Maggie McGrath (@mcgrathmag) reports on every Millennials dream—or Baby Boomers' nightmare—of a cashless society. According to a Gallup study, a majority of Americans believe they'll be part of a cashless society within their lifetime. 62% of respondents believe credit and debit cards, mobile wallets, and money transfer apps will kick folding bills out of the wallet. Why? Improvements in mobile technology and the growing popularity of tech-savvy consumers.
A survey by Robert Half Management Services reveals that CFOs value accountants who think strategically. Yet 46% of financial executives don't provide accountants the opportunity to hone these skills. “Businesses want financial professionals who can formulate and execute new ideas," says Tim Hird (@TimHird2), Executive Director of Robert Half Management Resources. “Firms could be doing more to help their teams develop these abilities." The takeaway: accountants must build desired skill set themselves.
Fintechs are forcing banks to unbundle once-lucrative consumer offerings at the expense of profits. Bill Sarris (@BillSarris), CEO and Co-Founder of Linqto, reports ways banks can counter these threats and change course. From adopting mobile technology to becoming the main provider of financial services. From engaging clients through multi-channels experiences to strengthening client relations through social media interaction. Sarris disseminates Accenture's Banking 2016: Next Generation Banking report, so you don't need to.
According to a survey by the Boston Consulting Group, Germany may benefit as 20% of UK's financial jobs are expected to relocate following the Brexit decision. Stefanie Eschenbacher (@StefanieYaa) notes that Frankfurt is attractive to banks and financial services companies due to Germany's economic stability. Dublin is also being considered due to its (closer) location and shared language.
Small banks face the greatest threat of being left behind in the technology revolution. They're not as nimble as fintechs nor do they have the capital and resources of big banks to invest in innovation labs. Could partnering with fintechs help small banks stay relevant? Jim Marous (@JimMarous) suggests the benefits of partnering with fintechs outweighs the competitive risks. Either way, small banks have to act as the competition moves to better serve the digital-savvy consumer.