While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
BCG’s 2018 global challengers—100 rapidly globalizing companies from emerging markets—are getting ahead of the competition by using digital technologies.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
Last year, global assets under management rose to record levels, profits were strong, and net new flows made solid gains. Yet, this is not the time for complacency. A target operating model will be the key for managers to unlock flexibility, scalability, and profitable growth: http://on.bcg.com/1nJ5LyW.
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
Top 8 Insights From the 2018 Beauty, Health & Wellness SurveyL.E.K. Consulting
Think nutritional supplements and skincare are of interest only to consumers of a certain age? Think again. According to L.E.K. Consulting’s third installment of a biennial survey of the healthy living marketplace, this one focusing on nutrition and skincare, some 80% of health and wellness (H&W) consumers across generations — from millennials to baby boomers — are highly engaged with both categories.
The survey captured insights from more than 1,600 respondents, representing roughly 77% of the U.S. adult population who identify with H&W themes, and generated eight key insights across categories. Together these insights make clear that consumer interest in nutritional supplements and skincare often lasts a lifetime.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
MGI: From poverty to empowerment: India’s imperative for jobs, growth, and ef...McKinsey & Company
Some 680 million people, or 56% of India, live below MGI’s Empowerment Line and lack acceptable minimum standards of living; the Empowerment Gap is 4% of GDP in value terms (about 7 times the official poverty gap)
From 2005 to 2012, 75% of the improvement in living standards was due to rising incomes, the rest due to government spending; to reduce the gap faster, India needs more productive jobs and higher effectiveness of government spending (e.g., 85 million people below the official poverty line could have been lifted to minimum living standards just by improving delivery of public services)
Almost 40% of the Empowerment Gap comes from health care, drinking water and sanitation; in addition, hunger is a major issue for the poorest segments, and housing for the urban vulnerable
Apart from lacking the means, Indians also lack access to 46% of the basic services they need, with significant variations in the pattern of access deprivation across districts
A path of Stalled Reforms would leave 36% of India below the Empowerment Line and 12% below the Poverty Line in 2022, but the path of Inclusive Reforms can bring these down to 7% and 1% respectively – while achieving fiscal consolidation and reducing access deficit in basic services to 17%, from 46% currently. Raising government spending on subsidies alone delivers just 8% of the total impact. 4 themes are critical
Non-farm jobs deliver >50% of impact; 115 million jobs are needed (38 million more than Stalled Reforms) through 6 broad-ranging reforms and investments in 70-100 job creation engines
Agricultural yield growth delivers ~20% of impact, needing 9 farm sector initiatives and investment rebalancing towards rural infrastructure, research and extension
Public spending on basic services should grow at 7% p.a. in real terms and share of health, water and sanitation to rise from 20% to nearly 50%
Government spending effectiveness must improve from 50% to 75%, by working with private and social sector, community involvement and tight monitoring using technology
Six themes are essential to improve governance across the board (raise institutional capacity and strengthen external accountability)
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
Digital and Innovation Strategies for the Infrastructure Industry: Tim McManu...Smart City
Productivity in the engineering and construction industry has been stagnant for decades. The proliferation of digital solutions has made it difficult for users to develop a coherent strategy. Companies who are able to successfully navigate the new digital landscape are on the brink of a transformation that will see top performers reduce overall project costs by 20-45%. However, digital transformations require developing digital capability across all aspects of the organization. Therefore, each entity involved in the industry must understand its critical challenges in order to guide its path to increased digital capability.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
A.T. Kearney reached out to more than 2,000 executives, business leaders, and heads of strategy functions to discuss their thoughts on the state of strategy today. Our findings indicate that while most leaders continue to believe in strategy, the return on their strategy initiatives has largely eroded over the past decade. In fact, when asked what it takes to secure a prosperous future, more than 80 percent of executives consider agility as important or more important than strategy when it comes to securing a prosperous future. Fortunately, the findings also point to promising ways to reclaim strategy—including using future-focused tools and techniques and engaging the organization in strategy formulation.
The Boston Consulting Group, MIT Sloan Management Review, and the United Nations Global Compact joined forces to provide an inside look at how companies are dealing with sustainability issues: http://on.bcg.com/1Ci1R8l.
Digital Europe: Pushing the frontier, capturing the benefitsMcKinsey & Company
What is the speed at which digital is and will change our world?
How is Europe performing in digital compared to the United States? Where is the progress? And where is the paralysis?
What some of the challenges and risks of digital – its potential to divide business and society – between the highly digitized: the “have-mores,” and the “haves:” those who are not able or willing to adapt fast enough.
And what is our share our vision with you for how Europe needs to capture the huge digital prize. What can start-ups, companies, public authorities – everyone in this room – do, to make it happen?
BCG’s 2018 global challengers—100 rapidly globalizing companies from emerging markets—are getting ahead of the competition by using digital technologies.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
Last year, global assets under management rose to record levels, profits were strong, and net new flows made solid gains. Yet, this is not the time for complacency. A target operating model will be the key for managers to unlock flexibility, scalability, and profitable growth: http://on.bcg.com/1nJ5LyW.
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
Top 8 Insights From the 2018 Beauty, Health & Wellness SurveyL.E.K. Consulting
Think nutritional supplements and skincare are of interest only to consumers of a certain age? Think again. According to L.E.K. Consulting’s third installment of a biennial survey of the healthy living marketplace, this one focusing on nutrition and skincare, some 80% of health and wellness (H&W) consumers across generations — from millennials to baby boomers — are highly engaged with both categories.
The survey captured insights from more than 1,600 respondents, representing roughly 77% of the U.S. adult population who identify with H&W themes, and generated eight key insights across categories. Together these insights make clear that consumer interest in nutritional supplements and skincare often lasts a lifetime.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
MGI: From poverty to empowerment: India’s imperative for jobs, growth, and ef...McKinsey & Company
Some 680 million people, or 56% of India, live below MGI’s Empowerment Line and lack acceptable minimum standards of living; the Empowerment Gap is 4% of GDP in value terms (about 7 times the official poverty gap)
From 2005 to 2012, 75% of the improvement in living standards was due to rising incomes, the rest due to government spending; to reduce the gap faster, India needs more productive jobs and higher effectiveness of government spending (e.g., 85 million people below the official poverty line could have been lifted to minimum living standards just by improving delivery of public services)
Almost 40% of the Empowerment Gap comes from health care, drinking water and sanitation; in addition, hunger is a major issue for the poorest segments, and housing for the urban vulnerable
Apart from lacking the means, Indians also lack access to 46% of the basic services they need, with significant variations in the pattern of access deprivation across districts
A path of Stalled Reforms would leave 36% of India below the Empowerment Line and 12% below the Poverty Line in 2022, but the path of Inclusive Reforms can bring these down to 7% and 1% respectively – while achieving fiscal consolidation and reducing access deficit in basic services to 17%, from 46% currently. Raising government spending on subsidies alone delivers just 8% of the total impact. 4 themes are critical
Non-farm jobs deliver >50% of impact; 115 million jobs are needed (38 million more than Stalled Reforms) through 6 broad-ranging reforms and investments in 70-100 job creation engines
Agricultural yield growth delivers ~20% of impact, needing 9 farm sector initiatives and investment rebalancing towards rural infrastructure, research and extension
Public spending on basic services should grow at 7% p.a. in real terms and share of health, water and sanitation to rise from 20% to nearly 50%
Government spending effectiveness must improve from 50% to 75%, by working with private and social sector, community involvement and tight monitoring using technology
Six themes are essential to improve governance across the board (raise institutional capacity and strengthen external accountability)
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
Digital and Innovation Strategies for the Infrastructure Industry: Tim McManu...Smart City
Productivity in the engineering and construction industry has been stagnant for decades. The proliferation of digital solutions has made it difficult for users to develop a coherent strategy. Companies who are able to successfully navigate the new digital landscape are on the brink of a transformation that will see top performers reduce overall project costs by 20-45%. However, digital transformations require developing digital capability across all aspects of the organization. Therefore, each entity involved in the industry must understand its critical challenges in order to guide its path to increased digital capability.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
A.T. Kearney reached out to more than 2,000 executives, business leaders, and heads of strategy functions to discuss their thoughts on the state of strategy today. Our findings indicate that while most leaders continue to believe in strategy, the return on their strategy initiatives has largely eroded over the past decade. In fact, when asked what it takes to secure a prosperous future, more than 80 percent of executives consider agility as important or more important than strategy when it comes to securing a prosperous future. Fortunately, the findings also point to promising ways to reclaim strategy—including using future-focused tools and techniques and engaging the organization in strategy formulation.
The Boston Consulting Group, MIT Sloan Management Review, and the United Nations Global Compact joined forces to provide an inside look at how companies are dealing with sustainability issues: http://on.bcg.com/1Ci1R8l.
Digital Europe: Pushing the frontier, capturing the benefitsMcKinsey & Company
What is the speed at which digital is and will change our world?
How is Europe performing in digital compared to the United States? Where is the progress? And where is the paralysis?
What some of the challenges and risks of digital – its potential to divide business and society – between the highly digitized: the “have-mores,” and the “haves:” those who are not able or willing to adapt fast enough.
And what is our share our vision with you for how Europe needs to capture the huge digital prize. What can start-ups, companies, public authorities – everyone in this room – do, to make it happen?
Property & Casualty Commercial Lines Underwriting: The New PlaybookCognizant
P&C commercial lines carriers are experiencing a global transformation that will compel them to reexamine their operating models, implement direct-to-consumer strategies, reengineer their processes and technologies, and achieve and sustain profitable growth in the age of digital.
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
How P&C Insurers Can Unlock Value from Mergers & AcquisitionsCognizant
P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive. These insurers will be under pressure to realize the projected revenue growth and cost savings through integration synergies. Here's how P&C insurers should complete a post-merger integration - from strategy development and planning through execution.
Competing to Win in the Media & Entertainment IndustryCognizant
To outperform in tough times, media and entertainment companies must rejuvenate their business, operating and technology models by jettisoning nonvalue- adding activities and reinforcing core strengths that provide sustainable growth, despite funding challenges.
CBIZ Quarterly Manufacturing & Distribution “Hot Topics” Newsletter (Sep-Oct ...CBIZ, Inc.
This issue delivers links to key resources, NAM’s Manufacturers’ Q3 Outlook Survey and four articles on key industry topics — 3 Ways Manufacturers Can Bridge Talent Gaps & Improve Product; Is It Time to Consider Group Captive Insurance?; Equal or Equitable – The Family Business Owner’s Dilemma; and Special Purpose Acquisition Companies (aka SPACs) Are Really Hot!
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm
Financial Distribution Summit 2014 CII's 3rd International Conferenceelithomas202
The CII theme of 'Accelerating Growth, Creating Employment' for 2014-15 aims to strengthen a growth process that meets the aspirations of today's India. During the year, CII will specially focus on economic growth, education, skill development, manufacturing, investments, ease of doing business, export competitiveness, legal and regulatory architecture, labour law reforms and entrepreneurship as growth enablers.
As our industry evolves increasingly faster, sustaining an existing (or winning an even larger) share of the $30 trillion insurance servicing opportunity requires using an integrated approach to business transformation.
ndustry leaders have never been confronted with so much business volatility, complexity and uncertainty. From the triple (external) challenges of regulation, low interest rates, and sluggish growth, to the triple (internal) challenges of “limited” infrastructure spending, legacy systems, and fragmented views of the customer; each of these can constrain asset servicing opportunities for insurers.
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
Similar to Unlocking the Hidden Value in Securities Services (20)
Boston Consulting Group partners with leaders
in business and society to tackle their most
important challenges and capture their greatest
opportunities. BCG was the pioneer in business
strategy when it was founded in 1963. Today,
we work closely with clients to embrace a
transformational approach aimed at benefiting all
stakeholders—empowering organizations to grow,
build sustainable competitive advantage, and
drive positive societal impact.
Our diverse, global teams bring deep industry and
functional expertise and a range of perspectives
that question the status quo and spark change.
BCG delivers solutions through leading-edge
management consulting, technology and design,
and corporate and digital ventures. We work in a
uniquely collaborative model across the firm and
throughout all levels of the client organization,
fueled by the goal of helping our clients thrive and
enabling them to make the world a better place.
Independent of industry, BCG Green Ventures believes in 12 concrete opportunities the world needs to get to net zero. These are the 12 levers available for any given corporate to participate in the decarbonization economy, which we are treating as a massive value creation opportunity.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
COVID-19’s uneven trajectory has created a slower-than-expected rebound in urban travel worldwide. Some mobility modes, however, are poised to exceed pre-pandemic levels. BCG provides a breakdown of recovery levels in urban mobility by region and mode--and over time.
Of the different patterns that have emerged in governments’ fight against coronavirus—crush and contain is the most effective. While many countries missed the initial opportunity to crush and contain, it is critical that governments prepare now to make sure they don’t miss the opportunity again.
The retail banking industry is facing unprecedented challenges as a result of COVID-19. Customer behaviour has changed drastically and will continue to evolve in a post-Covid world. This LABTalk explores trends in channel usage, customer preferences and brand perceptions captured in the latest REBEX Pulse Survey spanning 30 countries. Join this LAB Talk session to learn how you can use the data and insights for your next case.
Authors: Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn Schwarz, Aldo Tolentino & Monica Wegner
Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.
What Does the Recovery of Demand for Urban Mobility Look Like Post-COVID-19?Boston Consulting Group
Based on a survey of 5,000 residents in china, the EU, and the US, BCG analyzed the likely recovery of demand in urban mobility following the COVID-19
outbreak. Ultimately—until a cure emerges—we expect we expect a major shift away from public transit toward private mobility modes, specifically private cars and bikes. But the magnitude of the shift will differ across the varied type of cities.
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
How should nonprofit leaders adjust to the new reality of operating under COVID-19? This detailed checklist can help you understand the actions needed to protect team health, improve financial resilience, and continue executing on your mission with clarity and impact.
COVID-19: Sustaining Liquidity/Funding Management and Treasury Operations in ...Boston Consulting Group
As COVID-19’s international spread has accelerated, markets have started to price in epidemic-related risks. This paper provides a four-step approach that can enable executives to quantify impacts and define mitigating actions, helping them tackle near-term (crisis management) and long-term (structural liquidity management).
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
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1. White Paper
Unlocking the Hidden
Value in Securities Services
Sumitra Karthikeyan, Bryan Comis, Gaurav Anand, Raluca Gligor, Deepak
Goyal, Simon Bartletta, Hans Montgomery, Joseph Carrubba
April 2020
2. 1
BOSTON CONSULTING GROUP April 2020
t first glance, securities servicing is a robust performer that produces a reliable
return on equity compared with other financial services businesses. The segment
expanded at a healthy 4% annual rate from 2014 to 2019, much faster than other
business lines. Securities servicing’s apparently strong performance, however, is
more fragile than it seems, with the segment’s recent returns driven by market conditions
rather than business fundamentals. As the world grapples with the COVID-19 pandemic
and an uncertain economic future, the conditions that have supported the industry appear
to be coming to an abrupt end. If security servicers are to grow sustainably, they must
work harder to reduce costs, boost revenues, and transform a currently mundane
customer experience. This requires investment, for example in automation and cutting-
edge analytics, and an innovation mindset from top to bottom. All are manifestly within
reach, but industry leaders must act decisively to make them happen.
I | A VALUABLE BUSINESS THAT HAS BENEFITED FROM MARKET
CONDITIONS
Securities servicing is a vital cog in the financial industry machine and a valuable
contributor to the bottom line. The business boasts a high return on equity, low capital
requirements, and stable returns. It also provides banks with deposits that are sticky even
in times of market volatility similar to what we are experiencing today. In 2014-2019, the
segment generated a return on tangible equity that was four to five times higher than
investment banking and wholesale sales and trading. (See Exhibit 1).
A
3. 2
BOSTON CONSULTING GROUP April 2020
One reason for the segment’s relative stability is that it is highly consolidated — a group
of four firms account for around 50% of the US market, compared with a 30% share for
the top four in retail banking. Scale is a potent source of competitive advantage, reducing
cost to serve and enabling investment in technology and infrastructure. Clients also prefer
stable, well-capitalized providers, creating a winner-takes-all environment.
Despite these merits, there are underlying causes for concern. Favorable market
conditions, including asset price appreciation and interest rate normalization, were
responsible for the entirety of the industry’s growth from 2014 to 2019. Core growth, was
flat, as uplifts from net inflows and services (e.g. securities lending, FX) were offset by
price compression and service mix changes. In 2019, these headwinds were amplified by
reduced net interest margins, driving industry revenues lower (See Exhibit 2).
II | CHALLENGES GOING FORWARD
Looking forward, we see challenges for the industry. The long-run trend amongst asset
managers towards a world of zero fees shows no signs of abating. Cost improvement
efforts, which have delivered modest improvements in the past, are showing signs of
reduced efficacy. Client needs and expectations are quickly evolving, challenging service
providers’ ability to adapt. Meanwhile, a COVID-19 catalyzed recession threatens the
industry with asset price declines and a sustained period of near zero interest rates.
4. 3
BOSTON CONSULTING GROUP April 2020
1. Clients under stress, with pressure increasing
The global financial crisis of 2008-2009 had significant and long-lasting impact on the asset
management industry. Industry AUM took four years to recovery to pre-crisis levels, and
the profit pool took even longer (6 years) as fee pressure outpaced cost cutting (See Exhibit
3). The crisis also catalyzed major industry shifts which impacted securities servicers,
including a retail shift to passives, an institutional shift to alternatives, and acceleration
of the winner-take-all phenomenon that increased concentration in the industry.
We expect the COVID-19 crisis to catalyze further change in the industry. A recession
combined with fee erosion will force firms to accelerate cost transformation programs –
securities servicers should expect further pressure on fees. Asset-manager ‘bar-belling’ is
likely to accelerate, with opportunistic M&A driving further industry consolidation. We
also expect a renewed focus on business continuity planning, with service providers being
tested as plans are updated (See Exhibit 4).
4
AUM
• Pre-crisis AUM recovered in 2012 following massive global stimulus and rise in
market value which accounted for >2/3 of AUM (flows were anemic)
6
Net Revenues
• Lagged due to increased fee pressure
• Shift to passive (nearly doubled)
5
Profit Pool
• Profit pools lagged as fee pressure outpaced cost cutting
• Profit margins have not fully recovered to pre-crisis levels of ~40%
Years
2008-2012
2008-2013
2008-2014
Exhibit 3: What happened after 2008?
How long did it take Asset Managers to recover to pre-crisis levels?
5. 4
BOSTON CONSULTING GROUP April 2020
2. Cost improvements have been modest and are showing signs of
reduced efficacy
Given challenges in expanding their core businesses, security servicing providers have
widely focused on reducing costs. However, despite significant efforts, these remain
stubbornly high, with cost-to-income ratios averaging around 71%, compared with 74% in
2014 (See Exhibit 5). Put another way, most players have managed annual efficiency gains
of just 1%-2% over recent years.
Where providers have locked in cost reductions, their levers of choice have been
outsourcing, location strategy, and functionalization. However, the efficacy of these
measures is diminishing, and a large proportion of efforts are near-term focused, which
does little to fundamentally transform the cost base. As much as 60% of change-the-bank
spend is applied to near-term efficiencies, leaving longer-term and strategic programs
underfunded. Still, some new technologies promise to bend the cost curve, including
cloud-based asset servicing platforms, increased use of digital, APIs, robotics and robotic
process automation. Headline-grabbing technologies such as artificial intelligence,
distributed ledger technology (DLT), and big data / advanced analytics still do not attract
a large proportion of budgets.
Exhibit 4: Future outlook on key trends in Asset Management
Digital everything: Digital access to clients/selling, need to access remote research will spur a
new leg of 'need to have', not 'nice to have' Accelerate
Winner takes all: Overall flight to safe, brand name, and low cost managers – flows already
indicating this pattern Accelerate
Flight to passive: Active products continue to lose ground in favor of passive, solutions, and
alternatives via fee sensitivity and search for yield Accelerate
Fee pressure: Continued fee pressure force asset managers to make up for fee loss through
cost reduction or other revenue streams Accelerate
ESG: Strong trend globally, unclear what the impact will be with COVID; easy to imagine
stronger emphasis on 'purpose' TBD
Cost transformation: Recession paired with continued fee erosion cause asset managers to make up for AUM &
fee loss
Digital sales & marketing: Rapid increase as an alternative means to reach clients while sales & marketing
staff are under travel restrictions
Strategic M&A: Recession likely to cause a rise in underperforming firms ripe for potential acquisition
BCP resilience: Firms look to augment BCP capabilities as COVID-19 reveals key gaps
Client experience / personalization: With digital communication as the new norm, standard for client
experience set by digital giants
KeytrendstodayNewtrends
Outlook on trend
10
9
8
7
6
5
4
3
2
1
7. 6
BOSTON CONSULTING GROUP April 2020
Investing in data and analytics can also open new sources of revenue for securities
servicers. Clients are laggards in leveraging data & analytics as a source of competitive
advantage — a recent BCG survey found that only 20%-30% of asset managers are
“pioneers” in their use of data. There is an opportunity for securities servicers to play a
role in catalyzing adoption, for example by investing in specific use cases in conjunction
with their clients. The good news for the industry is that the building blocks are in place.
Many firms have large volumes of data sitting on their IT systems which could be
leveraged to support clients, streamline decision making, and create a more tailored and
responsive service.
4. Deteriorating market conditions – rates and asset prices
On top of other challenges, COVID-19 threatens the securities servicing industry with a
protracted period of near zero interest rates and reductions in asset prices. While it is too
early to forecast the impact of this crisis, we observe that recovery from past drawdowns
can take between 1-5 years. The last of these, the global financial crisis of ’08-‘09, resulted
in a contraction in securities servicing industry revenues of 15%-20%1
vs. pre-crisis levels.
III | PERCEPTION OF A CONSTRAINED INDUSTRY; STRATEGIES TO
MAXIMIZE EXISTING SOURCES OF COMPETITIVE ADVANTAGE
Strategies pursued by securities servicers vary by firm type, with each looking to maximize
their source of competitive advantage:
Securities servicing banks: Banks are betting that scale will remain a critical source of
advantage as core services are commoditized. Their preferred strategy is focused on
pursuing operational efficiencies, for example in the middle and front offices, and seeking
revenue growth through value-chain expansion.
Diversified / universal banks: These players see that the power of the universal banking
model is increasing as technology enables improved use of data across the franchise. Their
strategies are often focused on cross-selling the full suite of banking products and
developing bundled solutions.
Tech-based asset servicers: Tech-based players leverage the fact that a portion of the
market is not tracking towards commoditization, and that complexity can be solved with
technology. Their strategies are focused on serving complex segments of the market (e.g.
private equity, real estate funds, hedge funds) and on a SaaS/technology-renting model.
1
Company financial statements, BCG analysis
8. 7
BOSTON CONSULTING GROUP April 2020
In assessing these strategies, we observe three notable common threads:
Revenue diversification still limited to small experiments. There are few examples
of efforts to pursue new sources of revenue that might account for 20%-30% of the
portfolio in future — a level of change we believe is necessary given challenges to
the core business.
Efficiency ambitions are generally in the region of 3%-4% per annum, and even
these relatively modest targets are not easy to achieve. In addition, they fall well
short of the expectations of clients such as asset managers, for whom fees are
trending downwards.
Core revenue growth aspirations are modest. In the face of price compression,
providers are primarily focused on growing asset classes (for example PE/RE)2
or
their presence in specific regions (e.g. China, Luxembourg), and on pursuing cost
efficiencies to preserve margins.
Leading securities servicing players largely agree that new entrants are unlikely to make
significant market share gains in the short term, citing their complex operating models
and a highly-regulated environment that deters competition. Still, the combination of
performance stagnation, continuing fee pressure, shifting client expectations, and the rise
of technology create an environment in which some form of disruption is likely. We see
three scenarios that could result in a significant shift in industry makeup and structure:
1. Incumbent as challenger: Through a step-change in cost efficiency (30%-40%
improvement) and technology-led transformation, a visionary incumbent could
fundamentally recalibrate the proposition.
2. Industry collaboration: Immense cost pressure may force consolidation and perhaps
mutualization of some non-core activities such as KYC, corporate action processing,
and regulatory reporting.
3. Client-led disruption: Clients with scale are in a position to step up and address their
needs themselves, particularly if they are willing to work with technology partners.
We may see an accelerating trend of asset managers insourcing post-trade activities.
While none of these scenarios are certain, security servicers should pressure test their
strategies under each, and be prepared to take bold actions.
2
Private equity/real estate
9. 8
BOSTON CONSULTING GROUP April 2020
IV | CHANGE AGENDA: TIME FOR BOLD ACTIONS
In order to tackle the growing list of challenges, we believe that Security Servicers need
to embrace an aggressive change agenda:
1. Pursue a path to achieve 30%-40% efficiency gains through
technology-led transformation
In a world where process fees for traditional assets are trending towards zero, there is
indeed a case for transformative efficiency improvements (~30%-40%), and it can be
achieved by leveraging technology to fundamentally rethink service delivery. Cost
transformation programs, already high on the agenda of providers and clients, has
increased in importance as a result of COVID-19. To that end, firms should pursue three
paths in parallel:
Embrace process efficiency through digitization and technology. COVID-19
has refocused firms on their digital agendas, both for business resiliency and for
improving cost efficiency (e.g. AMs accelerating plans for digital sales, marketing,
and distribution). This requires a mind-set shift from Ops to Tech with focus on
short development cycles and SaaS models. Examples of potential applications
include intelligent trade capture, robotic process automation, and cloud platforms.
Technology can accelerate cost savings from 1%-2% to 3%-4% per year.
Adopt new ways of working. This includes agile ways of working and focusing on
continuous improvement to drive productivity – not just in IT but through the
organization. These methods have been shown to drive efficiency improvements
of as much as 10%-15%. The COVID-19 crisis has created a window of opportunity
to push aggressively on these initiatives as clients, employees, regulators, and
others are forced to test new ways of working.
Reimagine services and delivery. Rather than anchoring to the status quo and
searching for ways to improve existing processes, incumbents should consider how,
given a clean slate, they would design service delivery. For example, development
of a ‘no-touch NAV.’ This can form the basis for pilots that deliver superior services
at a fraction of the cost. We see potential efficiency improvements of 30%-40%
(including those made in 1 and 2 above).
10. 9
BOSTON CONSULTING GROUP April 2020
2. Meaningfully diversify revenue
The policy response to COVID-19 will put pressure on fees and negatively impact NIM,
increasing pressure on firms to diversify their revenues to mitigate the impact of this and
future crises. One promising area to explore for revenue diversification is data and
analytics, rooted in use cases that address specific client needs. Multiple investment styles
and fund types within the same AM/AO 3 require a rethink of traditional client
segmentation and go-to market models may need to evolve.
Buy-side spend in data and analytics is more than US$9bn annually and has been growing
at high-single digits per annum. While many securities servicing incumbents have begun
to focus on data offerings, few have committed to building product ranges. To be
successful, providers will need to break from traditional approaches to service delivery
and monetization. A good starting point is to clearly identify where clients see most value
in post-trade data.
3. Move towards an ecosystem play
Firms need to consider how to embrace fintechs to fill capability gaps in the future
industry ecosystem. Options to best engage with fintechs include incubating internally,
strategic partnerships, and acquisitions. The decision to build or partner should be
decided case-by-case depending on required speed to market, internal capabilities and
cost.
3
Asset manager/Asset owner
Exhibit 6: Achieving 30-40% cost efficiency improvement requires firms to take
multiple paths in parallel
Exhibit 4: Achieving 30-40% cost efficiency improvement
requires firms to take multiple paths in parallel
Level 3: Future-focused approach
Level 1: Efficiency in
current processes
Level 2: Redesigning and re-imagining
the services and its delivery
Incumbents are doing this …
… and starting to experiment here…
… but barely touching this, which is
where disruptors are operating
3-4%
10-15%
30-40%
Level 1: Efficiency in
current processes
Level 3: Reimagine services and delivery
Level 2: Adopt new ways of working
11. 10
BOSTON CONSULTING GROUP April 2020
Additionally, firms should consider outsourcing the lower value pieces. Banks need to
differentiate on their ability to deliver non-custody services, thereby remaining
competitive against new tech-based asset servicers.
4. Bring innovation to the forefront
Clients have seen little innovation from their service providers. The changing industry
landscape requires breaking away from existing approaches and moving towards an
innovation mindset directed at addressing fast-evolving client needs.
To do this, firms should bring innovation to the forefront by elevating its position in their
organization. This will enable mobilization of resources, ensure effective collaboration
with stakeholders across the ecosystem, and streamline efforts to co-invest in promising
use cases with clients.
***
While security servicing providers have performed well in recent years, they face anemic
core growth, shifting client expectations, rising pressure on fees, and the potential for
disruption. The COVID-19 pandemic and associated recession will put further pressure on
the industry. In response, they must be bold in their planning and approach to service
delivery. Firms that successfully diversify revenue into growth areas (e.g. data and
analytics) stand to add 2-3pp of growth to their top-line, and those that deliver a step-
change in efficiency in service delivery can expand margin in the core business, despite
continuing pressure on fees and net interest margin. Firms that take decisive action will
be rewarded with financial outperformance, and will secure their positions as industry
leaders.
12. 11
BOSTON CONSULTING GROUP April 2020
Sumitra Karthikeyan
Bryan Comis
Gaurav Anand
Raluca Gligor
Deepak Goyal
Simon Bartletta
Hans Montgomery
Joseph Carrubba
Sumitra Karthikeyan is a Managing Director and Partner in BCG’s New York office.
Bryan Comis is a Principal in BCG’s New York office.
Gaurav Anand is a Project Leader in BCG’s New York office.
Raluca Gligor is a Senior Knowledge Analyst in BCG’s Boston office.
Deepak Goyal is a Managing Director and Senior Partner in BCG’s New York office.
Simon Bartletta is a Managing Director and Senior Partner in BCG’s Boston office.
Hans Montgomery is a Managing Director and Partner in BCG’s Chicago office.
Joseph Carrubba is a Managing Director and Partner in BCG’s New York office.
You may contact the authors by e-mail at:
karthikeyan.sumitra@bcg.com
comis.bryan@bcg.com
anand.gaurav@bcg.com
gligor.raluca@bcg.com
goyal.deepak@bcg.com
bartletta.simon@bcg.com
montgomery.hans@bcg.com
carrubba.joseph@bcg.com
13. 12
BOSTON CONSULTING GROUP April 2020
About BCG
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