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Articles by Shane Meredith
How Relationship Managers still hold the keys to wealth management success post-COVID
Coming into 2020, many wealth management firms have already embarked on digital transformation projects, while others have been slow to evolve. And while digitising the client experience, addressing data management and technological infrastructure, and streamlining operations through automation have been popular areas to focus on, the needs of relationship managers have been grossly overlooked.
Virtual Cards 101
Due to the recent events around the world, we are seeing more and more discussions around new payments methods from cheques and cash, to bitcoin and virtual payment cards.
Now Biometrics will be essential for Digital Onboarding and Authentication
Biometrics will be in high demand in order for economies to function during the Covid-19 virus outbreak. Many onboarding practices with traditional banks involve the customers making a trip to the local branch to verify who they are with their ID documents. Now that most countries have introduced stay-at-home policies due to the coronavirus crisis, more and more customers will be using online or mobile banking services.
What are the Key Strategies and Tools to help Wealth Management Through the Coronavirus Pandemic?
The wealth management sector is facing unprecedented challenges due to the outbreak of the global pandemic. As the coronavirus spreads, wealth managers’ business continuity plans need to include more of digital tools and strategies. It is precisely in this crisis situation, where remote working, or the practice of working for an extended period outside the formal office is growing steadily in popularity, that digital tools can make a valuable contribution.
Covid-19: protecting vulnerable consumers is a must
The past few weeks have served up a range of unprecedented challenges for everyone and we are all quite rightly focused on staying safe and healthy. But many people will also be concerned with their financial health too, which will certainly be a worry if your income has taken an unexpected hit. This isn’t a normal time we are living in and it’s going to be difficult for people to understand how best to set up finances for the turbulence ahead.
SWIFT’s major announcement slips under the radar
On March 12th, the SWIFT board of directors quietly issued a huge announcement about the future direction of the business. An announcement that is probably the most significant since the business was formed back in the early 1970s. This bold new vision for SWIFT shows real global ambition, but is it the timing wrong? Just as the world ducks away from globalization under the shock of COVID-19?
How to ensure strong customer communication during the Covid-19 cri...
The way we bank has transformed over the past decade. The number of branches has fallen, while the growth of online banking shows no sign of slowing down. Although this has certainly been an adjustment for consumers, remote banking is proving to be somewhat of a blessing in disguise, as the current global coronavirus pandemic leaves us unable to visit many physical branches.
CORONAVIRUS SURIVIAL GUIDE FOR WEALTH MANAGERS
The paradigm shift brought about by coronavirus is forcing the wealth management industry to formulate strategies and come up with better tools and solutions to survive in this crisis. Sustaining investor confidence, client retention and business survival should be the immediate priority for wealth managers in this coronavirus world. While the world is still fighting the virus, one major lessons this disease has taught us that the digitalisation is the biggest hope.
Wealth Management Solutions: Going the Digital Way
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Embedding AI gives CFOs a second pair of eyes
It is widely believed that we only use 10% of our brain, but science has without doubt disproved this fact. However, it is easy to see why we would believe it. We often find ourselves failing to achieve our full potential, whether this comes in the form of lacking productivity at work, the impact of stress or tiredness on our decision-making, or letting friends and family down. We are only human, we have our limits. This then begs the question: how do we improve our potential?
Top 3 trends that will influence Wealth Management in 2020.
Wealth management is transforming faster than most professionals realize because the industry’s customer base is changing. Three trends are driving a paradigm shift in wealth management that will become clear in 2020. The most visible trends are the rise of intergenerational wealth, and the growing number of high-net worth women. For example, the HNWI (old money) will transfer $68 trillion to younger heirs worldwide over the next 25 years.
The Future Is Bright For The Canadian Prepaid Market
Canada’s prepaid market continues to experience strong growth, according to a report conducted by the Canadian Prepaid Providers Organization (CPPO), a not-for-profit organization representing the voices of the Canadian open-loop prepaid payments industry, and Mercator Advisory Group. The annual report, The Canadian Open-Loop Prepaid Market: 2018, reveals that CAD$4.3 billion in total dollars was loaded onto open-loop prepaid cards in 2018, a 9 percent increase over 2017.
How can fintech SMEs ensure compliance with industry-wide regulatio...
The financial services industry must ensure compliance with a plethora of national and international regulations, particularly those related to KYC and AML, which can be very costly in terms of both time and money. Existing regulations and the pipeline of new directives pose a potential issue for start-ups and SMEs because they often don’t have the resources to maintain compliance, particularly with new mandates.
How to Personalize Digital Experiences in Finance
Customers have come to expect a level of personal service from companies that is the digital version of a 24/7 concierge. Think Netflix, Amazon, and Spotify, all companies that have set the bar for personalized, instantaneously responsive, and increasingly predictive real-time service across all points of contact with companies. Why is this degree of personalization so crucial for companies?
Why Wealth Managers Need Effective Client Onboarding
Many wealth managers are losing money because they do not understand client onboarding. Unfortunately, onboarding done wrong will drive clients away; because the onboarding process begins the moment, a prospect becomes a client. This failure drives clients away because onboarding is the formal process of bringing a customer into a platform. Unfortunately, many wealth managers make the mistake of turning the client onboarding process over to clerical staff, or worse a legacy platform.
Using Blockchain for Legal Entity Identifiers or LEIs
In one of its reports, GLEIF, the Swiss-based organisation which coordinates the management of the global Legal Identity Identifier (LEI-) system, suggested to use blockchain technology for identifying financial legal entities, as that would not only improve transparency and security but may also lead to broader global acceptance of the LEI. This however raises a number of questions such as: Why could blockchain be of use for LEI and its users?; What role could smart contracts thereby play?
TECHNOLOGY THREATENS THE SURVIVAL OF ASIAN FAMILY BUSINESSES
How Asian family firms need to behave to survive? How Wealth Managers can profit from this environment? Disruptive technology is the greatest threat and biggest opportunity for Asian family businesses. Technologies ranging from robotics to cryptocurrency to machine learning are reshaping almost all markets. For instance, cryptocurrency and mobile payments could soon make paper currency a thing of the past.
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