Summer doldrums give analysts inspiration to reflect on what’s hot—no pun intended—in the wealth management marketplace. FinovateSpring 2016 took place May 10th and 11th and certainly provided fodder and put some firms on the map and—since then—was the catalyst for a deeper dive into what wealth management startups and incumbents are up to these days. Yes, the robo-advisor trend continues to attract a few new entrants. The robo-advisor debutantes tout variations of the standard robo-models, with one robo-firm (WorthFM) catering to the needs of women, and one (MeetInvest) offering investor portfolios built using stocks—not ETFs—and the investing rationale of famous investors—not preset algorithms that tend to be generic after accounting for risk preferences.
On June 28, SWIFT issued a press release and announced that “SWIFT’s global payments innovation initiative will transform cross-border payments.” This initiative could be a big game changer in B2B payments. I think SWIFT has found a winner with this project, and it looks like one that won’t languish waiting for participants to sign up and use it.
SWIFT has 73 banks committed to the initiative. It enlisted the largest and most global banks as well as many other large banks and has a good spread of countries represented. Both of those circumstances bode well for the initiative.
The momentous referendum of June 23, 2016 set the stage for the U.K. to leave the European Union within a period of two years, something that will provide discussion fodder at industry events for at least five more years. So, besides leaving plenty for event producers, reporters, legal teams, and consultants to decode, what’s the apparent impact of Brexit on FX markets?
After its debut in Belfast last year, MoneyConf 2016 was held in Madrid. The venue was La Nave, a brand new conference hall a 30-minute drive from the city center. At least the attendees were not distracted during the day by the great capital of Spain’s seductions.
For some time now, the financial services industry has been anxiously awaiting updated regulations regarding mobile banking security. In a response to the rise of digital banking usage, the Federal Financial Institutions Examination Council (FFIEC) updated its Retail Payment Services Handbook and added Appendix E—Mobile Financial Systems (MFS).
Appendix E highlights the complexity of the mobile technology infrastructure and identifies specific vulnerabilities that currently exist in the mobile banking ecosystem. The new guidance is fairly comprehensive and addresses key areas, including SMS/text messaging, mobile browser sites, mobile apps, and wireless payments.