Financial Services

Ally Financial, a top 25 U.S. financial holding company, launched a clever multichannel marketing campaign that aims to make consumers think differently about money. Ally placed 100 pennies in plain sight across 10 cities, each of which can be redeemed for $1,000. The company developed a website that allows passersby to enter the code they […]

My colleague recently sent me an article that discusses the financial security, or lack thereof, of Americans. And that’s very troubling. The problems we face today are, indeed, different than yesterday. Take for example the fact we’re living longer, albeit with health issues, such as Alzheimer’s. Or, take America’s Social Security retirement trust funds into […]

ING issued an update on its strategy, which focuses on the ongoing transformation of the large global financial institution. Between 2016 and 2021, the company intends to spend close to $900 million to enhance the customer experience, boost innovation, and become more efficient, all while reducing costs for years to come. Much of ING’s plans focus […]

There’s no question that the core function of managing money in a heavily regulated industry is difficult and expensive. New companies with robo-advising technology will need to learn how to navigate the regulatory landscape, making it critical to collaborate with traditional wealth management firms. From a bank’s perspective, robo-advising remains critical in terms of servicing […]

Depending on where investors are located in the world, investor behavior is vastly different; therefore, robo-advising may play a different role depending on the region. Some counties are more conservative and prefer traditional forms of wealth management services, while others are much more comfortable with investing on their own. The World Economic Forum conducted research […]

Robo-advising will likely never take over wealth management, but there are certain elements it could replace. For example, tax-loss harvesting and digital account opening can be streamlined through technology and automation. Any tasks that serve as barriers to receiving services should be accomplished by machine. Financial advisors should instead do more of what they do […]

Several months ago, I mentioned how Bank of America Chairman and CEO Brian Moynihan believes that the need to be omni-channel is one of the keys to success for a bank that operates today. He said, “Despite people saying ‘I never go into a branch,’ they all do.” While there’s a lot of talk about […]

The new U.S. Department of Labor (DOL) fiduciary rule is quickly revealing itself to be the most impactful regulation in the financial services industry in a long time. The investments that companies are needing to make in order to comply with the rule, which focuses on conflict of interest, are making the impact painfully clear. […]

Many robo-advisors are thriving with growing customer bases. Not only are they flourishing, they’re partnering with – and in some cases being acquired by – traditional institutions that offer wealth management services. Take UBS, for example. The company’s wealth management division recently formed a strategic alliance with SigFig, a robo-advisor that will help develop solutions […]

I love headlines like this: J.P. Morgan Creates Executive Role to Lead Cloud Services. It helps me understand what’s important to a company and tells me that a company’s focus area is real. As financial services companies continue their efforts to become more efficient in a time in which regulatory demands and low interest rates […]

If you work in financial services, you may have noticed that your executives aren’t getting enough sleep. They’re most likely tossing and turning at night, thinking about the shift to digital, stringent regulations, and, as The Financial Times recently said: “Bank bosses perhaps are worried most about not being publically humiliated by a failing grade.” […]

As much as they are disruptors of sorts, traditional banks view robo-advisors as healthy. They represent a challenge for incumbents, one that will ultimately result in better customer experiences. Financial institutions believe that the foundation of what they do is not going to go away; however, it puts pressure on them to focus on the […]