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Data Management in the Wealth Industry: Unleash the Power of Data in Your Organization

Posted on  23 July 14  by 

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Analyzing the DataIn our recent financial services technology survey, we asked wealth management executives about the maturity level of seven different data processes, and four major data functions, in their organization. Survey respondents agree: few data processes are fully mature, and executives express low execution confidence in the four major categories of data functions. In fact, less than a quarter of respondents expressed high confidence in their company’s ability to execute data integration, data visualization, data dissemination, and data analysis activities.

Register now for our upcoming webinar, “Help Wanted: Wealth Management’s Data Management Maturity and Areas for Improvement,” which will be useful for:

  • Wealth Management firms: Compare your organization’s data maturity and execution confidence in specific data functions to the overall industry.
  • Technology Providers: Understand the implications of data management on application development, application integration, and the analytic capabilities needed as part of your wealth management offerings.

Visit the CEB TowerGroup Wealth Management web site to register today.

New Feature: Download CEB Data Charts and Graphics for Your Presentations

Posted on  22 July 14  by 

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CressmanOnce a top request by our members, CEB TowerGroup Insurance now offers charts and graphics, representing our proprietary survey data, for member use. Members can access the charts and graphics page on our web site to locate relevant content for presentations. The charts and graphics are ready-made, downloadable, and customizable for member use. 

The CEB TowerGroup Insurance charts and graphics fall into four major categories:

  1. Executives’ perceptions of the business: Utilize charts and graphics that highlight insurance executives’ expectations of revenue growth, cost pressure, sales, and changes in economic indicators such as unemployment and inflation
  2. Mobility strategy: Access data such as insurance firms’ strategy regarding mobility, overall satisfaction with mobile applications, and challenges in developing and implementing a mobile strategy
  3. Consumer sentiment: Use data highlighting important consumer and business owner sentiments in your presentation, including confidence in financial providers, satisfaction with financial products and services, and changes in personal balance sheets
  4. Data management: Validate your talking points about the importance of data-related activities and insurance firms’ confidence in executing them, or the improvements expected with a data management strategy

Start downloading today!

Delivering Customer Value Through Mobile Payments: A Mobile Payments Market Update

Posted on  22 July 14  by 

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SchmidtFollowing up on our recent Mobile Payment Innovations report, we have published the Mobile Payments Market Update which provides additional insights on the key vendors serving banks in the mobile payments arena and highlights which markets are leading the way in terms of overall potential.

The vendors profiled in the report range from payments providers that deliver a mix of mobile payments and loyalty and rewards programs to payments facilitators that can orchestrate the mix of mobile payments and services a bank would want to offer.  These vendor profiles also include recent customer success stories to highlight the practical application of these services in markets across the globe.

The report also includes an analysis of the major differences between retail and commercial mobile payments uses cases and highlights the leading emerging technologies shaping the mobile payments space today.  These insights are supported by a market overview that illustrates the different mobile payments usage patterns across the globe while sizing the mobile payments market both globally and regionally by the number of devices currently deployed.

Read the full Mobile Payments Market Update report to learn who the leading bank-friendly mobile payments vendors are and select the right mobile payments strategy for your bank’s geography.

New Diagnostic: Identify Your Data Priorities

Posted on  22 July 14  by 

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FrenchThe capital markets industry has overlooked the growth opportunities offered by better data management.  Leading firms have identified four target states of data management that can help to break through this unacceptable status quo.  The first step to reaching these target states is to assess your progress towards them. 

Our members can use this new diagnostic tool to rank themselves on six data management imperatives:

  • Standardize reference and internal data.  Many firms report low maturity on standardization, in part because of the complexity and sheer volume of the data ecosystem.
  • Define capital and liquidity data.  Significant changes to regulations, market structure, and the role of intermediaries has fundamentally altered capital and liquidity approaches.  The supporting data needs to change with it.
  • Aggregate risk data.  The new risk management environment has placed pressure on enterprise risk and data governance, and increased the need for ad-hoc reporting and modeling.
  • Share internal operational data.  At 8 in 10 capital markets firms, executives report that sharing data internally is difficult and manually intensive.  Innovation in data sharing is bringing new insights to investment staff.
  • Align Enterprise Data.  Expanding data beyond its traditional home is a key component of the empowerment of sales, marketing, risk, and finance.  Horizontal data integration tech is one strategy to consider there.
  • Unify and Mine Client Data.  The proliferation of new data types, matched with the industry’s relative inertia in capitalizing on them, makes this an important development area.  Client data is consistently rated the most difficult to manage.

To take the diagnostic and see where your firm stacks up, explore our new data management topic center or download the diagnostic tool directly.

Shaking the Distribution Dollar Tree

Posted on  21 July 14  by 

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The successful agreementInsurers started 2014 with some hopeful news.  CEB TowerGroup’s financial services business barometer showed 90% of executives predict that new sales will increase in the first quarter of 2014 as the economy continues to rebound.  Additionally, 54% of those executives expect IT software investments to increase.

This matches the latest CEB TowerGroup Insurance financial services technology survey data for revenue generating technology, including distribution management.

In fact, according to the survey, 45% of life and annuity carriers are increasing distribution management investments with almost a third planning to adopt or replace distribution management technology by 2018.

In some cases, carriers will refresh their core commissions systems for licensing and appointment applications.  Other firms are moving to the cutting edge with state-of-art mobility solutions, enhanced data warehouses, and better use of predictive analytics to drive sales.

To learn more about how leading firms use distribution management technology to get agents selling faster and better with improved onboarding and incentives, register for CEB TowerGroup Insurance’s upcoming distribution management webinar, taking place on August 14 at 1:00 PM EST.  The presentation will highlight key market trends, the emerging technology landscape, and vendor offerings in the space.

Beach Reads from CEB TowerGroup Retail Banking

Posted on  21 July 14  by 

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Beach ReadsHere are our 5 most-downloaded publications that have our member network talking, to keep you aware of the issues that are most pressing for your peers.

  1. Top 10 Technology Initiatives in Retail Banking for 2014 (Report): Prioritize technology initiatives and pinpoint industry shifts in Retail Banking
  2. Top 10 Technology Initiatives in Bank Cards for 2014 (Report): Learn essential strategies to deliver value and manage risk in card payments
  3. Closing the Online and Mobile Service Gap  (Report): Improve service qualities in digital channels
  4. To Serve and Protect: Achieving a Single View of the Customer (Event Replay): Plan a path toward a single view of the customer
  5. Preparing for the Demise of  the Payment Card (Report): Prepare for higher risk and leverage new opportunities with digitally engaged customers

Want a preview of what’s to come?  Visit our calendar of upcoming events and deliverables for the second half of 2014.  Upcoming events and deliverables of top interest include:

  • Creating a Flexible Digital Planning Model (Research Study): See how progressive banks are creating flexibility to adapt to market changes
  • Delivering Customer Value Through Mobile Payments (Webinar) Learn more about the drivers shaping the mobile payments market. July 31 2014 11am  EDT
  • Current State of Data Management and Analytics in Retail Banking and Financial Services (Report)
  • Core Modernization Play Book (Report)

To see a full list of our newest research, visit the What’s New section of the member website.

Members can also access all research, ranging from webinars and research notes to technology analyses and data reports, from the CEB TowerGroup’s Retail Banking homepage.

Firms Agree: Ensure a Clearly Defined Project for a Managed Account Platform Decision

Posted on  16 July 14  by 

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DelanoCEB TowerGroup Wealth Management is midway through our latest Technology Analysis study, which will identify and analyze managed account platform technology offerings in wealth management. As part of this initiative, we interviewed executives at three institutions to discuss the current state of their managed account platform, challenges with the technology, lessons learned from managed account platform implementations, and the ROI received post-implementation.

Our recently published Managed Account Platforms Tech Pulse summarizes the findings from these interviews, including:

  • Two out of the three firms interviewed selected a vendor managed account platform. The third firm chose to invest in a homegrown system due to their unique rebalancing needs. Important investment drivers included advisor dissatisfaction, low productivity ratings, and the need to consolidate from multiple systems onto a unified platform.
  • Two of the three firms interviewed expressed difficulty in defining the scope of the implementation process or finding a vendor solution to match the scope. Firms struggled to transition from the analysis phase into action, with one company citing difficulty in distilling common processes across marketing, sales, and finance teams in their organization.
  • Firms shared implementation challenges, but differed in outcomes. ROI received included straight through processing, integration between a firm’s portfolio management system and managed account platform, competitive advantage, and the ability to scale processes enterprise-wide.

For an in-depth review of all three executive interviews, download the Managed Account Platforms Tech Pulse . Also, monitor our blog and web site for the full managed account platform technology analysis, due to be published in the Q3 of this year, and to register for our September webinar, Firm Needs and Vendor Solutions in Managed Account Platforms.

Are You Optimizing BPO in Commercial Banking?

Posted on  12 July 14  by 

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MurphyThe expanding scope of regulations, cost pressures, changing customer needs, along with technology and staff limitations are driving continued demand for outsourcing services.  At a high level, decreasing labor arbitrage opportunities due to rising labor costs in key developing countries is driving growth of near-sourcing and in-country sourcing models.  FSIs are searching to find the optimal outsourcing value proposition, particularly with regard to business process outsourcing (BPO) in commercial banking, where legacy customized processes have abounded and multiple products tend to defy scalable solutions.

Additionally, both FSIs and BPO vendors are facing increased scrutiny from federal regulators in the United States, including the recent updated guidance from the OCC with respect to third-party relationships. This guidance includes specific call-outs such as documentation and reporting that facilitates oversight, accountability, monitoring and risk management In the midst of this challenging landscape, BPO continues to be a valuable cost management toolset and strategic priority, with some adaptive approaches being considered and developed. Register for our upcoming webinar BPO Trends in Commercial Banking on Wednesday, August 27, at 11 AM and gain valuable insight into how bank peers and vendors view these challenges, along with approaches for effectively meeting them.

Why the BNP Paribas Fine Is Not a Win for Regulators

Posted on  12 July 14  by 

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Analyzing the DataMoney laundering is big business, accounting for an estimated 3-5% of global GDP, making this crime the equivalent of a top 5 economy.  Regulatory focus on this issue has resulted in eye-watering fines including the BNP Paribas fine which is the largest anti-money laundering (AML) fine in history.  However, it could have been worse in terms of the fine amount – and – it will get worse in terms of difficulty of detection.

The BNP Paribas fine could have been as high as $60 billion given US law, far larger than the bank could possibly afford.  At the bank level, improvement can be made to detect wire stripping — the tactic used to move the funds in this case — but that assumes there is a strong enough compliance focus to implement and leverage this technology.  And, while 48% of firms will increase their AML spend by 2015, not all firms will be focusing on putting this type of detection capability into place.      

The greater concern is that money laundering will now change form because of the penalty, moving beyond currency to other transaction types to become harder to detect.  This is why our AML Technology Analysis identified cross-channel support as being a mission critical attribute in our diagnostic anatomy because bank efforts to combat AML must be able to follow the transaction wherever it leads.

So while the BNP Paribas case is a victory for regulators in terms of raising awareness, it falls short of the ultimate goal of curtailing money laundering overall because the full fines will never be paid in cases like these, and the market will adjust by using alternative methods for laundering funds that will be harder for banks — and regulators — to detect.

Interactive Tool: Generate Your Own Custom Data

Posted on  11 July 14  by 

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FrenchOur members often have specific questions about particular technologies in our survey database.  Recently, for example, we’ve gotten a lot of questions about how likely firms are to adopt or replace a client reporting system within the next five years. 

You can now quickly generate your own, customized data. There are several simple tools that allow you to explore our full dataset of executive surveys and get the most out of your membership.

The most popular tools your peers are using include:

  • Interactive Data ToolPerform custom cuts of three different data sets, such as executive expectations of revenue and costs going forward, and the adoption and investment of specific, individual technologies in capital markets.
  • Full Adoption and Investment Dataset.  See the full survey results, including adoption, replacement, value, risk, and spending on distinct technologies, such as portfolio management systems.
  • Interactive IT Roadmap.  Benchmark your IT projects with this strategic planning tool, which presents the data on a graphical roadmap to allow you to visually pinpoint where you should focus.

Contact us if you have any questions about the tools or would like a demonstration.