Annette Kramer wrote I spoke to a Partner in a money management firm who talked to me about the qualities of mind he thinks are most important in financial services professionals. AK: What do you look for in people you hire? P: All of the Partners had an interesting conversation about this yesterday. I said, “Listen, we hire analysts right out of business school, and that’s what everyone else does, too. So how are we
My clients, which are Fortune 50 financial services companies, would like to use podcasting internally (that is for their employees only) to support their innovation programs. There are a number of security hurdles to overcome to make this possible. First, just plugging a USB device into your desktop computer at work represents a major security threat. Some articles about this are collected here. In addition to being able to transport large amounts of data, iPods
Sanjay Dalal wrote a good summary of the book, Built to Last – Successful Habits of Visionary Companies by Jim Collins and Jerry I. Porras, on his blog, Creativity Driving Innovation In Business. The authors summarize their findings from 3M and provide five takeaways to drive Innovation at any business: 1. “Give it a try–and quick!” – Essentially echoing on having a process to try out a lot of stuff, and keeping what really works.
http://nykrindc.blogspot.com/2006/10/islamic-banking-innovation-in-islam.html the report notes that unlike Hadith (traditions attributed to the Prophet Muhammad) which are immutable, Fiqh, which affects all aspects of life, allows Islamic bankers room for maneuver when designing new financial instruments that are both profit-making and compliant with shari’a… The MEMRI report notes that the increased demand for Muslim financial institutions in the West has also prompted western firms to being providing these services. The report cites, Lloyds, TDS, Deutsche Bank, the
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