The recent financial crisis and prolonged soft insurance market had a significant impact on the claims departments of property & casualty insurance carriers. Cost reduction became a primary focus for insurers during this time, and claims departments became a major focus area due to the escalating cost of claims. In the US, the insurance industry overall reduced the number of claims staff by 24,000 between 2007 and 2010, or more than 11% of the industry’s total workforce. Due to reduction in staff counts, insurers must seek other ways to efficiently handle claims transactions. Read More »

Consumer lending in 2012 has become a “tale of two customers.” Across the globe, banks are trying to find those customers that will create new profit and those customers for whom the service offering needs to change. To make that happen, there are 10 top technology initiatives every lender should have on their radar screen. Those 10 initiatives cover the gamut, from analytics to regulatory to process improvement – but they’re all dedicated to identifying and servicing all customers in a way that is effective and profitable. Read More »

The recession decreased the availability of general-purpose consumer credit and many retailers energized their private label card programs to bolster credit sales. A change in market conditions and technology enhancements enable private label credit cards to regain their lost popularity. Read More »

We’re pleased to announce our new offering of vendor assessments for wealth management members. Our team interviewed industry experts, reviewed leading products, and created a proprietary assessment methodology to develop these assessments. Each one will include the following components: Read More »

2012 kicks off with issuers optimistic about the future of the card industry but they face persistent revenue challenges.  While most card issuers reported better performance than the dismal results of 2010, high unemployment, a protracted recession and an unfriendly regulatory environment persist.  Applied technologies offer card issuers options to improve their processes, revitalize their pricing models and navigate regulatory requirements. Read More »

The increased scrutiny on liquidity risk since the world-wide financial crisis, and the regulated improvements to liquidity management practices are profoundly impacting the payment industry. We invite you to thoroughly examine the issues that cause the liquidity crises and what needs to be done to modernize liquidity risk management practices and reporting. Read More »

With apologies to author C.S. Lewis, the correlation between the title of his story and the forces facing the financial services industry seems appropriate as 2012 unfolds. Driven by markets and regulators, financial services institutions (FSIs) face structural changes to their business, reengineering of operations, and growing threats to profits. Customers roar their disapproval, demand change, and are willing to take action by seeking out those FSIs with services they want delivered in the channels they prefer. Read More »

The wealth management industry has monitored global regulators closely for policies on the use of social networking sites like Facebook, LinkedIn, and Twitter. Regulators have published updates throughout 2010 and 2011. Most recently, the Investment Industry Regulatory Organization of Canada (IIROC) updated their policies on advertising, sales literature, and correspondence to include guidance on social media. Notice 11-0349 discusses similar rules to what FINRA (United States) and the FSA (UK) published previously. Read More »

With the start of 2012, it makes sense to take a fresh look at the state of regulation in the capital markets industry. Our observation is that despite all the regulatory delays, political pressure, and industry lobbying against new laws, regulatory reform remains front and center as a driver for the US securities and investment business. It preoccupies all US capital markets firms, whether buy-side, sell-side, asset servicers or vendors selling into this market. This sentiment is echoed in our extensive conversations with clients, as well as in recent breakfast meetings we held with capital markets firms and service providers. It was also evident at SIFMA’s recent regulatory summit held in New York. Read More »

Payment card acceptance at the merchant point of sale, online and through mobile technologies, enables credit, debit and prepaid cards to transact.  While the issuing side of the business provides the buyers, transaction technologies book transactions, process and settle payments. Our upcoming research will explore both sides. Read More »