11960018
Description
Flashcards by Veronica Fernandez Samillan, updated more than 1 year ago
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Created by Veronica Fernandez Samillan
almost 7 years ago
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| Question | Answer |
| What financial services are there? | —Payments —Insurance —Deposits and lending —Capital raising —Investment management —Market provisioning |
| 8 driving forces of innovation in financial services | —Cost commoditization —Profit redistribution —Platforms rising —Systematically important tech —Financial regionalization —Bionic workforce —Experience ownership (power will transfer to owner of customer interface. Pure manufacturers must become hyper-scaled or hyper-focused) —Data monetization |
| Payment market 2017 | 1. Payments migrating to digital channels. 2. pressure on margins bc of competition and regulations 3. Regional distinctions 4. The coming application of the European Union's revised Payment Services Directive (PSD2) by January 2018 will greatly shift the payments landscape in Europe 5. Mobile payment adoption is limited due to need to exceed in functionality. 6. Customer acceptance of nontraditional payment is almost nonexisting |
| Cashless world: Causes & consequences | —Mobile payments —Streamlined payments —Integrated billing —Next generation security *New functions being built on payment systems will change customer behaviour -integrated payments make banks loose control -becoming default card will be critical |
| Emerging payment rails: Causes & consequences | —Cryptographics protocols —p2p transfers —Mobile money Cryptocurrencies may radically streamline the transfer of value Financial institutions will have risks with reputation and security |
| Insurance disaggregation: Causes & consequences | —Disaggregated distribution —Sharing economy —Self driving cars —3rd party capital Online insurance marketplaces and homogenization of risks will cause changes in insurance companies -will need innovation -will need big scope or scale |
| Connected insurance: Causes & consequences | —Smarter, cheaper sensors —Wearables —Internet of things —Standardized platforms Highly personalize insurance -long-term relationships -insurers have more data so more value to full-service financial institution -critical partnership with data providers and device manufacturers |
| Alternative lending: Causes & consequences | —P2p —Lean-automated processes —Alternative adjudication Credit evaluation is changing. Consumers opening to non traditional sources of capital. -More competition will narrow spread -more difficult credit evaluation bc credit portfolio is distributed in many platforms |
| Shifting customer preferences in deposits and lending | —Virtual banking 2.0 —Banking as platform (API) —Evolution of mobile banking Financial institutions will need to specialize and collaborate. |
| Capital raising: crowdfunding | —Empowered angel investors —Alternative adjudication Crowdfunding is of wide access making overall ecosystem richer -Shortens average time of early funding stages |
| Investment management: Empowered investors | —Social trading —Automated advice& wealth management —Retail algorithmic trading |
| Investment management: Process externalization | —Advanced analytics —Natural language —Process as a service —Capability sharing The scope of externalisable processes is expanding. More efficiency and sophistication -agility is critical -less infrastructure needed -less holistic view of operations may cause workforce skill loss |
| Market provisioning: Smarter, faster machines | —Machine accesible data —Artificial intelligence/ Machine learning —Big data Event-driven algorithms -regulators will impact greatly -even small errors will have big impact |
| Market provisioning: New market platforms | New information platforms are improving connectivity making markets more liquid, accesible and efficient. -the importance of advisory services will increase -more quantifiable execution |
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