The document summarizes the key findings of TD Bank's Annual CFO Survey. It reports that CFOs expressed increased optimism about the US economy and confidence in their companies' performance in 2016. Specifically, 56% of CFOs were optimistic about the economy and 61% expected to increase capital expenditures within the next year. However, CFOs also expressed concerns about data security and the outcome of the upcoming US presidential election. The survey indicates that CFOs plan to invest in technology, facilities improvements, data security, hiring, and other areas to support business growth.
Etude PwC CEO Survey banque et marchés de capitaux (2014)PwC France
http://pwc.to/1j7wgKv
D'après la 17e édition de l'étude annuelle de PwC menée auprès des dirigeants, qui intègre les contributions de 133 chefs d'entreprise du secteur bancaire dans 50 pays, 90% des dirigeants de ce secteur sont confiants quant à la croissance de leur chiffre d'affaires au cours des trois prochaines années.
Le nombre de ceux qui prévoient une amélioration de l'économie mondiale au cours des douze prochains mois a presque triplé par rapport à l'an dernier (56% actuellement contre 19% l'année dernière).
Le fait que 52% d'entre eux envisagent d'accroître leurs effectifs au cours de l'année – d'au moins 5% pour la plupart – illustre cette dynamique.
See how the new CFO is adapting to a changing financial landscape, utilizing transformative new technology to disrupt, innovate and generate value for the insurance industry. Now is a pivotal moment for CFOs. Our new research on the dynamic role of the finance function reveals how the CFO is positioned at the center of the organization, side by side with the CEO, turning finance into an engine that can power the entire enterprise.
Learn more: https://www.accenture.com/us-en/insights/insurance/cfo-research-insurance
Commercial finance broker Hilton-Baird Financial Solutions conducted its latest SME Trends Index in September 2014, questioning 238 business owners and finance directors on their challenges and expectations.
Here are the results, which include 50% of respondents labelling the level of funding support that's currently available to them as "inadequate".
2015 banking outlook: The future is bright, but change your password Grant Thornton LLP
Organic growth will remain elusive, but banks can boost performance by focusing on honing operational efficiencies and shoring up risk management.
Learn more - http://gt-us.co/1uaqYal
Etude PwC CEO Survey banque et marchés de capitaux (2014)PwC France
http://pwc.to/1j7wgKv
D'après la 17e édition de l'étude annuelle de PwC menée auprès des dirigeants, qui intègre les contributions de 133 chefs d'entreprise du secteur bancaire dans 50 pays, 90% des dirigeants de ce secteur sont confiants quant à la croissance de leur chiffre d'affaires au cours des trois prochaines années.
Le nombre de ceux qui prévoient une amélioration de l'économie mondiale au cours des douze prochains mois a presque triplé par rapport à l'an dernier (56% actuellement contre 19% l'année dernière).
Le fait que 52% d'entre eux envisagent d'accroître leurs effectifs au cours de l'année – d'au moins 5% pour la plupart – illustre cette dynamique.
See how the new CFO is adapting to a changing financial landscape, utilizing transformative new technology to disrupt, innovate and generate value for the insurance industry. Now is a pivotal moment for CFOs. Our new research on the dynamic role of the finance function reveals how the CFO is positioned at the center of the organization, side by side with the CEO, turning finance into an engine that can power the entire enterprise.
Learn more: https://www.accenture.com/us-en/insights/insurance/cfo-research-insurance
Commercial finance broker Hilton-Baird Financial Solutions conducted its latest SME Trends Index in September 2014, questioning 238 business owners and finance directors on their challenges and expectations.
Here are the results, which include 50% of respondents labelling the level of funding support that's currently available to them as "inadequate".
2015 banking outlook: The future is bright, but change your password Grant Thornton LLP
Organic growth will remain elusive, but banks can boost performance by focusing on honing operational efficiencies and shoring up risk management.
Learn more - http://gt-us.co/1uaqYal
Commercial real estate executives appear relatively optimistic about the general state of the market in 2016, with many predicting higher than average deal volumes for their firms. When considering the adoption of new technology, most believe that the influx of commercial real estate tech companies is revolutionizing the industry. These executives recognize that while the U.S. commercial real estate market is recovering, there are still certain segments that are poised for significant decline.
Private Equity and Venture Capital volume stays depressed while valuations remain high during the second quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
This document brings together a set of latest data points and publicly available information relevant for Digital Customer Experience Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
Eight years after the global financial crisis triggered a slate of new rules and regulations, a Brunswick Group survey of 2,039 respondents from four countries finds continuing deep skepticism across the globe about the benefits of big banks and the effectiveness of financial regulation.
Key findings:
Eight years post-crisis, anxiety persists
Regulation attractive but not impactful
Desire for smaller, local banks but also multiple services
Uncertain implications of Brexit
Reserves planning: Determining the appropriate level of reserves for your org...Grant Thornton LLP
Maintaining adequate reserves is essential to establishing financial stability. These reserves provide a cushion to deal with operating deficits that may arise due to unexpected events, economic uncertainties, lean funding periods or opportunities for strategic investment. This presentation offers Grant Thornton’s latest thinking on how to establish appropriate reserves levels and our methodology for developing a sophisticated and robust risk-based approach to establishing a reserves policy within your organization.
The SVN organization shares a selection of their featured weekly listings via their SVN | Live Weekly Property Broadcast. Visit http://www.svn.com/svn-live-weekly-property-broadcast if you would like to attend, as we open the Broadcast up to the entire brokerage community.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Waves of change: revisited – Insurance opportunities in Sub-Saharan AfricaEY
EY and Oxford Economics surveyed 125 insurance executives in seven countries in sub-Saharan Africa to identify factors powering the growth of the insurance sector and determine how companies are balancing opportunities and risks.
GT Events & Program Guide: ForwardThinking August/September 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events & Program Guide: ForwardThinking October/November 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Commercial real estate executives appear relatively optimistic about the general state of the market in 2016, with many predicting higher than average deal volumes for their firms. When considering the adoption of new technology, most believe that the influx of commercial real estate tech companies is revolutionizing the industry. These executives recognize that while the U.S. commercial real estate market is recovering, there are still certain segments that are poised for significant decline.
Private Equity and Venture Capital volume stays depressed while valuations remain high during the second quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
This document brings together a set of latest data points and publicly available information relevant for Digital Customer Experience Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
Eight years after the global financial crisis triggered a slate of new rules and regulations, a Brunswick Group survey of 2,039 respondents from four countries finds continuing deep skepticism across the globe about the benefits of big banks and the effectiveness of financial regulation.
Key findings:
Eight years post-crisis, anxiety persists
Regulation attractive but not impactful
Desire for smaller, local banks but also multiple services
Uncertain implications of Brexit
Reserves planning: Determining the appropriate level of reserves for your org...Grant Thornton LLP
Maintaining adequate reserves is essential to establishing financial stability. These reserves provide a cushion to deal with operating deficits that may arise due to unexpected events, economic uncertainties, lean funding periods or opportunities for strategic investment. This presentation offers Grant Thornton’s latest thinking on how to establish appropriate reserves levels and our methodology for developing a sophisticated and robust risk-based approach to establishing a reserves policy within your organization.
The SVN organization shares a selection of their featured weekly listings via their SVN | Live Weekly Property Broadcast. Visit http://www.svn.com/svn-live-weekly-property-broadcast if you would like to attend, as we open the Broadcast up to the entire brokerage community.
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
Waves of change: revisited – Insurance opportunities in Sub-Saharan AfricaEY
EY and Oxford Economics surveyed 125 insurance executives in seven countries in sub-Saharan Africa to identify factors powering the growth of the insurance sector and determine how companies are balancing opportunities and risks.
GT Events & Program Guide: ForwardThinking August/September 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events & Program Guide: ForwardThinking October/November 2017Grant Thornton LLP
ForwardThinking is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
GT Events and Program Guide is a look ahead at the latest knowledge and insights available from Grant Thornton LLP. It includes a collection of our research, thought leadership and a schedule of upcoming webcasts and events.
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from digitally-enabled new entrants. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers. Companies from other industries will be looking to your risk insight and expertise to help them navigate an increasingly complex and uncertain business and geopolitical landscape. You’re also in the pole position to capitalise on the new generation of analytics, sensor connectivity, and machine learning technologies that are set to revolutionise our lives. To make the most of these opportunities, it’s important to look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what your business can deliver.
Change is now the common narrative for retail bankers, with three interlocking "Rs" affecting all retail banks. "Regulate" still resonates as authorities finalise efforts to police the systems without stymieing economic growth. Equally challenging is "Revise" as traditional players work out their roles as customer expectations change rapidly. Further impetus comes from the start-ups and non-banking disruptors who aim to "Re-envisage" banking.
Financial planning and analysis (FP&A) functions are at the forefront of guiding organizational performance and supporting the decision-making process. Over the years, the challenges faced by management have required different planning approaches and techniques. Some have stayed and become ‘the norm’, for example driver-based planning. Yet, at the same time, the technological systems that underpin FP&A’s work have been constantly evolving to support faster decision-making, more scenarios and increasing volumes of data.
Stewarding Data : Why Financial Services Firms Need a Chief Data OfficierCapgemini
The C-suite could soon start to feel a little crowded, with Chief Digital Officers, Chief Innovation Officers, Chief Risk Officers
and Chief Data Officers joining the more established functional leaders. To avoid C-suite proliferation, companies need to
decide whether to elevate a new functional role to “chief” based on the strategic importance of the issue for the organization and its sector. For example, in many organizations, marketing will be so essential to performance that few would deny the need for a CMO. In financial services, data has become so mission-critical that the role of Chief Data Officer is simply essential.
PwC's 18th Annual Global CEO Survey 2015: Exploring the importance of technol...James Woodworth
Rethinking the business you’re in
We live in an era of unprecedented digital change – the type of change that’s reshaping the relationship between customers and companies, breaking down the walls between industry sectors and, by extension, prompting forward-thinking CEOs to question the very business they’re in.
Watch this short video to hear about what CEOs had to say on the global economic outlook and their own growth prospects for the months and
One year ago business leaders’ feelings towards growth were sombre across the globe. A year later, and while Australian CEOs are feeling mildly more up-beat than their global peers, significant concerns still remain.
This year, we asked executives about their thoughts across key issues including partnerships, digital, talent and diversity, growth, capabilities, tax and regulation.
There is a dichotomy of perspectives across the board – with CEOs seeing as many threats to their business today as there are opportunities.
1. 34 • monitor • JAN/FEB 2016
“These factors are creating stable demand across
many industries and lifting business,” Fink says. “This,
of course, must be balanced by recent events such as the
significant decline in commodity prices and volatility in
the bond and equity market, stemming from uncertainty
about certain foreign economies. Provided these current
market challenges are short-term in nature, I believe a
fundamental optimism will remain among executives
throughout 2016.”
“The optimism is primarily being driven by pent-up
demand and growth aspirations that were delayed due
to the impact of the Great Recession,” adds Greg Braca,
head of Corporate and Specialty Banking at TD Bank.
“CFOs can now implement their plans as the economy
slowly strengthens, supported by greater access to
capital and improvement in the labor force.”
Climbing CAPEX
With blueprints for growth on the drawing board, 61%
of CFOs expect to increase capital expenditures within
the next year, up 11 percentage points from 2014 when
only 50% of respondents had similar plans.
Anthony Sasso, president of TD Equipment Finance,
says CFO optimism, coupled with plans for increased
CAPEX, bodes well for the equipment finance industry.
“Notwithstanding concerns about the global economy
and current dynamics in sectors such as oil, the U.S.
economy continues to grow and employment statistics
continue to improve,” he says. “Economic growth, which
is increasing equipment spending, coupled with a favor-
able rate environment should also drive growth in the
equipment finance industry.”
“CFOs largely believe that the U.S. economy has
turned the corner, evidenced by the Federal Reserve
raising interest rates in December of 2015,” Braca says.
“The U.S. economy is an outlier on the world’s stage,
with relatively cheap access to capital and a job market
and employment situation that continues to improve.”
Fink shares another statistic that demonstrates
financial executives’ confidence in their companies’
performance this year: 69% of CFOs expressed opti-
mism that 2016 would be an even better year than
2015. “We’ve also seen companies holding on to cash
reserves for a few years, and they now realize it’s a good
time to reinvest in the business to increase efficiencies
and enhance productivity,” Fink says. “Investments
T
he new year is upon us, and with it comes the urge to speculate
what the future will hold. Thanks to the results of TD Bank’s
Annual CFO Survey — conducted to understand the outlooks of
east coast financial executives on the state of their companies’ health
— we won’t have to resort to crystal balls, tarot cards or eenie meenie
miney mo. Instead, TD executives interpret data collected from 300
executives who make financial decisions for companies with annual
sales of $50 million to $500 million or more.
Economic Confidence
This year, 56% of CFOs reported optimism in the U.S. economy and
planned to invest in their companies to expand growth. Bill Fink, chief
lending officer and head of Credit Management at TD Bank attributes
this optimism to a myriad of factors, including little or no upward
pressure on wages in most industries, stabilized or increased housing
values in most markets, a continued decline in the unemployment rate
and reduced gasoline prices, which have contributed to an increase in
consumer discretionary income and spending.
TD Bank’s Annual CFO Survey:
Confidence & CAPEX on the Rise
BY RITA E. GARWOOD
TD Bank executives interpret data from TD’s Annual CFO Survey, which reports increased confidence in
the U.S. economy and plans to increase capital expenditures. Though optimism is high, CFOs expressed
concern regarding data security and the outcome of the presidential race.
GREG BRACA
Head, Corporate &
Specialty Banking,
TD Bank
BILL FINK
&
Head, Credit Management,
TD Bank
ANTHONY SASSO
President,
TD Equipment Finance
“No matter the industry vertical or market, folks we speak with are
doubling down on data security. They’re investing in technology to protect
data in order to make their own processes more efficient and for ‘ease of
use’ and peace of mind for customers. In fact, data security is not just a
practical risk, there is headline risk involved. Reputational risk incurred
during a hack or breach can be extremely damaging.”
— Greg Braca, Head, Corporate & Specialty Banking, TD Bank
2. JAN/FEB 2016 • monitor • 35
“Despite the turmoil in the markets to begin 2016, rates are still at historic all-time
lows and will be for the foreseeable future,” Braca says. “CFOs will continue to look
past this and realize that the combination of an improving economy, coupled with low
rates equate to a great time to deploy capital.”
“The Federal Reserve interest rate increase was one of the most ‘unanticipated
events’ economically,” Fink adds. “The Fed forecasted this was coming for a long time,
so it wasn’t a surprise when it finally happened. Even with a 25 basis-point increase
in interest rates, rates are still at historic lows, especially long-term rates. Companies
with fixed-rate debt should have refinanced already, but since there hasn’t been a
strong sense of urgency, many businesses who are eligible to refinance have failed to
do so. December’s rate hike will motivate many of those businesses to act and take
advantage of the low interest rates before any additional increases.”
Fink says there is a bigger-picture question at hand: business owners need to
determine what will have more impact on their business — interest rates or the value
of the dollar — and how that will influence their operations. “U.S.-oriented busi-
nesses will be most affected by the rate hike, while the strength of the dollar is more
worrisome for companies that work internationally,” Fink says. “A company that
maintains modest debt and adequate cash reserves will be better equipped to weather
the downturn in export markets like Europe and Asia.”
Important Campaign Issues
Another concern on the minds of just about everyone in the U.S. — including CFOs
— is the presidential election. Healthcare reform was the most prevalent economic
issue, with 24% of respondents indicating a desire to have this issue addressed by
presidential candidates.
“There has been an increased complexity placed on employers of size to provide
adequate healthcare to employees, and by necessity it is an important topic for all
companies to get right,” Braca says.
Other economic issues that CFOs would like to see addressed during this election
include government efficiency (19%), job creation (14%), corporate taxes (13%), global
competitiveness (8%), wage/income inequality (8%), business regulation (7%) and
energy prices (5%).
While the results of TD’s CFO survey provide a forecast for a variety of issues
that will affect financial executives in 2016, unfortunately, it could not predict the
winner of the 2016 presidential election. That’s why we have Monitor’s mystery writer,
Dexter Van Dango. Read his presidential predictions and TOP picks for the new year
on page 22. m
RITA E. GARWOOD is editor of Monitor.
in capital equipment, whether through purchasing
or leasing, also are especially important to do before
interest rates climb even more.”
So where do these confident CFOs plan to spend
their money in 2016? According to the survey results,
58% plan to invest in technology (including hardware),
44% will improve existing facilities, 41% will amp up
their data security, 35% will hire new employees, 28%
will invest in new facilities, 24% will spend on non-
technology office equipment, 20% will purchase heavy
equipment, 19% will focus on M&A and 15% will fund
environmental or sustainability projects.
Data Security Concerns
Although it is a new item on the survey, the number
of CFOs who plan to invest in data security capital
expenditures (41%) demonstrates the fact that risk
management is definitely a critical concern for execu-
tives this year.
“No matter the industry vertical or market, folks we
speak with are doubling down on data security,” says
Braca. “They’re investing in technology to protect data
in order to make their own processes more efficient
and for ‘ease of use’ and peace of mind for customers.
In fact, data security is not just a practical risk, there
is headline risk involved. Reputational risk incurred
during a hack or breach can be extremely damaging, so
it’s no surprise that nearly half of survey respondents
deem it a high priority.”
“There have been a number of high-profile incidents
in the headlines over the past couple of years involving
data security, so it’s no surprise that companies are
taking this seriously to protect the business and their
customers’ information,” Fink adds, noting that smaller
firms —those with $50 million to $250 million in
revenue — expressed more concern with risk liability
in TD’s survey than large corporations. “This may be
because smaller companies could be more vulnerable to
attack and could be more greatly impacted financially in
such an event. Along with making internal investments
in data security, businesses should speak with their
financial institutions to ensure proper controls are in
place on accounts to limit unauthorized access.”
Borrowing Despite Rate Increases
According to the survey results, 74% of respondents
indicated that an increase in interest rates would not
impact their inclination to borrow. However, the survey
was conducted in the fall of 2015, prior to the Fed’s
first interest rate hike. Now that interest rates have
increased, will CFOs still be inclined to borrow?
“Notwithstanding concerns about the global economy and current
dynamics in sectors such as oil, the U.S. economy continues to grow and
employment statistics continue to improve. Economic growth, which is
increasing equipment spending, coupled with a favorable rate environment
should also drive growth in the equipment finance industry.”
— Anthony Sasso, President, TD Equipment Finance
“We’ve also seen companies holding on to cash reserves for a few years, and they now realize it’s
a good time to reinvest in the business to increase efficiencies and enhance productivity. Investments
in capital equipment, whether through purchasing or leasing, also are especially important to do
before interest rates climb even more.” — Bill Fink, , Credit Management, TD Bank