17 May 2022
This week we explore how big financial institutions are ramping up their tech spending in key areas: banks are embracing real-time payments, while NFTs pique large institutions' interest and buy-side trading desks splash the cash on technology. Meanwhile, a customer-centric approach is critical to realising the vision of embedded finance, and consumer preferences in India are driving a trade-off between privacy and personalisation in finance.
IDC: Driving change with real-time payments
Banks are looking beyond payments and how they use technology. The focus now needs to be on integrating real-time processes across operations.
Mercator Advisory Group: NFTs link real-world assets to the internet
Market demand is rising rapidly for NFTs, with large financial institutions becoming more interested, yet they must now explore the risks and mitigation strategies to plan for the future.
Forrester: Consumers prefer one-click mobile payments
Brands increasingly use more third-party platforms, meaning they must balance consumer payment method preferences and platforms' influence.
Coalition Greenwich: Buy-side tech spending tops $10 billion
The buy-side technology market is continuing to soar. Buy-side trading desks' budgets have increased by 5% over 2021 to just over $2 million on average, with a third dedicated to technology.
Celent: Achieving embedded finance requires a customer-centric approach
Embedded finance has the potential to boost financial wellness and improve access to finance. But for it to be successful, customer needs should be at the heart of embedded propositions.
Javelin: New rules for rollover advice
The Prohibited Transaction Exemption (PTE) put forward by the Department of Labor affects representative and advisor workflow. It enables advisors to receive compensation providing advice is shown to be in the best interest of the client.
Forrester: Privacy vs Personalised experiences in India
Data shows adults in metropolitan areas of India value personalised experiences from financial services providers over privacy.
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