Did you know that the global financial crisis of2008 cost insurance companies almost $22 trillion USD? Or that the 9/11 attacks led to insurance pay-outs totalling $40 billion USD? This infographic explores some of the largest pay-outs the world has ever seen, including everything from motor insurance to even pet insurance. Thanks to Jim Flannery of…
I just got pinged some more research from Deloitte, who have produced a fascinating report about the size of the market for the Internet of Things (IoT). Here's the management summary and you can download the whole report here if you want. Financial services have long trafficked in the intangible, from counterparty risk and online…
I can’t find it online but I was just in a session at BAI RD2015 http://www.bai.org/retaildelivery where the BAI research guys put up some slides on access preferences. They called these “channel preferences”, as do most, but I cannot use the word channel without physically retching. It’s a great way to bring on bulimia but,…
Another day and more news about blockchain, this time in the wholesale financial markets. I’m presenting at a conference later this week, and the organisers asked me to think about collateral management. This is a subject that has been perplexing our capital markets group in London, as EMIR (the European Markets Infrastructure Regulation) mandated that…
An interesting report from the BBC: Banks in the UK and across Europe could lose their best customers if they fail to make massive investments in mobile banking and marketing. Traditional 'retail' banks are most at risk, according to a survey by Deloitte Consulting, which talked to senior executives of 133 banks and insurance companies…
This post was first published on SAP for Banking Many markets are being 'disrupted' by peer-to-peer (P2P) connectivity and new open marketplaces. Think Uber for taxis and Airbnb for hotels. These are the new marketplaces for personal transport and accommodation. Some say that P2P lending is the new marketplace for financial credit. From mortgages to…
I’ve written a lot about banking not being disrupted by Fintech, no matter how much the upstarts claim. A few articles of note: How a bank should respond to 'disruption' (August 2009) Is banking being fundamentally disrupted by technology change? (September 2013) We are not being disrupted, just rearchitected (October 2014) Banks are too regulated…
I’ve been advocating for some time that banks should refresh core systems. A complete renewal of the back-end. Everyone tells me I’m an idiot for saying so. It’s impossible, stupid, naïve and impractical. OK, I hear that. I know it’s not going to be easy but, if a bank has systems built before Mark Zuckerberg…
This blog was first published on SAP for Banking, 12th August 2015. I recently found some exceptional insights into how China is leading the world of banking, as we saw the opening of digital banks WeBank and MYBank. If you are unfamiliar with these two bank titans, they both launched this year as offshoots of…
