This document discusses disruption in the wealth management industry through three papers. The first paper discusses how major disruption is inevitable due to long periods of inertia in the industry and changing client needs. The second paper emphasizes the importance of institutionalizing data sharing across departments to improve client experiences and business strategy. The third paper discusses how technology can help facilitate more holistic advisory approaches to better meet client needs over time.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Provider/payor Convergence: A path to continued growthGrant Thornton LLP
As bottom lines shrink, payors and providers are beginning to see convergence, or vertical integration, as the path to growth, Panelists from Johns Hopkins Institutions, Buchanan Ingersoll & Rooney PC and Grant Thornton LLP share their experience and offer insight on the challenges and benefits of this strategy. Read the full paper at http://gt-us.co/1Cv6MRA
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
In order to develop a fact-based perspective, The Economist Intelligence Unit (EIU), sponsored by Hewlett Packard Enterprise, has conducted parallel surveys of more than 100 senior bankers and 100 Fintech executives. The objective is to determine their respective views on the impact of Fintech, the strengths and weaknesses of the participants and the likely landscape for the retail banking industry over the next five years.
Digital Transformation of U.S. Private BankingCognizant
U.S. private banks need to rethink their business models and accelerate their push to meet the ever-rising expectations of digitally savvy high-net-worth clients.
The millennial and data-driven (r)evolution of fintechGuy Turner
What does gassing your car at night have to do with getting a loan? Everything we do is now trackable, creating new data sources for underwriting. Meanwhile a cashless and shared economy are disaggregating major asset purchase (cars, houses) for millennials. The old bait and hook of credit cards as an entry to car and mortgage debt is no longer a winning combo for banks to tap the young generation. In short, the consumer fintech value chain is a deck of cards thrown and now cascading to the ground. What are startups doing to slip into this reshuffle, and where are banks still advantaged?
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
Protecting foreign earnings against adverse currency fluctuations once the money is repatriated is among the knottiest issues facing small and mid-sized enterprises
(SMEs). While variations in exchange rates between the home and foreign currencies can work in a company’s favour, they can also wipe out the entire profit from a transaction.
Are Millennials as reluctant to work for the government as the conventional wisdom suggests? A deeper dive into survey data indicates a more complex story—and steps that public agencies should consider to attract and retain younger workers. Learn more about Millennials in government in our latest report: http://deloi.tt/1PC6fWr
Commercial banking outlook: Views from bankers, disruptors and innovatorsMichael Horrocks
Commercial banking outlook: Views from bankers, disruptors and innovators. A five forces analysis on the banking industry and the top challenges facing commercial banking executives.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
In order to develop a fact-based perspective, The Economist Intelligence Unit (EIU), sponsored by Hewlett Packard Enterprise, has conducted parallel surveys of more than 100 senior bankers and 100 Fintech executives. The objective is to determine their respective views on the impact of Fintech, the strengths and weaknesses of the participants and the likely landscape for the retail banking industry over the next five years.
Digital Transformation of U.S. Private BankingCognizant
U.S. private banks need to rethink their business models and accelerate their push to meet the ever-rising expectations of digitally savvy high-net-worth clients.
The millennial and data-driven (r)evolution of fintechGuy Turner
What does gassing your car at night have to do with getting a loan? Everything we do is now trackable, creating new data sources for underwriting. Meanwhile a cashless and shared economy are disaggregating major asset purchase (cars, houses) for millennials. The old bait and hook of credit cards as an entry to car and mortgage debt is no longer a winning combo for banks to tap the young generation. In short, the consumer fintech value chain is a deck of cards thrown and now cascading to the ground. What are startups doing to slip into this reshuffle, and where are banks still advantaged?
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Based on a survey of Dutch banking executives, we identify the strengths and weaknesses of payments operating models (including selective outsourcing) in a demanding, highly regulated business sector and recommend a customer-centric model.
Protecting foreign earnings against adverse currency fluctuations once the money is repatriated is among the knottiest issues facing small and mid-sized enterprises
(SMEs). While variations in exchange rates between the home and foreign currencies can work in a company’s favour, they can also wipe out the entire profit from a transaction.
Are Millennials as reluctant to work for the government as the conventional wisdom suggests? A deeper dive into survey data indicates a more complex story—and steps that public agencies should consider to attract and retain younger workers. Learn more about Millennials in government in our latest report: http://deloi.tt/1PC6fWr
Commercial banking outlook: Views from bankers, disruptors and innovatorsMichael Horrocks
Commercial banking outlook: Views from bankers, disruptors and innovators. A five forces analysis on the banking industry and the top challenges facing commercial banking executives.
Xotelia - Why should you implement a dynamic pricing strategy on your vacatio...Jeffrey Messud
Most of the innkeepers usually think that yield management matters only for large hotels and resorts. That’s a huge mistake to assume that they do not need to sharpen their online pricing strategy as well.
Adjusting your rates will allow you to maximize your occupancy rate and boost your rental revenues.
The {disappointed|dissatisfied|let down} {expectation|assumption} in the {price|cost|rate} of the {world|globe}'s {top|leading} {digital|electronic} {currency|money}, which {slumped|dropped|plunged|sagged} to {a low|a reduced} of $864 on Christmas Day, {and|as well as|and also} {the market|the marketplace} cap that {reversed|turned around} on the previous gains to $13.88 bln is {now|currently} being {corrected|fixed|remedied|dealt with}, {a push|a press} Indian market {insiders|experts} {say|state|claim} {will|will certainly} {continue|proceed} till {at least|a minimum of|at the very least} Q1 2017.
The convergence of non-traditional rivals and heightened global regulation are creating new digital opportunities for banks. To seize the high ground, banks need to think like disruptors and apply modern digital tools, techniques and partnership strategies.
Be Digital or Die - Big Data in Financial ServicesFintricity
Leveraging Big Data, disruptive technologies (such as Blockchain) and new business models to digitally transform financial services companies. Presented by Alpesh Doshi at the Big Data Innovation Summit in San Francisco 2016.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Emerging technology is having a profound impact on the Financial Services sector; from mobile payments, APIs and Open Platforms to Machine Learning, Robo Investment and AI Chatbots.
The Summit will explore technological innovation across the financial services sector, from developments in established institutions to the disruptive innovators within the start-up community that are reshaping the FS market.
Core conference topics:
• Landscape: Trends, Culture, Trust, Transparency, Geo-political Climate
• Regulation: GDPR, MiFID II, PSD2, Open Banking, APIs
• Customer Strategy: Engagement, UX, Data Insight, Marketing & ML
• Emerging Tech: Blockchain, Analytics, AI, Payments, Automation
• National Strategy: Skills, Funding, Collaboration, Cyber Security
• Infrastructure: IT, Digital, Cloud, Mobile, XaaS
Self-Service in Wealth Management: Remaining CompetitiveCapgemini
Globally, companies are using digital technology to transform the way they run operations. This transformation is being driven by the increased sophistication of new channels such a mobile and social media. Across financial services, banks, brokerages and insurance companies are leveraging these evolving technologies to enable self-service capabilities so customers can resolve issues or get information without interacting with a representative. This paper looks at self-service in wealth management and examines the impact to deliver a forward-looking cross-channel client experience.
Blockchain rewires financial markets
How IBM can help
As one of the world’s leading research organizations, and one of the world’s top contributors to open source projects, IBM is committed to fostering the collaborative effort required to transform how people, governments and businesses transact and interact.
IBM provides clients the consulting and systems integration capabilities to design and rapidly adopt distributed ledgers, digital identity and blockchain solutions. IBM helps clients leverage the global scale, business domain expertise, and deep cloud integration experience required for the application
of these technologies. Learn more at ibm.com/blockchain
Next Wave of Fintech: Redefining Financial Services through TechnologyRobin Teigland
The Stockholm School of Economics and PA Consulting present The Next wave of Fintech, a sequel to the 2015 Stockholm Fintech Report, focusing on the new InsurTech and RegTech segments. The report, which describes and quantifies the Swedish market for these segments, contains valuable insights and recommendations for decision makers at banks, incubators, startup companies, public authorities and investors.
1. Disruption in Wealth Management
A major earthquake is long overdue…
Paper 1: Disruptive Behaviors in Wealth Management
Inevitable and wide-ranging impacts
Paper 2: Institutionalising Data in Wealth Management
Practical and commercial examples
Paper 3: Holistic Approaches in Wealth Management
Technology as a conduit to success
2. Disruptive Behaviours in Wealth Management
Inevitable and wide-ranging impacts
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
In common with other parts of financial
services, wealth management is facing the
most unprecedented challenges in
generations. Weak client trust, anaemic
economic growth, higher regulatory
burdens and lower client investment
returns have all contributed to increased
threats. Despite this, significant
opportunities exist for incumbents and new
entrants alike to take advantage of this
state of flux.
Major disruption is inevitable
For decades, industry participants have not needed to change their business models
dramatically to earn acceptable margins and although service propositions have evolved,
they have done so lethargically. In an (admittedly) simplified look through the lens of
Professor Michael Porter, pricing power has been strong and industry rivalry low – until
now.
Geoscientists will tell you that the longer the period of inertia, the more severe the next
earthquake will be – therefore it follows that the only thing more concerning than an
earthquake, is actually no earthquake. Somewhat ironically, many disruptive technology
industries are clustered around exactly the part of California that is physically on the move;
it seems that residents living adjacent to the San Andreas Fault have a physical and
metaphorical fear of inertia. The long-term inertia in the wealth management industry has
made the next earthquake likely to be more powerful than ever before.
Innovative behaviours from HNW providers
Disruption is not just a case of having a flashy client facing platform. Three years ago, UBS
Wealth Management quietly launched an internal system called Cornerstone (a
comprehensive platform to carry-out ‘Health Checks’ on all impacted client portfolios). The
system was specifically developed to cater for HNW clients and seeks to de-risk portfolios,
improve client investment performance and enhance connectivity with the adviser and
client.
Wealth
Management
Industry
Rivalry
Threat of New
Entrants
Threat of
Substitutes
Bargaining
Power of
Suppliers
Bargaining
Power of
Buyers
FinTech, Boutiques,
Multi-Family Offices,
Accountants, Retail
P2P Lending, Cash,
Unlisted Equity, Real
Estate, Passion Assets
(Cars/Art/Wine)
Industry consolidation,
Standard Pricing, MIFID II
regulatory obligations
Execution-Only, Self-
Service Platforms, RDR
transparent pricing
Page 1
3. Disruptive Behaviours in Wealth Management
Inevitable and wide-ranging impacts
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
What is the adviser experience like right now?
High touch, bespoke client service is a commonly held differentiator for HNW providers,
but the so far adviser are the ones feeling the strain. There is a rumbling discontentedness
from advisers feeling squeezed by the challenge of using sub-standard tools which are
wholly inadequate to deliver the HNW client experience expected today. Regulators too,
are demanding ever increasing suitability safeguards and commensurate reporting from
firms. A vicious circle emerges were advisers are spending increased time on remediation
and compliance leading to declining client satisfaction and lower commercial returns.
There is a ray of light for embattled advisers, with senior managers directly being held
accountable for the adequacy of systems and controls, the opportunity to seek ways to
ameliorate these challenges looks good.
Will HNW clients trust non-financial services disruptors?
The short answer is, yes. In a survey of 1,022 HNW investors, Scorpio Partnership/Factset
found that 38% of HNW clients under 35 were most excited by Google as a potential new
entrant. While the definition of trust varies between sociologists, philosophers and
psychologists, in financial services, what I believe we are really talking about is
competence – firms like Google ooze this.
We have all cringed at the words “If you cannot produce my portfolio statement correctly,
why should I trust you with my investments?”. Trust is relative and once lost is hard to
redeem. Disruptors have the luxury of starting with a blank data-set and will be more likely
to ‘institutionally’ understand their clients and by doing so, are more likely to deliver on
their promises.
Page 2
4. Disruptive Behaviours in Wealth Management
Inevitable and wide-ranging impacts
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
Is disruptive behaviour only for new entrants?
No, but new entrants have received high-profile attention for good reason. My most
striking takeaway from a catch-up in 2010 with Nick Hungerford (Co-Founder of Nutmeg)
was his pithy articulation of the prevalent ‘client need’, the identified gap in the market
place and the requirement to find a superior way to use client information to generate a
clear set of outcomes.
However, incumbents are also developing new ways to serve their clients. I was intrigued
to see that HSBC had taken part in the FCA’s first Regulatory Sandbox (which helps both
authorised and unauthorised firms test new delivery mechanisms). According to the FCA it
“… creates a safe space because, if you act in accordance with this guidance, we will
proceed on the basis that you have complied with the aspects of our rules that the
guidance relates to”.
Similarly, in the UK UBS have launched their own online platform recently called
SmartWealth. At the launch, Jamie Broderick commented that “The UK has developed a
reputation for technology-led innovation in financial services. Regulation in the UK is
progressive and has established support for new innovations”.
PwC offshoot, World in Beta, recently summed-up the environment clearly:
“Collaborations between FinTechs and incumbents will deliver commercial advantage for
both parties… In short, FinTechs can be the force for good that the financial services
industry so desperately needs”.
Final thoughts on Part 1: Disruptive Behaviours in Wealth Management
Some of the highest calibre advisers in the world are based in London, furnished with
strong industry knowledge, intensive regulatory training and high EQ. Through appropriate
investment in technology we have a tangible opportunity to create an environment where
advisers focus less on the mundane and more on value-added advice.
According to Cognizant “The digital ’dark side’ is real but manageable. Pessimism and
denial are not good business models; the spoils will go to those who take the (managed)
risk”.
Page 3
5. Institutionalising Data in Wealth Management
Practical and commercial examples
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
In the words of Bill Gates, “How you gather,
use and manage information will determine
whether you win or lose”. We are seeing an
omnipresent trend towards robo-advice,
experimentation with Artificial Intelligence
and Big Data. Despite the hype, it seems
prudent that Small Data should be
mastered first.
Only through a firm-wide culture of
effective data analysis can we be sure to
improve client outcomes, improve business
strategy and enhance commerciality.
Most technology solutions on offer are aimed at improving the link between the adviser
and client; this is highly noble but incomplete. For example, there is little point allowing
clients to digitally communicate: their changing needs and circumstances, their willingness
to invest in solutions, or request after-sales service (in a format suitable to them) unless
this data is transmitted seamlessly to all relevant departments.
Through better understanding of the client journey, multiple benefits emerge
i. Previous Client Experiences
• Improve investment product or service design where risks have been identified
• Ability to learn from biases identified by Behavioural Finance
• Create targeted information updates to clients (and their advisers)
ii. Current Client Needs
• Design systematic campaigns, tailored to specific groups of clients based upon needs
• MiFID II obligations to share data with product manufacturers on “target audience”
iii. Future Client Requirements
• Allow more strategic investment into new propositions
• Assess enhanced two-way client communication methods to meet expectations
Page 4
Client
Advisers
Products &
Services
Executive
Office
Finance &
Operations
Legal &
Compliance
Marketing
& Comm’s
Current
Client
Needs
Future Client
Requirements
Previous
Client
Experiences
6. Institutionalising Data in Wealth Management
Practical and commercial examples
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
Predicting and delivering client needs
It isn’t in a world of science fiction where we can predict human needs – quite frankly,
great advisers can do this on autopilot. The reason why we need to fully institutionalise
this process (through better data sharing) is because too many firms have consistently
struggled to demonstrate to the Regulator that, all advisers, are doing this, all of the time.
Consultative selling
Selling has become a dirty word in the industry but unless advisers are consultatively
selling firms are left at risk of merely executing orders – this feels like a race to the bottom
on price and an unnecessary diminution of the role. Clients have begun to feel the
negative impact of a fear to advise which has contributed to the current malaise. The fact
that the headcount of advisers is probably the largest single expense in the business
highlights the necessity to give them the systems, services and tools to allow them to
succeed in providing (and executing) genuine advice. Improvement in technology related
to client data capture and transmission has to support consultative selling but here must
be carve-outs allowing for sensible deviation where necessary, rather than only offering
‘Big Brother’ oversight.
Re-think what data to record, how to record it and how to use it
Success requires collating and analysing client behaviours and needs, in logical groups.
Some will suggest that it is not possible to group HNW clients into boxes – I disagree. HNW
clients have clearly identifiable needs but usually cluster by their attitudes and values,
such as Next Generation, Philanthropy or Impact Investing.
Creation of firm-wide templates, which gather more relevant and comparable data,
alongside previously captured data, should be a priority before embarking on more
ambitious but necessary approaches. When developing a new approach to client insight,
be very clear (internally and with clients) about why it is so essential. Simply stating a need
to comply with incoming regulations is not the reason – it is to serve clients better.
There will always be business areas that feel they lack the existing data, or cannot commit
more time to cleanse the old data but this must be rebutted. I came across a statement
that is over a hundred years old from Charles Babbage, yet still has relevance today “errors
using inadequate data are much less than using no data at all”.
Page 5
7. Institutionalising Data in Wealth Management
Practical and commercial examples
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
Final thoughts on Part 2: Institutionalising Data in Wealth Management
It is a fact that Millennials are demanding changes in service delivery. Even HNW clients
are generally happy to self-serve in a multitude of financial services from basic banking to
derivatives trading. However, when they do speak to an adviser, they expect the
interaction to be fast, efficient and cerebral. In relation to HNW Millennials, Scorpio
Partnership/FactSet note that: “HNWIs are not simply passive consumers of insight – they
want a dynamic data system whereby information is shared both ways”.
Greater investment in this area is essential but remember the size of your technology
spend doesn’t matter – it’s what you do with it that counts.
Page 6
8. Holistic Approaches in Wealth Management
Technology as a conduit to success
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016
We can learn a lot from Formula 1 teams,
where data, technology and a culture of
continuous improvement form the core of a
winning strategy. The drivers work
symbiotically with dozens of engineers,
who in turn collaborate with all relevant
component suppliers in real-time. Drivers
are empowered by technology as opposed
to disenfranchised by it. The same attitudes
must be adopted in how wealth
management firms operate.
Page 7
‘Le Geek, C’est Chic’
Being a geek is incredibly fashionable these days but we must take a hard look at what we
need from this behaviour and how it will be both impactful and commercial. Clearly, a
synergy of humans and machines is required for future delivery but we must get the
balance right. Greg Davies, of Centapse, wrote a great article recently where he cautioned
about the allure of ‘Shiny New Toys’ in Wealth Management, suggesting some
straightforward approaches may also be able to deliver meaningful results.
A lesson from the Whiz Kids of Ford
Sometimes even the best client-centric ideas fail to yield the anticipated outcomes. In the
1950’s Charles Bates Thornton assembled a ten-strong team (nicknamed the Whiz Kids),
including Robert McNamara, who later became US Secretary of Defense.
In a notable example, McNamara introduced the Lifeguard safety package at Ford in 1956.
The Whiz Kids had a highly scientific approach to understanding and improving car safety –
it was nothing short of revolutionary but it appeared that the sales teams and marketers
were incapable of convincing the general public that they needed it (the sales gap to
Chevrolet tripled to 190,000 cars in the same year). Apparently, Henry Ford II is reported to
have said: ‘McNamara is selling safety, but Chevrolet is selling cars.'
A key lesson is make sure that the relevant parts of the businesses understand what the
goal is, why you are trying to achieve it and the intended improvement to client outcomes.
Don’t operate in a silo, do communicate clearly and always revisit the hypothesis so you
can learn from any mistakes.
9. Holistic Approaches in Wealth Management
Technology as a conduit to success
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016 Page 8
New technology requires new dashboards
Most dashboards that are circulated to Executive Committees need to be improved. The
information fed-back to a driver in a Formula 1 car today has evolved with new technology
so that only the most relevant information is provided to help the driver make the best
decisions. Most would agree we need to do more in Wealth Management. The major
reason for the mis-match stems from the fact different departments use idiosyncratic data
that doesn't talk the same language – rendering many dashboards totally unwieldy.
Poorly integrated technology solutions will not give the feedback required to the Executive
Committees, which hampers their decision-making. Essentially, this requires the adoption
of ‘data behaviours’ across the entire business to help create smarter decision making.
Use data and knowledge gained from Behavioural Finance
In the late 2000s at Barclays Wealth, I first encountered their innovative Investment
Philosophy. It occurs to me that Behavioural Finance has multiple commercial applications
way beyond risk profiling, but to be truly impactful, aggregated client data needs to flow
through all parts of the business. To make good strategic decisions, firms must be able to
demonstrably understand the full lifecycle of service delivery and associated client
outcomes.
Final thoughts on Part 3: Holistic Approaches in Wealth Management
Across the City, Executive Committees are pondering serious questions such as: Can we be
sure we have the best platform to serve our clients? Are we constantly assessing the
products and services we offer to make sure they are appropriate? Can we observe the
spirit as well as the letter of regulations and deal with the requests for information quickly
and less expensively?
These questions may seem vague, intangible or even navel-gazing but they are absolutely
the right questions to be asking and have profound importance for future profitability. I
remain convinced that with the right technology, data and organisational behaviours they
can be answered with hard facts. The commercial upside will be enormous to a UK
industry with £700bn AUM – the winners are already starting to emerge.
10. Acknowledgments
Hyperlinks to relevant content
Disruption in Wealth Management – A major earthquake is long overdue
Greg Simmons | December 2016 Page 9
Photography Credits:
Getty Images – Big Data (Credit: Fandijki)
Getty Images – Seismograph (Credit: Wf Sihardian / EyeEm)
Getty Images – McLaren Pit Wall (Credit: Mark Ralston)
Further Reading and References:
World in Beta (PwC) - FinTech
Barclays - Investment Philosophy
Scorpio Partnership - HNWI's vision for WM industry in the information age
Greg Davies, Centapse - Shiny new toys. Does Wealth Management Need A.I. ?
Fortune.com - Big Data in Formula 1
Autonews.com - Ford had a better idea in 1956 but found that safety didn't sell
Cognizant- The Work Ahead Mastering The Digital Economy