WHY IT MATTERS: Digital Transformation
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The telltale signs of successful Digital M&A often relies on #technology due diligence according to @McKinsey - I agree and that's one of my raison d'être...

The telltale signs of successful Digital M&A often relies on #technology due diligence according to @McKinsey - I agree and that's one of my raison d'être... | WHY IT MATTERS: Digital Transformation | Scoop.it

In our experience, technical due diligence is the single biggest differentiator of deals done well—or poorly. What’s more, technical due-diligence failures can usually be avoided. Almost always, the disappointed acquirer insufficiently vets the technology and discovers too late that it fails to work as advertised. Or the technology does work, but only in constrained environments, and won’t scale. In other cases, crucial parts of the IP turn out not to be owned by the seller.

Farid Mheirs insight:

WHY IT MATTERS: organizations spend considerable time and effort for financial due diligence but relatively little on technology due diligence. Often this is due to lack of knowledge at the executive or even at the CIO level - especially when acquiring a new tech or in a new field. In the past, I've come to develop an approach where I perform a 360 degree technology audit that not only dives into the capabilities of the solution (the software code) but also on other essential elements of success (software engineering best practice and processes, design and requirements, etc.).

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250 Top Fintech Companies & Startups shows how much the field has been disrupted in recent years via @CBInsights

250 Top Fintech Companies & Startups shows how much the field has been disrupted in recent years via @CBInsights | WHY IT MATTERS: Digital Transformation | Scoop.it
The financial services industry is being transformed by startups. Discover which fintech companies are rising up. Learn about the top 250 fintech startups.
Farid Mheirs insight:

WHY IT MATTERS: payment, banking and insurance are riped for digital transformation because their product (money) is immaterial and can easily be digitized. This list provides a good run down of the different options we now have.

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linda tonui's curator insight, June 28, 5:41 AM
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The Iberian pig is an animal of the porcine breed, the name also applies to varieties belonging to what is known as the “Iberian trunk”, which includes black and red, furry or hairless breeds. The Iberian pigs, predominant in the Iberian Peninsula shared between Spain and Portugal, are highly appreciated animals in the gastronomic sector as they produce the famous Iberian ham and different types of sausages. Black Iberian Pig For sale in USA at Kentucky Cattle Range.

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The Iberian pig is a unique species with characteristics that differentiate it from other animals of the same species, such as the ability to infiltrate fat in the muscle. Physically speaking, these animals have a well-proportioned head and a pointed muzzle. Unlike other types of pigs, the Iberian has a powerful neck, a drooping dewlap, medium-sized ears in the form of a visor and a large belly. Its extremities, the ones we are most interested in when talking about ham, are thin.

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Stripe financial solutions teardown by @CBInsights

Stripe financial solutions teardown by @CBInsights | WHY IT MATTERS: Digital Transformation | Scoop.it

In this report, we dive into Stripe’s unique strategy, growth trajectory, product set, and where the $35B payments giant sees the global online commerce market heading next.

Farid Mheirs insight:

WHY IT MATTERS: payment processing is a critical retail & eCommerce component. This report dives deep into the STRIPE solution and market positioning, providing insights into the payment processing industry players as well.

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Paying with your face now a reality at scale in China via WeChat & Alipay - while US retailers are still asking for signature on credit card paper slips

Paying with your face now a reality at scale in China via WeChat & Alipay - while US retailers are still asking for signature on credit card paper slips | WHY IT MATTERS: Digital Transformation | Scoop.it

By rolling out a device equipped with more advanced facial recognition technology, users can enjoy an even more convenient method of paying for goods and services without using smartphones. The Frog Pro features a 10.1-inch double-sided screen, a 3D depth-sensing camera for the facial recognition payment function and a QR code scanner

Farid Mheirs insight:

WHY IT MATTERS: this is the obvious killer app for facial recognition - it uses AI technology and similar hardware that iPhone uses to unlock your screen. You can now spend without any friction, not event the need to take your phone out of your pocket. Of course this raises obvious privacy and security concerns - but in China the concept of privacy appears different than in the West. But the most important factor is that Asia is deploying this *at scale* first, waaaaaaayyyy before the USA where you still have to sign paper slips for credit card transactions... Who is leading the techno war these days?

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What year is it again? Sure feels like the 1999 #dotcom bubble all over again - thanks to Annie Thabet & Claret

What year is it again? Sure feels like the 1999 #dotcom bubble all over again - thanks to Annie Thabet & Claret | WHY IT MATTERS: Digital Transformation | Scoop.it

Is this 1999?  It sure feels like it...

It seems to us that profitless companies seem to be back in vogue. Recently, companies like Uber and Lyft have gone public with very disruptive business models but no profit in sight. At best, profit might come a long way down the road. Yet they are given market valuations at levels that suggest a wildly profitable business model.

Farid Mheirs insight:

WHY IT MATTERS: for digital transformation, this post does not matter because digital transformation will continue for years to come because the fundamentals are good: new tech that solves a real problem, cost reduction, better customer experience, more flexibility, more features, etc. Fundamentals are also great for Machine Learning (AI) and blockchain because they truly represent milestones in the evolution of digital technologies, like HTTP did during the dotcom era.

Many companies will burst as the current bubble bursts (digital bubble? AI bubble? Blockchain bubble?), as did pet.com and Webvan in 2001. Yet, the same way Amazon & Google survived the downturn to emerge bigger and better, companies with crazy valuations today but with proper business models will survive this one. So go back to looking at the leaders behind those companies and determine if they can lead their ship past the disturbances that are bound to come with a bubble burst...

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Facial Recognition Is Already Here: These Are The 30+ US Companies Testing The Technology via @CBInsights

Facial Recognition Is Already Here: These Are The 30+ US Companies Testing The Technology via @CBInsights | WHY IT MATTERS: Digital Transformation | Scoop.it

US corporates are currently using facial recognition for everything from fast food orders to trying on makeup to issuing life insurance policies, and more.

Farid Mheirs insight:

WHY IT MATTER: facial recognition used to be a very difficult thing to do but AI and machine learning specifically has blown this out the water opening the way for a slew of real world useful applications. 

The Media Lab's curator insight, June 12, 2019 8:48 AM
A great concept!
ECMFAD's curator insight, June 13, 2019 1:24 PM
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You must mention #AI in your earnings call otherwise you maybe seen as missing the boat - and do not mention Big Data or Cloud otherwise you will really show how far behind you really are #boardroo...

You must mention #AI in your earnings call otherwise you maybe seen as missing the boat - and do not mention Big Data or Cloud otherwise you will really show how far behind you really are #boardroo... | WHY IT MATTERS: Digital Transformation | Scoop.it

The graphs below show Artificial intelligence (AI) and Machine learning (ML) mentions in company earnings calls, by industry. The graph shows Artificial intelligence mentions by industries other than IT. Big data and Cloud mentions are added to put AI / ML mentions in perspective. This analysis uses only companies publicly traded on the New York Stock Exchange.

Farid Mheirs insight:

WHY IT MATTERS: digital technology is something that executives at the highest level must master. The AI report shows how often certain words are uttered in earnings calls of public corporations and it shows what is trendy: AI and machine learning. Big data and cloud are not. What does this mean: if you are not deploying actively big data and cloud solutions, you re behind. If you are not piloting AI or ML projects, then your investors will see you are behind the times and missing out.

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Understanding the strategic value of IT in M&A via @McKinsey #CIO #M&A #digitalTransformation

Understanding the strategic value of IT in M&A via @McKinsey #CIO #M&A #digitalTransformation | WHY IT MATTERS: Digital Transformation | Scoop.it

Many mergers don’t live up to expectations, because they stumble on the integration of technology and operations. But a well-planned strategy for IT integration can help mergers succeed.

Farid Mheirs insight:

WHY IT MATTERS: this older article from McKinsey helps highlight the importance of IT - and I would assume digital technologies if the paper was written in 2019.

More insights into a framework to leverage IT in M&A context here: https://sophisticatedfinance.typepad.com/sophisticated_finance/2011/01/it-due-diligence.html 

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Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees via @Bloomberg

Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees via @Bloomberg | WHY IT MATTERS: Digital Transformation | Scoop.it

Cumberland Farms is a prime example of this approach. Drivers who fill up at one of the privately held chain’s gas stations can save 10 cents a gallon if they sign up for its SmartPay app, which connects directly to their bank account and is much like paying utility bills or rent. The company says its users have saved more than $100 million by using the SmartPay app.

Farid Mheirs insight:

WHY IT MATTERS: the electronic payment apps can save huge amounts for retailers, and it is a loyalty card at same time. Made popular by Starbucks payment apps which now accounts for 14% of all transactions, it is a wonder why not more retailers adopt it. The reason probably is that it requires internal systems to be upgraded which is often a very difficult thing to do.

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Digital agile transformation at ING shows it is possible to transform legacy non technology organizations to #agile using the concepts of #tribes #squads #chapters via @McKinsey #digitalTransformat...

Digital agile transformation at ING shows it is possible to transform legacy non technology organizations to #agile using the concepts of #tribes #squads #chapters via @McKinsey #digitalTransformat... | WHY IT MATTERS: Digital Transformation | Scoop.it

Established businesses around the world and across a range of sectors are striving to emulate the speed, dynamism, and customer centricity of digital players. In the summer of 2015, the Dutch banking group ING embarked on such a journey, shifting its traditional organization to an “agile” model inspired by companies such as Google, Netflix, and Spotify. Comprising about 350 nine-person “squads” in 13 so-called tribes, the new approach at ING has already improved time to market, boosted employee engagement, and increased productivity.

Farid Mheirs insight:

WHY IT MATTERS: banks are notorious for their lack of agility and fear of change, making digital transformation a challenge. Here ING move to the concept of agile tribes is explained.

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Quebec ministry of economic development has released an industry 4.0 digital transformation framework to guide manufacturing companies #goodJob #MESI @economie_quebec

Quebec ministry of economic development has released an industry 4.0 digital transformation framework to guide manufacturing companies #goodJob #MESI @economie_quebec | WHY IT MATTERS: Digital Transformation | Scoop.it

L’avènement de l’industrie 4.0 modifie les façons de faire des entreprises. Le numérique vient non seulement transformer les systèmes et les processus, mais apporte aussi des changements au sein des différentes fonctions de gestion d’entreprise. Afin de rester concurrentielles, tant les PME que les grandes organisations doivent se tourner vers les nouvelles technologies.

Farid Mheirs insight:

WHY IT MATTERS: manufacturing industry has labelled digital transformation efforts as "industry 4.0" and governments such as Quebec are providing guidance to small and medium businesses on how to do it. Well worth the read.

A direct link to the framework is here (in french): Feuille de route industrie 4.0

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Digital transformation in Finance: Continuous Accounting is the Future of #Accounting and Modern #Finance

Digital transformation in Finance: Continuous Accounting is the Future of #Accounting and Modern #Finance | WHY IT MATTERS: Digital Transformation | Scoop.it

BlackLine automates complex, manual & repetitive accounting processes & enables companies to move beyond the legacy record-to-report process.

Farid Mheirs insight:

WHY IT MATTERS: finance and accounting remain manual and paper-driven. However, there are advances with robotic process automation and solutions that aim to make accounting a continuous process, not a once a month struggle. Sure looks to me like something we have done in software engineering years ago with continuous integration and deployment.

Vezta & Co.'s curator insight, August 31, 2018 1:36 PM

WHY IT MATTERS: finance and accounting remain manual and paper-driven. However, there are advances with robotic process automation and solutions that aim to make accounting a continuous process, not a once a month struggle. Sure looks to me like something we have done in software engineering years ago with continuous integration and deployment.

aanselmo.pina@gmail.com's curator insight, September 1, 2018 10:16 AM
pRUEBA
Marie Torossian, CPA, CGMA's curator insight, September 1, 2018 10:52 AM
How automated is your accounting process? I'm always looking for better integration of software to free up time for my staff to perform more analytics. Here's a nice read on Digital transformation in Finance and Accounting
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Podcast on digital disruption by #Accountants gives an idea of how much #AI #Blockchain #Automation #Cybersecurity will impact their industry - as I believe it will all professional services includ...

Podcast on digital disruption by #Accountants gives an idea of how much #AI #Blockchain #Automation #Cybersecurity will impact their industry - as I believe it will all professional services includ... | WHY IT MATTERS: Digital Transformation | Scoop.it

You’re surrounded by disruption and rapid change. Maybe you’re looking for solutions. A way to seize opportunities. We all are. It’s a sprint to stay ahead of technology. Blockchain. Automation. AI. Cybersecurity. It will forever change the way accounting is done. And forever change those who do it. It’s time to reset, redefine and reskill. The way we learn. The way we work. And the way we move forward. Here, you’ll find what you need to not just survive, but adapt and thrive. And disrupt disruption.

Farid Mheirs insight:

WHY IT MATTERS: I've been blogging about digital disruption since Jan 2013, and doing it since the early days of Internet in 1995. It is refreshing to see it being picked up by non technology professionals. Maybe a sign of the times that this thing is starting to really impact people, businesses and whole industries...?

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Top 50 Digital Only Banks Ranking 2017

Top 50 Digital Only Banks Ranking 2017 | WHY IT MATTERS: Digital Transformation | Scoop.it

In the Sibos 2017 and Money20/20 edition of Financial IT magazine, we are pleased to include our survey of digital banks, as a part of our commitment to identifying global pioneers at the intersection of technology and financial services.

Farid Mheirs insight:

WHY IT MATTERS: it is possible for banks to be digital only as evidenced by this top50 worldwide. This is a major trend for the future in this sector but in many others as well: digital only insurer, digital only law firm, etc. Expect more of this in the coming years. And for existing businesses: what should you do about it?...

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Deutsche Bank CEO: 50% of workers replaced by machines soon, social turmoil to increase in coming years #danger

Deutsche Bank CEO: 50% of workers replaced by machines soon, social turmoil to increase in coming years #danger | WHY IT MATTERS: Digital Transformation | Scoop.it

By next year, around 75% of financial firms will either explore or implement artificial intelligence technologies, according to a survey by Greenwich Associates. The research and consulting firm thinks some 15% of the industry’s jobs are at risk.

Farid Mheirs insight:

WHY IT MATTERS: social turmoil in the coming years. Trump has capitalized on coal workers fears of loosing their jobs. In 5 and 10 years, millions of workers in Finance, accounting, clerical jobs, but also truck drivers and warehouse workers will be out of a job - or fearing they will loose their jobs or seeing their salaries frozen or wages pressured in downward trends. They will be asked to retrain and maybe re-locate. Most won't and will expect their unions or their governments to do something against the business world and rich techies. We must - sadly - plan for social turmoil in the coming years.

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#Blockchain 4 killer apps explained

#Blockchain 4 killer apps explained | WHY IT MATTERS: Digital Transformation | Scoop.it

I argue that the four killer apps of cryptocurrencies are 1) dark web and black market payments, 2) digital gold, 3) macro/micro payments, and 4) tokenization. If the recent surge of cryptocurrency market cap to 170B+ struck you as unbelievable, I hope after reading this, it will make more sense.

Farid Mheirs insight:

WHY IT MATTERS: everyone is wondering what the blockchain will be good for. I reported previously on non-financial use cases. Here this post presents and argues on 4 key financial use cases. Read to understand more about bitcoin/blockchain.

Fabienne Fayad's curator insight, November 19, 2017 9:07 AM
What do you think of Bitcoins and Blockchain? This article is very interesting to read.
Waqas ALi's curator insight, November 20, 2017 6:31 AM

Custom Logo design services are playing important role in the field of business and marketing most of the companies recognized by their logo.

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What do you think about #CRYPTO20, a #cryptocurrency index fund #ICO #shouldIinvest?

What do you think about #CRYPTO20, a #cryptocurrency index fund #ICO #shouldIinvest? | WHY IT MATTERS: Digital Transformation | Scoop.it

CRYPTO20 is an autonomous token-as-a-fund allowing you to invest in cryptocurrencies like bitcoin and ethereum in a diversified index fund.

Farid Mheirs insight:

WHY IT MATTERS: this is a blockchain based on ethereum that is composed of 20 cryptocurrencies that is about to start trading. I wonder if I should buy into it? Would you? If so why would you or would you not?

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The secret Swiss mountain bunker where millionaires stash their #bitcoins

The secret Swiss mountain bunker where millionaires stash their #bitcoins | WHY IT MATTERS: Digital Transformation | Scoop.it

Kon is taking me to see one of the vaults where Xapo, the company he works for, stores its customers’ bitcoins. It’s no ordinary vault: I’ve been told it’s inside a decommissioned Swiss military bunker dug into a granite mountain. Its precise location is secret, and access is limited by security measures that would put a Bond villain to shame.
A bitcoin vault doesn’t store actual bitcoin units. Technically, what’s being stored are private, cryptographic keys. These keys form a pair with particular, public-facing, keys and provide access to the balance of coins stored on the bitcoin network. Gaining unauthorized access to someone’s private keys is akin to making off with a gold bar.

Farid Mheirs insight:

WHY IT MATTERS: Looks like physical security may still be required in an age of digital everything.

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The Impending Risks of ICO Accounting: a massive liability bubble for issuers?

The Impending Risks of ICO Accounting: a massive liability bubble for issuers? | WHY IT MATTERS: Digital Transformation | Scoop.it

As optimistic as Loyyal and myself, in particular, are about the future potential of ICOs, we remain concerned that current accounting approaches towards ICOs are creating a potentially disastrous bubble for companies issuing them. If we are to avoid this disaster at all, we as an industry need to immediately start a more robust dialog around the accounting principles involved and engage the rest of the financial services industry.

Farid Mheirs insight:

WHY IT MATTERS: blockchain technology is great but highlights serious limitations in accounting and regulation that must be addressed rapidly.

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IMF Head CLagarde Foresees the End of Banking and the Triumph of Cryptocurrency

IMF Head CLagarde Foresees the End of Banking and the Triumph of Cryptocurrency | WHY IT MATTERS: Digital Transformation | Scoop.it

In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.

Farid Mheirs insight:

WHY IT MATTERS

The potential for blockchain to disrupt Financial institutions has been discussed for a few years by techno leaders and bitcoin enthusiasts. What makes this important is that Christine Lagarde, IMF top gun, said it. Take note!

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VCs want to jump into the 1.7B$ #ICO craze, but a host of challenges remain #bitcoin #blockchain

VCs want to jump into the 1.7B$ #ICO craze, but a host of challenges remain #bitcoin #blockchain | WHY IT MATTERS: Digital Transformation | Scoop.it

Venture capitalists are in a pickle. Companies have raised more than $1.7 billion through initial coin offerings, or ICOs, this year by selling their own customized virtual currencies. For the companies, the trend is a godsend. They can raise the money and use it to fuel new projects without having to give away a piece of their company to venture capitalists. Meanwhile, both accredited and non-accredited investors are buying the tokens on the assumption that once these these projects are completed, their tokens will balloon in value.

Farid Mheirs insight:

WHY IT MATTERS

Great article that highlights the issues that VCs and corporations face when raising money from Initial Coin Offerings - ICOs - that have been very popular recently. In particular questions such as how do you account for those securities and how are board member responsible in case of problems. Fun times ahead in this field....

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Governments are testing their own cryptocurrencies & Japan to launch J-Coin by 2020

Governments are testing their own cryptocurrencies & Japan to launch J-Coin by 2020 | WHY IT MATTERS: Digital Transformation | Scoop.it
Bitcoin-like money may emerge in countries where cash is in decline or financial networks need updating.
Farid Mheirs insight:

WHY IT MATTERS

The article provides an overview of government initiatives to create their own digital currencies based on the blockchain, with Japan planning the J-Coin to launch by 2020. The article highlights various advantages that digital currencies would have for central banks, along with come of the concerns.

 

https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2 

tavaresandro's curator insight, September 28, 2017 11:14 PM

WHY IT MATTERS

The article provides an overview of government initiatives to create their own digital currencies based on the blockchain, with Japan planning the J-Coin to launch by 2020. The article highlights various advantages that digital currencies would have for central banks, along with come of the concerns.

 

https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2 

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How cognitive technologies are transforming capital markets @McKinsey

How cognitive technologies are transforming capital markets @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it

Cognitive technologies are transforming capital markets. Once the preserve of IT experts, they are now moving to center stage—offering enhanced speed, accuracy, and efficiency, and creating 20 to 30 percent in additional capacity, as employees in areas such as post-trade processing are freed from automatable tasks to focus on higher-value activities. The challenge for market participants, facing an array of solutions, is to implement at scale and capture the maximum value at the lowest possible risk.

Farid Mheirs insight:

WHY IT MATTERS

AI is entering the financial industry in droves and as this article from McKinsey shows, using digital technology may become essential to survive for many organizations.

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Bank of America shift physical to digital, closing 26% of its branches in favor of #mobile

Bank of America shift physical to digital, closing 26% of its branches in favor of #mobile | WHY IT MATTERS: Digital Transformation | Scoop.it

Since 2009, Bank of America (BofA) has closed 1,597 branches in 253 counties across the US, selling the spaces to local banks in some areas and directing customers to further branches in others, according to The Wall Street Journal. For context, that's equivalent to 26% of the branches that the bank currently operates, and represents a big cut that's reflective of a rising industry trend.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

I remember a time in the late 90s early 2000s when cutting cost meant outsourcing to India. Today, it seems the trend is moving to digital. This stat from BofA is quite clear: digital saves costs.

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FinTechnicolour a summary of key McKinsey article on #finTech

FinTechnicolour a summary of key McKinsey article on #finTech | WHY IT MATTERS: Digital Transformation | Scoop.it

McKinsey’s summary of leading FinTech articles is a fantastic summary of the issues facing global financial services players.  There are several sections in this 80-pager that we believe our clients will find the most value….

  • Cutting through the noise (page 6) – this is a noisy space with many old and new entrants laying claim to a place in FinTech land.  This section of the report truly cuts through the noise and presents a very clear view of the primary value drivers for F/S players and love the “6 Digital Imperatives” chart on page 12. 
  • Helping Incumbents not Disrupting (page 24) – the notion of cooperation vs. competition between FinTechs and Incumbents has emerged as a more realistic future for the industry.  Canada has a unique F/S model with large, dominant and highly successful incumbents controlling the vast majority of clients and assets.  We see cooperation as being the only role that we will play as a FinTech provider and this seems to be an increasingly popular position in our industry.
  • Banking on the Cloud (page 49) – the movement from resistance to acceptance and now to adoption of cloud apps is accelerating.  In our business, revenues generated from Cloud services have increased from 10% to 50% in just 3 years and the discussions that we have had with clients around “resistance” to the Cloud have virtually disappeared.  Innovation at a higher pace and lower cost is becoming table stakes and embracing this technology is now an afterthought.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

Fintechs are paving the way for the transformation of a very slow moving industry - the Financial sector. We should all learn from this example in other industries that move slowly, for example grocery.

 

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