DUBLIN--(BUSINESS WIRE)--May 16, 2018--The "Global Financial Services Application Market - by Services, by Software, by Deployment, by size of business, and Geography - Growth, Trends, and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.The global financial services application market was valued at USD 74.35 billion in 2017, and it is projected to reach a value of USD 117.1 billion by the end of 2023, at a CAGR of 7.86% during the forecast period (2018-2023).Financial services institutions need a potent and reliable business intelligence solution, to meet their enterprise needs. Due to the increasing number of financial institutions, there is a need for such financial services. These services are also found to enrich consumer experience, along with optimizing the workforce. On, the contrary, high deployment costs restrict the widespread use of such services. High number of regulatory issues also hamper the growth of the market.One of the most recent … [Read more...] about Global $117.1 Billion Financial Services Application Market 2018-2023
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(Reuters) - China’s Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms in China. FILE PHOTO: A woman is silhouetted against the Baidu logo at a new product launch from Baidu, in Shanghai, China, November 26, 2015. REUTERS/Aly Song/File Photo The investment will give Baidu the heft it needs to narrow the lead that rivals Alibaba Group Holding Ltd and Tencent Holdings Ltd have taken in financial services, and help Baidu’s push to seek revenue streams outside its core internet search business. The deal comes at a time when China’s government is tightening regulations on the loans market to rein in shadow banking and push banks to cut bad debt. Baidu’s Financial Services Group (Baidu FSG) runs payment system Baidu Wallet, an online credit service and an online wealth … [Read more...] about China’s Baidu to sell majority of financial services unit for $1.9…
The world is changing, compelling companies to reframe their focus and transform their business models and processes. Industries and financial institutions must understand the new rules of success and their technological foundations.This article explores the shortfalls of the existing financial transactions model and the potential for transformation through the use of blockchain. It also presents a step-by-step guide to developing Ethereum-based distributed applications.Banking and financial services challenges:Collecting payment for goods or services or transferring money between countries or banks is time-consuming.In developing countries, simply opening a new bank account can take time, cost money and lead to additional workflow related to account registration and payment processing.Centralised banking services are dependent on centralised architecture and all services may be impacted if the architecture is compromised. For example, a central server can have a long … [Read more...] about How Blockchain is improving Financial Services
Ever since the global economic crisis of 2008, the financial services industry has become entangled in an ever-increasing web of regulation. Few would argue that increased control is unnecessary, following a crash that cost the global economy somewhere between $60trn and $200trn. But the drain on businesses is immense.The number of rule changes that global financial institutions must track on a daily basis has trebled since 2011, to an average of almost 200 per day*. Meanwhile, banks like HSBC have quadrupled their compliance head count to around 7,000 people in less than 10 years, at a cost of around $1bn globally. You get the feeling that there has to be a better way.No surprise then that the software industry has stepped in, seeing the smorgasbord of regulation as an opportunity to carve out a whole new category of technology solution: RegTech. According to the FCA, RegTech applies to “new technologies developed to help overcome regulatory challenges in financial … [Read more...] about RegTech: the saviour of financial services?
While BlackBerry CEO John Chen is doing what he can to keep the company alive, a study done by the Ponemon Institute (not Pokemon) shows that Chen has a lot of work ahead. Of course, severing ties with one of the top four U.S. carriers might not have been the pro-growth thing to do, but that is a discussion for another day. What the Ponemon Institute discovered, is that about half of the IT executives toiling for a financial service firm, plan on dropping BlackBerry for good next year.The study, which surveyed 400 IT professionals at financial services firms, revealed that BlackBerry's share of mobile devices used in the financial services sector is currently 44%, and is forecast to drop to 30% in 2015. 49% of these IT executives said that they plan to phase out BlackBerry completely in the next 12 months. The biggest reason for making this switch is to make employees more productive.These IT executives have good news for mobile device makers in general. More than 67% say that their … [Read more...] about Half of financial service firms’ IT executives plan on leaving BlackBerry for good next year