Islamic Financial Markets: Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia “Malaysia is enhancing the international dimension of its Islamic banking and financial market, with the introduction of increased foreign participation.” “…this partnership [Bank Islam Malaysia Berhad, Dubai Financial Limited Liability Company (LLC) and Lembaga Tabung Haji] also serves to enhance Malaysia as a centre of product innovation in Islamic finance. Indeed, conscious efforts have been made to ensure a conducive environment for
Gulf Times Doha Bank deputy CEO R Seetharaman has said technology is the driving force behind today’s financial services industry. Addressing students at the Carnegie Mellon University in Qatar at a function hosted in his honour, Seetharaman said globalisation, consumerism and deregulations are the key drivers of change. “In today’s competitive environment, differentiating factors that decide the success of an organisation are providing better value to customers, one hub 24/7 back office, reduction in processing
China: Citibank Launches Three New Structured Investment Accounts Shanghai – Citibank announced today the launch of three new Structured Investment Accounts (“SIA”). They are a one-year, U.S. Dollar denominated SIA linked to a basket of global retailing stocks; a two-year, U.S. Dollar denominated SIA linked to global stock indices, and a one-year RMB denominated SIA linked to the Hang Seng Index. The Structured Investment Account is an investment product designed to link to the performance
In the innovation programs I have run for large financial services companies, a primary objective is to get the participants to build strong networks as they collaborate with their peers and seek assistance from seniors, vendors and clients. Participants regularly report that working with others outside their area and learning about other parts of the business made the experience worthwhile. While everyone recognizes the value of these networks, measuring their value is rarely a priority.
http://www.filene.org/blog/post/filene-i3-unveils-7-industry-innovations …inventive solutions to respond to market needs in the credit union industry…developed by teams of credit union officials participating in Filene’s i3 innovation program, sponsored in part by America’s Corporate Credit Unions. These seven innovations are natural evolutions of products and services that may find their way into credit union operations in the near future: Decision Point. When elderly credit union members need help managing their finances, specially trained staff members can advise family
The list of the stock index winners of the William F. Sharpe Indexing Achievement Awards at the annual Super Bowl of Indexing Conference: Most Innovative Benchmark Index o 2004 – CBOE S&P 500 BuyWrite Index (BXM) o 2005 – FTSE/RAFI Fundamental Index Series Most Innovative ETF o 2004 – iShares MSCI EAFE (EFA) and Emerging Markets o 2005 – EasyETF GSCI Commodities ETF Most Innovative Index Derivative o 2004 – CBOE Volatility Index (VIX) Futures
From an article about the Scottish Financial Enterprise Innovators 2006 awards (link) Ten Scottish financial services innovations through the ages 1694 – Bank of England founded by Scotsman William Paterson 1728 – Royal Bank of Scotland invents the overdraft 1750 – British Linen Bank – now part of HBOS – develops the first retail bank branch network 1810 – The first mutual savings bank was invented by Scotsman Reverend Henry Duncan 1873 – Launch of
From New York Times, August 11, 2006 THERE is a new cold war on the horizon. An intellectual property arms race is escalating on Wall Street, where financial services firms like Goldman Sachs and Citigroup are building up stockpiles of patents on processes like software-based pricing, trading and risk analysis systems and products like credit cards, exchange-traded funds and exotic derivatives.In 1997, there were 927 patent applications for various methods of processing financial and management
DrKW hits its cross-asset stride Dresdner Kleinwort Wasserstein (DrKW) is hitting its stride in its bid to provide clients with one-stop shopping for cross-asset class trading—a keystone of its Digital Markets (DM) group, which is paving the way forward for the firm. “In a nutshell, it is an electronic agency brokerage within the investment bank,” Park says. “It’s the group within Capital Markets responsible for developing, deploying and operating all of our electronic trading and
http://www.thinksmart.com/library/BigTenInnovationKillers.htm 1. Not creating a culture that supports innovation 2. Not getting buy-in and ownership from business unit managers 3. Not having a widely understood, system-wide process 4. Not allocating resources to the process 5. Not tying projects to company strategy 6. Not spending enough time and energy on the fuzzy front-end 7. Not building sufficient diversity into the process 8. Not developing criteria and metrics in advance 9. Not training and coaching innovation teams
http://www.cashedge.com/pressRoom/press_20040505_cashedge.html NEW YORK, NY – May 5, 2004—Citibank today announced the introduction of complete online account opening, the latest innovation to its award-winning online banking service, Citibank.com. Using the new account-opening feature, customers can open a Citibank account through one simple online session without having to mail in paperwork and wait up to the several weeks it can take most banks to complete the process. Citibank uses technology from CashEdge to provide instant decisioning based
http://www.findarticles.com/p/articles/mi_m0EIN/is_2005_Oct_31/ai_n15766432 “We conducted a rigorous review of internal and external servicing options before selecting Citigroup,” says Gerald Mazzari, Chief Operating Officer of Lazard Asset Management. “For us, just as significant as Citigroup’s capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts. By outsourcing administrative and operating functions to Citigroup, we can confidently focus on our core competency: delivering superior investment management results and
Citibank Builds Remittance Products Designed for Mexican Migrants, with Banamex (May 2004) Financial institutions in the US have become increasingly interested in the remittance market, especially the Mexican market. Following the acquisition of Banamex by Citigroup in 2001 and a decision to enter into the Mexican remittance market in a decisive way, Citibank launched a new product with Banamex in late 2003. This paper outlines the cross-border product, which is designed to appeal to unbanked
From BusinessWeek, June 25 Today she’s crafting her role at Citigroup in the fashion of a Silicon Valley venture capitalist. With strong backing from Prince, Radin is building a portfolio of small, ethnographically derived and metric-proven innovation ideas. Like any good VC, Radin expects some to fail. But that’s good. “We are building failure into the model,” says Radin. It’s the VC model—diversify your assets and see which hits.
Sparking growth systematically: How to turn innovation into a discipline By Robert B. Tucker Published on 2/12/2003 The innovation catalyst model In this model, ideas don’t leave the division or business unit to be developed elsewhere-at headquarters, say, or in a skunkworks or incubator. Citigroup’s Citibank division uses the innovation catalyst model to drive organic growth and capitalize on synergies created by a string of acquisitions. The effort is led by the chief country officer,