporate accounts for small businesses – the CMA has already identified large branch networks and free current accounts as being barriers to entry for new banks

CFPB Seeks Input for Campus Card Guide (Jan. 15, 2015)

CFPB Seeks Input for Campus Card Guide (Jan. 15, 2015)

The Consumer Financial Protection Bureau (CFPB) is creating a guide to help colleges evaluate institutions that offer financial accounts to students—and the CFPB is seeking input in devising the document.

Viewpoint: Industry Trends to Watch in 2015

Macro trends, including increased access to mobile devices and the Internet as well as consumer appetite for deals, will continue to drive changes in shopping behavior and broaden the use of both prepaid and electronic payments in 2015.

The media as a source of reputational protection, rather than risk

For better or worse, financial institutions are more risk averse than ever. This is the direct result of continuing and growing regulatory scrutiny over a broad range of activities, including the compliance of financial institutions in areas such as international sanctions, the prevention of money laundering, the funding of terrorism or the facilitation of tax evasion.

Four cyber security risks not to be taken for granted in 2015

With Sony the latest victim of hacking, large organisations are witnessing yet again how data breaches cause serious damage, to the tune of millions. The prevalence of hacking in the media begs the question, what’s in store for 2015?

Blog: Why I Can’t Toss My Checkbook

P2P options abound, but I won’t be ditching my checkbook until providers make it easy and compelling enough for the local service providers I pay to make the switch.

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