Low cost, automated investment advice is set to become the core of financial planning services, with a market potential of $19.5 trillion assets under management, according to a new report by Big Market Research, the financial services experts, and The Business Research Company. The current market for robo advice is dominated by the USA, with an estimated $1.2 trillion under management.
In an increasingly complex regulatory environment, many financial institution executives are concerned that they have insufficient staff, technology and budgetary resources to support their anti-money-laundering (AML) efforts, a survey of financial service executives released today by financial technology solutions provider NextAngles™ revealed.
A Top Technology Provider on the FinTech 100 list, Equifax, has published a white paper, “Back to the Future: The Resurgence of New Account Fraud,” which details the hidden costs of synthetic identity fraud, common fraud challenges, best practices for beefing up front-line defences, and scenarios for fighting application fraud.
Last week the Bank of England announced that it will be launching a fintech accelerator programme that will work with technology companies to harness fintech innovations. A survey of more than 2,000 consumers shows that 68 per cent believe that cashless technologies will completely replace physical money by 2036. The figure is higher in London where three quarters of people said they thought cash would disappear within 20 years.
Conducted by IDC Financial Insights and sponsored by SAP, the study “The Digital-Ready Bank” surveyed 250 retail and corporate banks across EMEA. The findings show digital transformation often occurs only in the front office, creating “islands of innovation” that prevent banks from reaping the benefits of digital transformation at an organizational level.