Flexible working practices have been talked about for the past decade, but for many firms and employees, policies are finally becoming a reality. With Brexit on the horizon and open banking coming into play, there will be challenges and opportunities ahead. With such transformational change ongoing, talent retention will be key for firms. Commitment to flexible working policies will allow companies to save money, garner a more productive workforce and retain the best talent.Research from Hydrogen and My Family Care found 81 per cent of workers in the UK look for flexible working options before joining a company, far more than any other benefit. In addition to this, 53 per cent said they would rather have flexible working opportunities over a 5 per cent pay rise. There is a strong demand for flexible working in today’s organisations, and there’s an expectation of firms to offer competitive packages.The financial sector has a reputation for long working hours, offset … [Read more...] about Financial services firms are prioritising flexible working
Primeritus financial services
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?
Symphony has been called a ‘Bloomberg-killer’ since its launch in 2014 because it offers a cheaper alternative to the chat function in the popular data terminals long considered a mainstay for traders.The secure messaging and collaboration platform started out as an in-house chat tool at Goldman Sachs, providing secure communications between employees and allowing them to easily share sensitive documents. Symphony is now valued at over $1 billion, according to reports, and has 235,000 subscribers, with users that range from traders and portfolio managers to salespeople and risk managers.Customers include JPMorgan Chase, Citigroup, Goldman Sachs and Nomura.But Symphony CEO David Gurle believes his company’s appeal goes further than financial market traders. Symphony is already selling to organizations in other highly regulated industries outside of financial services, such as healthcare, defense, legal and government, and wants to expand in the areas in the year … [Read more...] about Symphony targets collaboration users outside 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