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Wednesday, February 17th 2021

This week in
Consulting

Brexit, Digital disruption, Covid 19: what’s next for the Financial Industry?

This week’s must read

Banks need to strike the right balance for digital transformation
Every financial institution is looking to digital transformation to meet rising customer expectations for speed and convenience, lower its operating cost, and fend off competition, including from tech companies moving into financial services. Some are spending over 10% of yearly revenue on technolog…

 

 

The covid-19 pandemic has revealed that customer needs rapidly change. Turning to digital transformation by leveraging the right tools at the right time should benefit customers and financial institutions alike by widening access to services and lowering costs. Is this the solution for tomorrow?

This Week’s Must Read is an insight piece from MIT Technology Review about big tech initiatives in financial institutions.

  @MIT Technology Review

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Thought Leadership

Maximising AI during digital transformation in the financial services sector
By Monica Hovsepian, senior global industry strategist, financial services and Chirag Patel, lead solutions consultant & Magellan technical lead, AI & Analytics, OpenText COVID-19 compressed decade-long digital transformation roadmaps into a matter of days and weeks as financial services organisatio…

The pandemic changed the shape of the financial services sector and there will be no going back. How can Financial institutions leverage AI to adjust their digital transformation strategy moving forward?

Monica Hovsepian and Chirag Patel@OpenText

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Coronavirus and banking: Evaluating policy options for avoiding a
Covid-19 has placed renewed pressure on the European banking sector as firms and households struggle to meet the costs imposed by the pandemic. This column provides a comparative assessment of the

The Covid-19 pandemic will leave deep scars in the euro area and on the health of banking systems. This article provides a comparative assessment of the various policy responses to strengthen banks during the crisis period.

Arnoud Boot, Elena Carletti, Hans‐Helmut Kotz, Jan Pieter Krahnen, Loriana Pelizzon, Marti Subrahmanyam for VOXeu

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5 Digital Transformation Challenges Banks & Insurers Must Overcome
The rise of new technology is at the heart of new challenges that both banks and insurers face. Vital to their future will be their ability to adapt.

Banks and insurance companies are now pushed to embrace digital transformation to serve their clients better. Still, it does not come without challenges: changing customer behaviors, cybersecurity issues & rising competition, among others. How do they adapt to this changing environment?

@stardust

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Banking Strategies During COVID-19 - Kognitiv
For banks, the global pandemic caused a shift from the aspirational benefits of credit cards (motivated through tiering and long-term goals) to necessity benefits, in other words, rewards members can achieve and use in the immediate and near-term.

The changes in consumer habits due to Covid have led to a shift from credit card benefits to necessity benefits. Kognitiv explores how credit card loyalty programs, and more broadly, financial institutions respond to this societal shift.

@Kognitiv

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This week’s Consulting News

Deutsche Bank Quietly Plans to Offer Crypto Custody, Prime Brokerage- CoinDesk
The bank’s game plan was hidden in plain sight in a widely overlooked report by the World Economic Forum.

| Ian Allison@CoinDesk

Bank of America Announces Net-Zero Financing Goal
Bank of America announced its commitment to achieving net-zero greenhouse gas emissions from its financing activities by 2050.

| @environmentalleader

Crypto Finance Group: Why Every Bank Will Need a Crypto Asset Strategy
/PRNewswire/ -- We live in an age of digital disruption that has accelerated over the last year. Central banks are unleashing record levels of monetary...

| @PR newswire

Government and PA select three rapid Covid-19 test producers
The UK Government has selected three British companies for a contract to manufacture up to 2 million rapid Covid-19 tests per day. The selection process was overseen by PA Consulting.

| @Consultancy.uk

 

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This week’s media

The FT’s head of Lex Jonathan Guthrie takes a high-speed tour of Mayfair, the City of London, and Canary Wharf to see how leaving the EU will affect the capital’s financial landmarks.

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