Financial Services Innovation and Disruption: What's Happening and What to Ex...Dushyant Shahrawat, CFA
Presentation at Boston Meetup on Innovation:
Analyzing the current state of Financial Services Innovation: how Digitization, FinTechs and FAANGs are transforming Finance
The report examines 4 sectors of ODE: Transportation, Real Estate, Labor, and Products. For each sector we’ve analyzed the potential to build huge businesses that leverage technology to reimagine how physical goods and services are delivered and how they will transform the way we live our lives and conduct business.
Created by Zach Noorani and Shervin Pishevar with significant contributions from Jennie Baird.
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Financial Services Innovation and Disruption: What's Happening and What to Ex...Dushyant Shahrawat, CFA
Presentation at Boston Meetup on Innovation:
Analyzing the current state of Financial Services Innovation: how Digitization, FinTechs and FAANGs are transforming Finance
The report examines 4 sectors of ODE: Transportation, Real Estate, Labor, and Products. For each sector we’ve analyzed the potential to build huge businesses that leverage technology to reimagine how physical goods and services are delivered and how they will transform the way we live our lives and conduct business.
Created by Zach Noorani and Shervin Pishevar with significant contributions from Jennie Baird.
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Disruptive vs. Top Down Change in US Payments in 2016Walter Kitchenman
Innovation in Payments is rarely “Disruptive,” but is normally Top Down, driven by public private cooperation, where change is mandated from the top, and entrepreneurs respond to consumer preferences at the margins. In this presentation we show how mobile payments and the Cloud, accompanied by the requirements of likely eCity networks and APPs wlll emerge in 2016 and benefit IT innovators and non-FSIs (non-Financial Service Institutions).
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
After years of stagnation following the financial crisis, the banking and financial services industry is seeing positive momentum, though there are still challenges ahead.
Industry employment grew at its strongest rate since 2006, up 1.9 percent year-over-year, though it remains 3.7 percent below the pre-recession peak. As firms focus on further improvement, core strategies across the board are to continue to rein in expenses, and increase revenue through organic growth.
Flip through this presentation to see the key trends we see impacting the banking and financial services industry today, and where we see it going in coming year. For more information, visit http://bit.ly/1BMQoJg
Balancing Fraud & Customer Experience in a Mobile WorldComrade
Consumers’ reliance on mobile continues to skyrocket in shopping, paying for bills, managing finances and socializing. This poses a great challenge for retailers, financial institutions and technology vendors. Digital account opening is fraught with pitfalls as the identity validation process relies on manual entry of personal information. Similarly account management uses knowledge-based authentication but can add friction to the user experience. How should retailers, banks and merchants integrate fraud protection measures into the user experience with the least amount of friction to the user?
I joined joined Al Pascual from Javelin Strategy & Research in a complimentary webinar to share lessons learned from working with leading companies that have struggled with the issue of fraud and customer experience.
We explored the following:
- Who are leaders in integrating fraud prevention into the user experience?
- Who owns the fraud prevention process in the organization?
- How to overcome legacy design issues that can underwhelm the customer experience and inhibit security measures?
- How to prevent fraud in a low-friction environment, while communicating a security-forward brand experience?
Peer-to-Peer Lending: Examining the Industry and the Borrower ExperienceCorporate Insight
Online peer-to-peer (P2P) lending websites, often referred to as “Shadow Lenders”, have gained significant traction since the credit crunch resulting from the 2008 financial crisis. The purpose of these rapidly-growing websites is to facilitate loans of under $35,000 between borrowers and investors. The result is a transparent loan platform where individual investors can determine a borrower’s credit worthiness and partially or fully fund a loan at an attractive interest rate.
This slide deck offers background on the P2P lending industry and takes a closer look at the borrower experience by profiling two leading firms in the space – Prosper and Lending Club. Five key takeaways and tips for P2P lenders are also highlighted.
Analysis of the events leading up to PayPal's spin-off from eBay as well as an overview of PayPal's financial performance, acquisitions and competitors
Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today by Horizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening.
A new study on development organizations’ use of Mobile Money Bulk Payment Products carried out by NetHope. The report, based on qualitative and quantitative research, highlights a desire to move away from cash; usage of mobile money bulk payments; preferences and recommendations for design features of the products; and the estimated volume and value of this market segment.
Disruptive vs. Top Down Change in US Payments in 2016Walter Kitchenman
Innovation in Payments is rarely “Disruptive,” but is normally Top Down, driven by public private cooperation, where change is mandated from the top, and entrepreneurs respond to consumer preferences at the margins. In this presentation we show how mobile payments and the Cloud, accompanied by the requirements of likely eCity networks and APPs wlll emerge in 2016 and benefit IT innovators and non-FSIs (non-Financial Service Institutions).
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
After years of stagnation following the financial crisis, the banking and financial services industry is seeing positive momentum, though there are still challenges ahead.
Industry employment grew at its strongest rate since 2006, up 1.9 percent year-over-year, though it remains 3.7 percent below the pre-recession peak. As firms focus on further improvement, core strategies across the board are to continue to rein in expenses, and increase revenue through organic growth.
Flip through this presentation to see the key trends we see impacting the banking and financial services industry today, and where we see it going in coming year. For more information, visit http://bit.ly/1BMQoJg
Balancing Fraud & Customer Experience in a Mobile WorldComrade
Consumers’ reliance on mobile continues to skyrocket in shopping, paying for bills, managing finances and socializing. This poses a great challenge for retailers, financial institutions and technology vendors. Digital account opening is fraught with pitfalls as the identity validation process relies on manual entry of personal information. Similarly account management uses knowledge-based authentication but can add friction to the user experience. How should retailers, banks and merchants integrate fraud protection measures into the user experience with the least amount of friction to the user?
I joined joined Al Pascual from Javelin Strategy & Research in a complimentary webinar to share lessons learned from working with leading companies that have struggled with the issue of fraud and customer experience.
We explored the following:
- Who are leaders in integrating fraud prevention into the user experience?
- Who owns the fraud prevention process in the organization?
- How to overcome legacy design issues that can underwhelm the customer experience and inhibit security measures?
- How to prevent fraud in a low-friction environment, while communicating a security-forward brand experience?
Peer-to-Peer Lending: Examining the Industry and the Borrower ExperienceCorporate Insight
Online peer-to-peer (P2P) lending websites, often referred to as “Shadow Lenders”, have gained significant traction since the credit crunch resulting from the 2008 financial crisis. The purpose of these rapidly-growing websites is to facilitate loans of under $35,000 between borrowers and investors. The result is a transparent loan platform where individual investors can determine a borrower’s credit worthiness and partially or fully fund a loan at an attractive interest rate.
This slide deck offers background on the P2P lending industry and takes a closer look at the borrower experience by profiling two leading firms in the space – Prosper and Lending Club. Five key takeaways and tips for P2P lenders are also highlighted.
Analysis of the events leading up to PayPal's spin-off from eBay as well as an overview of PayPal's financial performance, acquisitions and competitors
Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today by Horizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening.
A new study on development organizations’ use of Mobile Money Bulk Payment Products carried out by NetHope. The report, based on qualitative and quantitative research, highlights a desire to move away from cash; usage of mobile money bulk payments; preferences and recommendations for design features of the products; and the estimated volume and value of this market segment.
MENA Mortgage Summit (27 - 29 October, 2014 in Dubai) is a great platform to gain critical market information and frame proven strategies to minimise risks, increase profitability and capitalize on this growth.
MENA Mortgage Summit is a comprehensive gathering of senior regulators, authorities and mortgage professionals. The summit will provide an in-depth insight into the changing mortgage landscape across the region as well address the regulatory, strategic and financing challenges mortgage professionals face. It delivers banks and independent mortgage providers with strategic insight and techniques to overcome financing, structuring and recovery challenges effectively.
The last couple of years has seen a huge change in mortgage regulations and has seen dramatic increase in sales volumes and values across the region. This increase has created enormous opportunities for the mortgage industry. However, strict regulations, a continued lack of efficient consumer data and limited recourse opportunities make this a challenging market for profitable growth.
MENA Mortgage Summit will pack you with the best practices and first hand updates on the Mortgage Regulations, Managing Risks, Lack of financing, Product Innovation, Islamic Mortgage Structure and Reliable Credit Information.
Silicon Valley Bank presents a historical look and new research on marketplaces based on data collected from more than 140 private companies. The results describe how mobile technology is impacting the creation and sustainability of marketplaces—and separating the winners from the losers.
The presentation was delivered at Silicon Valley Bank’s Marketplace Mashup on October 14 in New York City. Nearly 100 marketplace founders, venture capital and private equity investors and industry veterans from around the world came together at the exclusive event. More information is available at http://www.svb.com/Blogs/Steve_Allan/Marketplace_Mashup_(Presentation_and_Video)/
Meetings Mean Business Executive SummaryMarvin McTaw
This is the executive summary to the Meetings Mean Business industry report. The official title is "The Economic Significance of Meetings to the US Economy" and the full report can be downloaded for $595 at http://meetingsmeanbusiness.com/
Highlights from the report include
- US Industry size: 1.8 million meetings annually, 204 million attendees
- Total Direct Spending: $263 billion
- Total Economic Contributions: $907 billion
- Direct Contribution To GDP: $106 billion
Conclusion: the meetings business is big...really big
A significant CAGR of 53.8% during the forecast period of 2018-2023, is anticipated for the global Robo-advisory market, propelling its value to roughly USD 74 Bn, by 2023 – in contrast to its 2015 value of USD 5.9 Bn. A shift in preference towards automation, cost reduction and simplified client experiences will bring this new wave of technology to the fore in the wealth management industry. The hybrid model - an integration of human and robo-advisors – is the most prominent trend being observed in the market.
1. The NAF Association's 15th Annual
Below-Prime Auto Financing Conference
June 1 - 3, 2011
Omni Fort Worth Hotel
Grand Corporate Wednesday, June 1
Sponsor
6:30 am - 2:00 pm Golf
11:00 am - 3:00 pm Exhibitor Set up
2:30 - 4:00 pm NAF Association Board Meeting
Executive
Sponsor 3:00 - 7:00 pm Registration
4:00 - 5:00 pm Session 1 Optimizing Outsourcing Options
Marguerite Watanabe, President, Connections Insights, Inc.
Golf Sponsors In today’s environment, a company cannot be expert at all business activities and
processes, from originations through recovery. Most below-prime auto finance com-
panies have to evaluate options to outsource, in-source or otherwise find additional
resources to manage each business activity. In this interactive Session, auto finance
companies and product and service providers share their experiences and insights
as to what functions are best outsourced and how vendor management is most
successfully handled in the below-prime auto marketplace.
5:00 - 7:00 pm Reception, Sponsored by
Regional Acceptance Corporation
Thursday, June 2
7:00 am - 6:00 pm Registration
7:15 - 8:00 am Breakfast
8:00 - 8:15 am Opening Remarks
Jack Tracey, Executive Director, NAF Association
8:15 - 9:00 am Session 2 TBD
9:00 - 9:45 am Session 3 The Automotive Outlook:
Insights From the Auction Industry
Tom Webb, Chief Economist, Manheim Consulting
This session will discuss what auctions trends (pricing, volume, and buyer and seller
behavior) are telling us about the overall automotive marketplace – from manufac-
turers, to dealers, to lenders, and to retail customers.
9:45 - 10:15 am Break, Sponsored By
CounselorLibrary.com/Hudson Cook, LLP
Omni Fort Worth Hotel
2. 10:15 - 11:00 am Session 4 Asset Backed Securities - Ratings
Amy Martin, Senior Director,Structured Finance Ratings Group, Standard & Poor’s
The session provides an update on recent developments and trends in the auto
loan asset-backed securities (ABS) market.Topics will include: issuance volume and
pricing spread; collateral and ratings performance and Standard & Poor’s outlook for
the auto loan ABS market.
11:00 - 11:45 am Session 5 Asset Backed Securities - Underwriting
Erik Priede, Managing Director, RBS Global Banking & Markets
Learn from a prominent underwriter about how the asset backed financing market
has changed.The public funding channels are opening up, but the securities are
being underwritten with new rules. Attend and hear about the changes.
11:45 am - 12:30 pm Session 6 Emerging Trends in the Dealer/Financing
Source Relationships
Steve Hall, President of driversselect; and Robert Granados, Robert Granados,Vice
President and General Manager, DealerTrack, Inc.
The panel will address how consumers are using the Internet to research, shop and
conduct price comparisons on vehicles making them more prepared, informed,
selective and independent when they walk into a dealership. Dealers and their
financing source partners have to build better tools to communicate and transact
online with consumers. New financing models must include ways to engage online
with this informed consumer. Join this Session to learn what tools you need to help
you take advantage of consumers’ growing interest in online indirect financing.
12:30 - 2:00 pm Lunch, Sponsored By
PassTime
2:00 - 3:30 pm Session 7 Legal Panel
Moderator: Eric Johnson, Shareholder, Phillips Murrah P.C.
Panel: Brian Becker,Vice President and Assistant General Counsel, BB&T; Michael
Benoit, Partner in the Washington DC office of Hudson Cook, LLP; Steve Levine,
broad experience in the consumer financial services industry; and Larry Young,
Partner, HughesWattersAskanase
NAF Association’s Legal Committee provides updates on state and federal laws,
regulations and legislation affecting below-prime auto financing. Topics to be dis-
cussed include: the Consumer Financial Protection Bureau (CFPB) - its current stage
of development and where they are headed; issues involving the Servicemembers
Civil Relief Act and the CFPB’s special division on SCRA issues; state law auto
finance issues with audits, holder liability, conditional delivery and document prep.
fees and litigation avoidance practices in servicing and collections and real-world
examples of what not to do.
3:30 - 4:00 pm Break, Sponsored by
Overby-Seawell Company
3. 2011 Sponsors 4:00 - 5:00 pm Session 8 Emerging Underwriting Trends
Moderator: Peter Turek,Vice President, Automotive,Trans Union
COUNSELORLIBRARY.COM/
HUDSON COOK, LLP Panel: Paul A. Cuevas, Director, Auto Finance, J.D. Power and Associates; Grant
DEALER TRACK Helmer, Senior Vice President, Loan Services, GM Financial.; Margy Jones, Senior Vice
President, Sales,The Work Number, a service of Equifax ; and Mike Mondelli, CEO
FISERV
and Co-founder of L2C, Inc.
MYAUTOLOAN.COM
The presentations will include: detailed underwriting metrics on recent and past
OPEN DEALER
EXCHANGE
originations of sub-prime, indirect auto loans and projections for sales and future
originations, based on data from over 8,000 dealers on the loans and leases they
OVERBY-SEAWELL
originate through over 700 lenders; the predictive impact alternative payment data
COMPANY
can make when used with credit bureau data in auto underwriting; the types of
PASSTIME
alternative payment data that are most commonly used by nonprime industry play-
REGIONAL ACCEPTANCE ers, and the average predictive improvement these companies receive from this
CORPORATION data; and best practices on implementing an automated solution to avoid employ-
TRANSUNION ment and income fraud on loan applications. Best practices on implementing an
VANWAGENEN automated solution to avoid employment and income fraud will be presented.
WILLIAMS & STAZZONE 5:00 - 6:30 pm Reception
INSURANCE AGENCY
Friday, June 3
2011 Exhibitors
7:00 - 11:00 am Registration
AMERICAN RECOVERY 7:00 - 8:00 am Breakfast
ASSOCIATION
8:00 - 8:15 am Opening Remarks
BILLFLOAT
8:15 - 9:15 am Session 9 CEO Roundtable
BLACK BOOK
Moderator: Jim Bass, Founder, CEO and Chairman of the Board of Auto One
COUNSELORLIBRARY.COM/ Acceptance Corp.
HUDSON COOK, LLP
Panel: Ian Anderson, President of Westlake Financial Services; Daniel E. Berce,
DIGITAL RECOGNITION
NETWORK President and Chief Executive Officer, AmeriCredit; and Scott Seagrave, Prestige
Financial Services, Inc.
EQUIFAX
Hear from a panel of the industry executives from both large and smaller institu-
IMETRIK AUTOMOTIVE
SOLUTIONS tions about what’s happening in the below prime auto financing industry.They will
share their views on where the industry has been, where it is and on emerging
NETFINANCE SOLUTIONS
trends.
OVERBY-SEAWELL
COMPANY 9:15 - 9:45 am Session 10 NAF Association Membership Meeting
PASSTIME Jack Tracey and Tommy A. Moore, Jr.., Chairman, President and CEO of First
PAYNEARME
Investors Financial Services Group, Inc. and President of the NAF Association
PCI PROFESSIONALS Members and non-members are welcome to attend.
REMARKETING EDGE 9:45 - 10:15 am Break
(TCI) TELEDATA
COMMUNICATIONS, INC .
VANWAGENEN
VENTURE ENCODING
4. 10:15 - 11:00 am Session 11 NAF Association Survey
George Halloran, Auto Finance Program Director and Merril Davis, Managing
Director, Americas, BenchMark Consulting International
Attend and hear an overview of findings in the NAF Association’s 15th annual
7250 Parkway Drive Below-Prime Auto Financing Survey. Learn about survey findings on delinquency
Suite 510 and volume trends, reposSessions and bankruptcies, remarketing performance, FICO
Hanover MD 21076 scores, LTV and dealership reserve trends, and more. Survey reports will be available
410-712-4036 to NAF Association members.
800-463-8955 11:00 - 11:45 am Session 12 Emerging Collection and Recovery Trends
FAX 410-712-4038 Thomas Aronica, President and Founder of PCI Professionals; Robert Guerrero,
www.nafassociation.com Director of National Sales for Insurance Auto Auctions; and Les McCook. Executive
Director, American Recovery Association, Inc.
This comprehensive Session on non-prime collections will cover the shift in pay-
ment trends in the non-prime automotive financing sector.Topics will include ways
to lower processing expenses, increase collection methods and efficiency and
decrease delinquency. Coverage will also be provided on the impact of the Payment
Card Industry (PCI) Data Security Standard (DSS) on the below-prime industry.
Advancements in license plate recognition systems will be covered, as well as, break-
throughs in online auctions that allow the remarketing of collateral from remote
sites.Tools that can assist remarketers in their abandonment process will be dis-
cussed and how “global remarketing” can reduces losses in the lowest 10% of a
repossessed vehicle portfolio.
11:45 am Closing Remarks
Sposnsors also include: myAutoloan.com, badge lanyards and
Williams & Stazzone Insurance Agency, conference bags
Conference topics and speakers are subject to change.
Updates will be posted on the website.