Skobeloff ‘Internet of Thing’ in banking
January 15, 2020
The banking industry has gone from brick and mortar to digital, and with the advent of ‘Internet of Things (IoT),’ the future is looking very interesting.
The banks have conceptualised an omni-channel approach for customer engagement, and significant importance has been given to customer experience. So, what we have experienced thus far is evolution and stabilisation; we are yet to see the full blow of disruption in this space.
Customer touch points are increasing and customer interaction channels are changing. The banking industry is adopting IoT in significant scale and has also implemented in certain functions to enrich customer experiences, such as in KYC, lending, collateral management, trade finance, payments, personal financial management and insurance. IoT technology ensures that customer and financial data are potentially kept secured. IoT-led banking can actually help banks reduce the overall cost of banking, and enrich the customer experience and be more contextual and conversational.
Asian Investment Banker
Asia's Rise a Key Global Trend
January 1, 2020
Industry and market growth have shifted from the developed world to being much more concentrated in the emerging markets. Although the recent downturn has highlighted and even accelerated this trend, leading bankers are planning for a new, more global baseline.
One implication of this trend is that financial institutions of all types are expanding into global markets, expanding in the developing world and often contracting in the developed world. A major factor in global expansion is the expanding regulatory pressure in all areas. Many banks that previously dealt meet the requirements of the Dodd-Frank Act, the European Markets Infrastructure Regulation (EMIR) and Basel lll.
In addition to meeting the requirements of numerous regulatory structures, the continually changing regulatory climate means that financial institutions will deal with major changes to how OTC derivatives are settled, collateralized and reported.
One concern is that even as financial institutions move their focus to new areas of the globe, the yare not able to contract as much or as quickly as they need to in their current areas. Costs from retaining processes, systems and staff to address regulatory changes will continue to be a burden, and may increase. The winners will be relentlessly process-driven.
Bitter's Financial News Service
Skobeloff Capital Seeks to Increase Global Presence
November 1, 2019
Addressing a group of creditors and analysts on Tuesday, David Lonser, President of Skobeloff Capital, outlined the company's intention to increase its international presence while continuing to balance cost containment strategies against impending regulatory challenges.
Mr. Lonser opened the meeting with a discussion of current industry challenges, highlighting the much tougher regulatory framework, subdued economic growth, and rapidly changing client expectations for transparency and immediate delivery of information and services. "The current challenges we are facing are not temporary. We must consider today's environment to be the new normal. At Skobeloff Capital, we have positioned ourselves to meet these challenges head on."
Noting that 45% of the world's growth over the past 5 years occur across borders, Lonser stressed the importance of growing share in emerging markets. "Skobeloff Capital is well-positioned to take advantage of growth trends where growth is strongest. We will continue to look for opportunities to collaborate and leverage relationships on a global scale."
Lonser highlighted several additional goals for the coming year:
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Increase collaboration between Skobeloff Capital and Skobeloff Wealth Management in an effort to reduce redundancies, improve transparency, and better coordinate services to serve customers better
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Continue strategic cost management and reductions through consolidation of systems, streamlining processes and technologies, elimination of duplicate middle- and back-office functions.
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Implement key strategies to maintain profitability in light of tighter regulatory pressures.
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Meet or exceed the Basel III Liquidity Coverage Ratio and the Net Stable Funding Ratio.
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Go beyond worldwide regulatory requirements to provide our customers with the transparency they require to invest confidently.