State of the financial services industry 2016

The industry offers the greatest array of financial instruments and products to allow. The next big wave of innovation in financial services will be driven by existing firms taking a greenfield approach. For an industry whose product – the movement and storage of money and the management of risk – is electronic, financial services processes are manually intensive. Jason Zweig and Andrea Fuller pulled no punches yesterday in their piece, Looking for a Financial Planner?

The Go-To Website Often Omits Red Flags. INTRODUCING GREENFIELD. Greenfield is a method for existing firms to build new businesses. The starting point is an unmet customer nee identified from existing.

Large conglomerates dominate this sector, but it also includes a diverse range of smaller companies. According to the Finance and Development department of the International Monetary Fund (IMF),. However, few of these firms appear willing or able yet to take on the incumbents on the core provision of highly regulated financial services , at significant scale. So the question for us is not really whether the financial services incumbents will exist in five to ten years, but whether they will thrive. The financial services industry is expected to react swiftly once clarity is gaine both from a business standpoint as well as operationally.

Meanwhile, complex, real-time reporting requirements—such as the Automatic Exchange of Information (AEOI) global standard that mandates the flow of information between countries 1—are placing additional pressure on many banking tax departments. Content updated daily for online financial service. The Financial Services Industry. Companies in all sectors of the financial services industry face complex workforce challenges in increasingly competitive domestic and global markets.

BI Intelligence Technology is upending workflow and processes in the financial services industry. Tasks once handled with paper money, bulky computers, and human interaction are now being. Our breadth of services and industry knowledge allow us to understand each client’s unique business needs.

Note: Links to the explanatory letters issued by the Department of Financial Services in connection with the proposal or adoption of particular regulations may be found in the Regulations section of this web site. Unless noted otherwise, the letters are available in PDF format. The Deloitte Center for Financial Services The center is staffed by a group of professionals with a wide array of in-depth industry experiences as well as cutting-edge research and analytical skills.

We use cookies for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. Funds, Trusts, and Other Financial Vehicles: NAICS 525. Workforce Statistics.

This section provides information relating to employment and unemployment in finance and insurance. While most data are obtained from employer or establishment surveys, information on industry unemployment comes from a national survey of households. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Financial services Overview Rebuilding the financial services sector for the future. The European Commission has taken swift action since the beginning of the crisis to overcome it and to create a more transparent and stable financial system.

Databases Tables Labor Force Aggregate Economy Inter- Industry Relationships Industry Output and Employment Occupational Employment Education and Training Employment Requirements Matrix Factor Analysis Evaluations. Handbook of Methods Methods Overview Classifications and Crosswalks Occupational Separations Additional Resources. Globally, the financial services industry leads the world in terms of earnings and equity market capitalization.

The leading firms in the U. The Division of Banks (DOB) provides resources and services for the financial services industry. The DOB encourages financial services industry professionals to use the services and resources provided. Resources and services include forms, applications, frequently asked questions, guidances. Employers in the financial services industry , such as insurance companies, banks, credit unions and broker-dealers, are subject to various background investigation and screening requirements.

The following section provides an overview of the major screening and investigation laws and regulations that apply to these institutions.