EMBRACING THE SECOND HALF OF LIFE

DAN MARTIN | September 2, 2016

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I recently had the pleasure of meeting Richard Leider, the founder of Inventure - the Purpose Company, and one of America's preeminent executive life coaches. I have had the opportunity to get to know many different coaches throughout my career and life, and I can firmly say I have never met anyone quite like Richard. He has spent his life understanding the value of purpose and its importance to leadership, and he has taken up the banner of helping others find their meaning, and act upon it. Over the course of the evening, it became clear to me that Richard is the genuine article; the strength of his belief in his mission is palpable, and his objectives are not based on profits or revenues, but changing the world.

Spotlight

49 Financial

It is our belief that the financial industry has been in need of a major revolution for quite some time now. Somewhere along the way, the deep care for another person and their finances seems to have been lost. Today, new associates are thrown into a career with one of the lowest retention rates in the United States.Finances are one of the most important pieces of people's lives. It has the ability to bring overwhelming joy and peace, while also enormous amounts of stress and discomfort. For something this important, it is our belief that building life-long relationships with people and providing financial guidance is one of the most needed and rewarding ways to live out one's professional calling.

OTHER ARTICLES

2020: Drive by regulators to adopt tech poses challenges for the firms they police

Article | February 25, 2020

The overhaul of the financial services industry in the post Great Financial Crisis (GFC) era has created a swathe of new rules and regulations for the regulators to monitor, and financial firms to adhere to. While such changes have presented firms with significant challenges, transforming how they operate and behave on a day-to-day basis, it has coincided with another notable overhaul in the tech arena.

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FINANCIAL MANAGEMENT

Technological Innovation and Everyday Lifestyle

Article | July 7, 2021

Technological innovation over the recent decades has attracted increased interest of researchers and industry experts thereby becoming an integral part of everyday lifestyle. The challenge lies in resolving the dispute between a forward-looking innovative structure promoting innovation, and a proportionately meticulous schema that is capable of winning faith of consumer. Information technology is fast turning to be a key instrument in the lives of consumer across generations. In current global economy, customers across industries have been pampered and the credit goes to “Bigtechs ” like Ali Baba, Apple, Amazon, E-bay, the list being exhaustive along with “Fintech ” and “Incumbent banks ” as a result, consumers expect swift product delivery with flawless service. A review of available literature is suggestive that further expositions tend to focus on fintech and its integration in banking arena investigating the factors that underpin the choice of external partners to collaborate, design, develop and implement fintech capability while addressing the gap between research and industry evolution. Recent developments in technology have refurbished global economies at an immensely fast pace, making the business environment extremely challenging with continued margin pressure. Digital technologies are intrusive to not only the competition but also to the role of payments in businesses impacting the ultimate consumers. Investigating digital transformation has been of continuing interest across industries. Digitization might abolish some vital job roles, threatening the human workforce reluctant to digital changes. However, observations are indicative of focus towards higher-value tasks and creating unprecedented opportunities. For instance, adoption of digitization in financial industry, provides considerable opportunity to relationship managers to spend minimal time in operational activities and maximum towards advising customers. Amongst many ideas laying the foundation of fintech adoption, a growing body of literature recognizes two vital causes for the evolution of fintech companies that can be routed back to a decade. Firstly, the global economic financial crisis also called economic recession that has distinctly exhibited to consumers the flaws of the traditional system. Second, the evolution of new technologies that boosted mobility, easy flow of information, speeding up the service delivery and lowering the costs. The way banks engage the customer today has gained fresh prominence, with a movement from branch banking to digital systems, benefitting from customer insights. Aiming to enhance consumer engagement and gain competitive advantage, debates continue about the best strategies banks adopt to engage with customers that has resulted in adding capabilities and complex technology on top of systems and processes to meet dynamic customers’ expectations to gain real time personalization. Much debated question is whether organizations with traditional framework are able to come up to such expectations becoming capable of disrupting industry by prompt digital delivery using advanced algorithms and digital platforms to successfully provide unrestricted access to information bits. Promising superior experience to users, however, if industry experts hit the bulls-eye and tend to offer more competitive prices, enhanced operational controls may entitle lesser risk and probability of higher revenues. Such developments bring along advantages and disadvantages at the same time. Whereas advantage lies in reduced transaction processing times, service excellence and global integration the disadvantages lie in the fact that not many users are keen to shift to the fintech modes as far as their financial transactions are concerned since they are apprehensive of the risks associated with such adoption, witnessing this paradigm shift in the pace at which industry is developing focussing on much saturated red ocean of retail banking and gradually making a shift towards payment systems, which seems to be an untapped blue ocean of opportunities. The underpinning factors that govern the financial industry are KYC / AML and CFT together forming the basis for regulatory controls. Ethical transparent business knit together with service excellence, minimal risk, a strong regulatory framework in the competitive industry has given the incumbent banks an opportunity to partner, collaborate and codevelop with technology and consulting firms for collaborative innovation. Technologies like artificial intelligence, blockchain are capable of providing effective product suite to clients resulting in scalability of business.. On the other hand, robots replacing front end customer interface causes threat of redundancy to human capital and increase the training costs. As a result, many times an informal approach to collaboration tends to delay the outcome since the senior management looks at digitization in transaction banking as a profitable step and the middle management is hesitant of human redundancy, training etc which might cause delay. Taken together, a probable explanation advocates that common goals of digitization in financial institutions are regulatory control, risk mitigation, increase in revenue and to meet dynamic customer expectations by co-developing with external partners to gain competitive advantage. This adoption may further lead to higher cohesiveness in departments, improved value chain and reduced turnaround time with higher resolution quality. The digital transformation is capable of reducing the operational costs and overheads leading to increased profits, improved efficiency, better regulatory controls with less risks and collaborative opportunities for partners taking benefit of its tech talent to reach desired results. References: Anikina, I.D., Gukova, V.A., Golodova, A.A. and Chekalkina, A.A. 2016. Methodological Aspects of Prioritization of Financial Tools for Stimulation of Innovative Activities. European Research Studies Journal, 19(2), 100-112. Boston Consulting Group 2018, Three Keys to successful digitization in Transaction Banking, Boston Consulting Group, pp1-2 Botta, et.al.,2016. Technology innovations driving change in transaction banking. [Online] Accessed on March 11, 2018 Available at:https://www.mckinsey.com/industries/financial-services/our-insights/technology-innovations-driving-change-in-transaction-banking Capegemini & LinkedIn, 2018, World Fintech Report, p. 9-10 Hammond, Alex, August 2017, How banks are getting the digitization of core banking wrong, pp 1-8, [Online] [Accessed on April 02, 2018] Available at:https://www.bobsguide.com/guide/news/2017/Aug/23/how-banks-are-getting-the-digitisation-of-core-banking-wrong/ Johnson. et. al., 2017, Exploring Strategy chapter 3 Industry and sector analysis, pp. 62-91 Markovitch, Shahar & Wilcott, Paul, May 2014, Accelerating the digitization of business processes, Digital McKinsey, McKinsey & Company, pp 1-5 Mehrotra, Mohit, 2014, Digital Transaction Banking: Opportunities & Challenges, Deloitte Consulting Pte Ltd., pp 1-22 Olanrewaju, Tunde, July 2014, The rise of the digital bank, Digital McKinsey, McKinsey & Company, pp 1-5 Puschmann, Thomas, 2 February 2017, Fintech, Bus Inf Syst Eng 59(1): 69-76, Springer Fachmedien Wiesbaden 2017 Saksonova, Svetlana, Kuzmina-Merlino, Irina, 2017, Fintech as Financial Innovation – The Possibilities and Problems of Implementation, European Research Studies Journal, Volume XX, Issue 3A, pp 1-14

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Core finance - taking a strategic approach to cloud

Article | February 21, 2020

This post focuses on the benefits of a strategic cloud approach. The first blog post in the series titled, 'How a focus on the customer can help you fight for a digital finance transformation' can be read here and the follow up on laying the foundation for the future of finance can be read here. As organizations continue to plan and execute digital finance transformation strategies, CFOs are looking to reap the business benefits and the competitive advantages offered by cloud solutions.

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Financial infrastructure: the FinTech way

Article | February 24, 2020

Financial infrastructure plays a critical role in a country’s economic development and stability. It determines how efficiently financial services can be provided. A high-quality infrastructure lends itself, among other benefits, to lower transactional costs and more accurate risk evaluations, improving lending and access to capital.

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Spotlight

49 Financial

It is our belief that the financial industry has been in need of a major revolution for quite some time now. Somewhere along the way, the deep care for another person and their finances seems to have been lost. Today, new associates are thrown into a career with one of the lowest retention rates in the United States.Finances are one of the most important pieces of people's lives. It has the ability to bring overwhelming joy and peace, while also enormous amounts of stress and discomfort. For something this important, it is our belief that building life-long relationships with people and providing financial guidance is one of the most needed and rewarding ways to live out one's professional calling.

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