Goto

Collaborating Authors


AI Most Likely to Replace Traditional Retail Banking Jobs, Jianpu Technology Founder Says

#artificialintelligence

With the widespread application of artificial intelligence (AI) in financial fields, more and more related practitioners are beginning to worry about their jobs, especially in the traditional retail banking sector, said David Ye, founder of Jianpu Technology Inc [NYSE:JT], a US-listed financial technology company, at the Yicai Media Annual Summit yesterday.


Nomura launches drive to tempt retail customers from commission to fees

The Japan Times

Nomura Holdings Inc. is embarking on a fresh drive to convince individuals to pay fees for managing their money rather than commissions based on trading -- a move that may prove challenging as it seeks to revive its retail business. The nation's biggest brokerage recently created a Chief Investment Office to bolster advice for individual clients as it prepares to introduce new discretionary portfolio management services in the retail division. Such services typically charge a fixed fee. "We will be working to further improve performance" for investors, said Chie Toriumi, a senior managing director who oversees the office of 10 people, in an interview. The plan is part of new Chief Executive Officer Kentaro Okuda's strategy to generate more recurring revenue from retail customers' assets, which totaled ¥104 trillion ($970 billion) in March.


Salesforce Expands Its Financial Services Platform

#artificialintelligence

Salesforce has announced an expansion to its Financial Services Cloud to help financial advisors build deeper relationships with clients and become more productive by automating relevant client information from disparate IT systems. Two years in development, the Financial Services Cloud platform offers advisors profiles of clients, their households and extended networks. Modules include Client Life Goals which allow advisors to create collaborative financial plans for the client based on life goals such as budgeting for college or buying a vacation home and Wealth Home Page which automates administrative tasks so advisors can quickly scan their daily agendas, prioritize client tasks and track client opportunities. Salesforce seems to believe that CRM (customer relationship management software) and artificial intelligence (AI) using APIs can overcome the silos that have bedeviled retail financial services firms for decades. In its announcement, Salesforce said that "decades of mergers and acquisitions, evolving products that grew up in silos, multiple core systems across different lines of business and an explosion of data have created redundancy and a fractured view of the customer and their needs."


Top 10 Retail Banking Trends and Predictions for 2017

#artificialintelligence

Below is an excerpt of the upcoming Digital Banking Report entitled, '2017 Retail Banking Trends and Predictions', with insights from a crowdsourced panel of close to 100 global financial services leaders and the results of a global industry survey. For the sixth consecutive year, we have surveyed a panel of over 100 global financial services leaders for their thoughts on retail banking and credit union trends and predictions. For the first time, we also surveyed the industry, including banks, credit unions and solution providers (suppliers) worldwide to allow us to prioritize the trends identified. Our global market survey of over 900 organizations also provided an opportunity to review last year's projections to determine importance. Finally, the global survey collected insight into strategic priorities for 2017 and the fintech players that the industry believed would have the greatest impact in the upcoming year.