FRIDAY, 14 DEC 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Anastasiades Discusses with May the British Bases Issue Ahead of Brexit

Savvas Angelides Meets his Irish Counterpart in Dublin

IMH LTD
GAP_Group_2018_468x60px

PROFESSIONAL SERVICES

brought to you by PWC

KPMG: Fintech is the Biggest Disruptor for Financial Institutions

KPMG: Fintech is the Biggest Disruptor for Financial Institutions

As emerging technologies disrupt traditional financial services value chains, many institutions such as banks, insurance companies and investment funds are lagging in implementing effective strategies, according to “Forging the Future: how financial institutions are embracing Fintech to evolve and grow” – a new report from KPMG that surveys more than 160 financial institutions in 36 countries.

According to the report, technologies like artificial intelligence, block-chain and the internet of things are redefining the very nature of financial services. 57% of respondents believe “emerging financial technologies” are the greatest source of disruption today. Besides that, only 46% of respondents said their institution has a clear Fintech strategy in place.

 “We are seeing many financial institutions continue to struggle to build and execute a comprehensive strategy around Fintech”, explains Mr. Murray Raisbeck, Global Co-Leader of Fintech, KPMG International. “In many cases, Fintech innovation is left to individual functional areas, without any kind of overarching strategy across the organization”.

Partnering, particularly with start-ups, is driving Fintech activity, according to the report. Overall, 61% of respondents said their institutions have taken a partnering approach to Fintech in the past, while 81% plan to partner in the near future. Interestingly, a similarly high 78% said their institutions are, or will be, partnering with other large non-financial institutions.

Ian Pollari, Global Co-Leader of Fintech, KPMG International said that “the most important success factor is having a Fintech strategy that aligns closely to the organization’s objectives, has senior sponsorship, recognizes the need to execute on a number of fronts simultaneously, and above all, has a focus on realizing demonstrable value, including customer, cost and regulatory outcomes”.

Pangratios Vanezis, Board Member and Fintech Leader of KPMG in Cyprus said that “even though there is not yet a single path to follow when it comes to Fintech, those companies aspiring a digital future would create and maintain a clear, long-term Fintech strategy based on solid partnerships. Hence, they will be in position to shape a more stable future for their business by providing demonstrable value to their customers, while complying at the same time with a particularly demanding regulatory framework”.

To access the full report, please visit the following link:

Forging the Future – KPMG Fintech report

MORE ON PROFESSIONAL SERVICES

EY: Need for Transparency and New Technologies Set to Transform Corporate Reporting

The organizational ability to create long-term value based on reporting transparency, ...

The Cyprus Tax System Explained in a Simple Way

In this article we will consider a brief overview of the taxes regarding businesses in ...

Odyssey Receives Two Distinctions for ClearSkies™ Big Data Advanced Security Analytics Platform

The conclusion of yet another very productive and creative year was met with two ...

FROM AROUND GOLDNEWS

   

Cloud Computing Services Used by More Than One Out of Four Enterprises in The EU

In 2018, 26% of EU enterprises with at least 10 persons employed purchased cloud computing services. Cloud computing usage grew rapidly over the last few ...
   

Annual Growth in Labour Costs at 2.5% in Euro Area

Hourly labour costs rose by 2.5% in the euro area (EA19) and by 2.7% in the EU28 in the third quarter of 2018, compared with the same quarter of the previous ...
   

Public Sector Employment Reaches 66,698 People

The employment in the Broad Public Sector for the 3rd quarter of 2018 was 66,698 persons. The employment in General Government was 60,777 and in the Publicly ...
   

Job Vacancies Increase by 63%

The number of job vacancies for the 3rd quarter of 2018 was 7,667. The number of job vacancies increased by 2,964 (63.0%) compared to the same quarter of the ...
   

Apple to Create $1bn Texas Base

Apple has announced plans to build a new campus in Austin, Texas, saying the project will involve a $1bn (£790m) investment, the BBC reports. The ...
   

Savvas Angelides Meets his Irish Counterpart in Dublin

Cypriot Minister of Defence Savvas Angelides, met in Dublin with his Irish counterpart Paul Kehoe during an official visit to Ireland, the Cyprus News Agency ...
   

Savvas Angelides Meets his Irish Counterpart in Dublin

Cypriot Minister of Defence Savvas Angelides, met in Dublin with his Irish counterpart Paul Kehoe during an official visit to Ireland, the Cyprus News Agency ...
   

Anastasiades Discusses with May the British Bases Issue Ahead of Brexit

The President of the Republic of Cyprus Nicos Anastasiades held a brief discussion with British Prime Minister Teresa May on the protocol concerning the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Dale_Carnegie_Transformation_300x250px

IMH LTD