Insurance Systems Insights
1st August 2018
On July 31, the US Office of the Comptroller of the Currency announced it would begin accepting national charter applications from fintech firms, granting them federal rather than state oversight for the first time.
The impact could be seismic for financial service providers in the country.
For fintech and online lenders, it should come as... read more
31st July 2018
This article updates Six stages to a robust operational risk framework, written by Richard Pike in September 2011. It explains how a financial services company can create and implement a stable and manageable framework for risk management.
1. Risk identification
In this section in the previous article I talked about the process of... read more
30th July 2018
Since the advent of the digital wave, financial institutions have been focusing on user experience and personalization as a means to stay ahead of competition and drive revenue growth. For any financial institution, quality of customer insights serve as success factors across two key areas:
1. Creating an exceptional Omni channel customer... read more
26th July 2018
In the shadow of the credit crunch, Generation Millennial - born 1980-1995 - learned a valuable lesson, according to Christer Holloman, CEO of retail finance fintech, Divido.
The retail finance industry, now standing at half a trillion dollars, has traditionally been dominated by a minority of large incumbents Hitachi Capital and Barclays,... read more
18th July 2018
Client service is so integral to the DNA of some companies that they are renowned and revered for their service excellence. Online retailer Zappos, Nordstrom department store and sports outfitter REI come to mind, as does Rackspace, which has gone so far as to brand its “results-obsessed customer service” as Fanatical Support.
Yet,... read more
9th July 2018
When we take money out of an ATM, open a new bank account, get a new car insurance quote online, or simply check our account balance on a mobile device, a mainframe somewhere is handling the request. Mainframes are the bedrock of the financial services industry. According to a study by BMC, over two-thirds of the mainframe community are now... read more
27th June 2018
New research indicates that 49% of financial services leaders rank finding the necessary talents and skills as their number one concern.
The research, carried out by Robert Half further reinforces similar reports that financial services is fast approaching a skills shortage crisis.
One such report from Innovate Finance projects a workforce... read more
18th June 2018
In pursuit of reducing financial friction, banks and complementary service providers have begun to collaborate amongst themselves, as well as with external technology companies, on a global scale, to offer a seamless customer journey. In some cases, it is the external technology companies themselves who diversify, seeking new opportunities by... read more
8th June 2018
In the new economy, the endgame for financial services is becoming clearer. Accessibility will be the norm, the app store is the new high street and the financial app the vehicle that will deliver a financial future in which Open Banking will become the norm for all.
‘Changing consumer habits’ are both a demand for change, and a... read more
21st May 2018
There are 1583 cryptocurrencies listed on coinmarketcap.com. That is more than all the different types of fiat currencies in the world. The question many people ask is, why are there so many of them? Just nine years ago, there was only Bitcoin. Now we have a cryptocurrency in virtually every sector of the economy.
All these... read more