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STUDIES | PERFORMANCE

European Banking

Deutsche Bank Research

HOW TO FIX EUROPEAN BANKING...AND WHY IT MATTERS

The performance of the Eurozone economy is inextricably linked to the health of its banking system. That means the economy will likely stagnate unless European banks can build robust balance sheets, earn a competitive return on equity, and generate adequate capital to support faster growth and innovation. European policymakers must make bold decisions as there are serious doubts as to whether the continent’s banks can compete internationally with US institutions. This paper takes a careful look at the European banking system and suggests a number of remedies to improve the sustainability of its returns for the good of the economy and taxpayers. >more


Brexit and Financial Services Industry

Deloitte

RESPONDING TO BREXIT IN THE FINANCIAL SERVICES INDUSTRY

The United Kingdom will leave the European Union (EU) and several credit institutions in 2019 and investment firms still need to finalise their Brexit-projects to establish a third country branch or subsidiary in the EU to be able to access the European Single Market after Brexit. This White Paper addresses typical regulatory differences and implementation challenges that need to be considered in the context of founding a new bank or investment firm in Germany. >more


Carbon Risks

Deloitte

CLIMATE FINANCE – GEEIGNETE ANSÄTZE ZUR BEWERTUNG VON CARBON RISIKEN

Climate change is currently not only present on the global political agenda, but the consideration of climate risks is also gaining importance in the valuation of assets. For this report, Prof. Dr. Martin Hellmich, a Deloitte partner responsible for the valuation of securities in the area of Audit & Assurance, works together with Prof. Dr. Rüdiger Kiesel, professor for Energy Trading and Finance at the University of Duisburg-Essen, on the identification of quantitative approaches and their extension, in order to take into account carbon risks in the valuation of assets. >more


Asset Managers and Wholesale Banks

Morgan Stanley / Oliver Wyman

ASSET MANAGERS & WHOLESALE BANKS – SEARCHING FOR GROWTH IN AN AGE OF DISRUPTION

Asset managers and wholesale banks are under increasing investor pressure to accelerate growth while managing down costs. Yet both are facing falling margins and a market environment that is disappointing relative to expectations. Fundamental shifts in market structure and client behaviour mean that firms with the weakest starting point are increasingly disadvantaged. They will have to balance competing demands to defend core markets with the need to follow the money and find long-term growth. The cost of catching up is increasing. >more


Banking and Capital Markets Trends 2019

PwC

BANKING AND CAPITAL MARKETS TRENDS 2019

Emerging technologies are revolutionising customer intelligence, engagement and experience within both corporate and retail banking. Yet it’s people who drive enterprise transformation and ultimately derive the value. This manifests itself in everything from the empathy and creativity to understand and meet changing customer demands to your workforce’s readiness to embrace change and capitalise on the opportunities. It’s therefore concerning that so many of the 235 Banking and Capital Markets (BCM) CEOs taking part in PwC’s 22nd Global CEO Survey believe that this vital human element of transformation is falling short. Nearly 80% see skills shortages as a threat to their growth prospects. Their ability to innovate effectively and provide a winning customer experience is suffering as a result. >more


German Gender Diversity 2018

The Boston Consulting Group

(EM)POWER WOMEN: BCG GENDER DIVERSITY INDEX DEUTSCHLAND 2018 - WO CHEFETAGEN IN SACHEN VIELFALT STEHEN

Germany's executive floors are still extremely male-dominated: in the 100 largest German listed companies there are only two female CEOs and just seven percent female board members. On the supervisory boards of these companies, every third member is now a woman. Five out of 100 supervisory boards have a female chairman. This means that the proportion of women at the top of companies - board members and supervisory board members combined - is still a low 19 percent. One could say that progress in Germany is slow at best. This is shown by the results of the BCG Gender Diversity Index 2018, presented by the Boston Consulting Group in cooperation with the Technical University of Munich. >more


Fixed Income Study 2019

Invesco

INVESCO GLOBAL FIXED INCOME STUDY 2019

Our second global fixed income study provides insights on the views, opinions and experiences of 145 fixed income specialists, across pension funds (both defined benefit and defined contribution), sovereign wealth funds, insurers and wholesale investors including private banks, diversified fund managers, multi-managers, and model builders. With the end of the cycle considered to be in sight and some seminal changes to consider in relation to the construction of global fixed income assets and their role in wider portfolios, fixed income investors are facing more challenging conditions ahead. >more


Divestment Study 2019

Ernst & Young

GLOBAL CORPORATE DIVESTMENT STUDY 2019

While geopolitical uncertainty dominates the headlines – from tariffs to trade wars, Brexit to border control – European companies are embracing divestment to strengthen their competitive edge and execute on their transformation agenda. According to the EY Global Corporate Divestment Study, 84% of European companies surveyed intending to divest within the next two years (the majority planning to do so in the coming 12 months), with the intent to streamline operating models for better agility. >more


German VC and Start-ups 2018

Ernst & Young

TECH START-UPS RESHAPING THE ECONOMY: VENTURE CAPITAL AND START-UPS IN GERMANY 2018

Since their foundation, the 100 largest German tech start-ups have been able to collect 8.1 billion US dollars from investors. The Auto1 Group is at the top of the rankings, having collected almost 1.1 billion US dollars since its foundation. Interestingly, there is a strong focus on the financial sector: one in five (21 companies) among the top 100 start-ups is a FinTech (previous year 14). >more


Banks, Insurers and Digital Mastery

Capgemini Research Institute

WHERE ARE BANKS AND INSURERS ON THEIR DIGITAL MASTERY JOURNEY?

The financial services industry stands at a crossroads and dark clouds of disruption are brewing overhead. As consumers become more connected and tech-savvy, FinTech and InsurTech upstarts edge their way onto the center stage, and new technologies and the sharing economy increasingly define our daily lives, banks and insurers must develop new value propositions to compete and prosper. The key to doing so is focusing on both leadership and digital capabilities – a status we call “digital mastery.” Our latest research shows fewer than one-third (30%) of financial services firms have thus far attained digital mastery. >more


European Bank Profits

Deutsche Bank Research

EUROPEAN BANK PROFITS RISE TO POST-CRISIS PEAK DESPITE LOWER REVENUES IN 2018 - CAPITAL RATIOS DOWN FOR THE FIRST TIME

In 2018, net income at the major European banks climbed to its highest level since the financial crisis. Lower administrative expenses and a further fall in loan loss provisions to multi-year lows more than made up for a decline in revenues. Whereas net interest income stabilised, fee and commission income as well as trading income declined. >more


Blockchain

J.P. Morgan

BLOCKCHAIN AND THE DECENTRALIZATION REVOLUTION: A CFO’S GUIDE TO THE POTENTIAL IMPLICATIONS OF DISTRIBUTED LEDGER TECHNOLOGY

With the advent of blockchain and increased adoption, J.P. Morgan’s Corporate Finance Advisory team, in conjunction with J.P. Morgan’s Digital Investment Banking team and Blockchain Center of Excellence, provides an informed view on the corporate implications of the rapidly changing interplay between finance and blockchain technology. Although the use of blockchain in the enterprise remains mostly in the proof-of-concept stage, CFOs and financial executives should continue to periodically evaluate the latest blockchain developments. >more


Global Pension Assets

Thinking Ahead Institute

GLOBAL PENSION ASSETS STUDY 2019

The Thinking Ahead Institute's Global Pension Assets Study 2019 covers 22 major pension markets (the P22), which now total USD 40,173 billion in pension assets and account for 60% of the GDP of these economies. The study also looks at the seven largest markets (the P7) which include Australia, Canada, Japan, Netherlands, Switzerland, UK and US and comprise 91% of total pension assets. >more


Robo-Advisors

Deutsche Bank Research

GERMAN ROBO-ADVISORS: RAPID GROWTH, ROBUST PERFORMANCE, HIGH COST

Robo-advice is a new breed in asset management. Robos’ assets under management have been growing quickly in Germany. However, the market is increasingly becoming concentrated and competitive. Robo portfolios have shown relatively robust performance recently. Yet the high costs of robo-advice in Germany are a drag on returns and may alienate potential customers. Current clients, meanwhile, are mostly middle-age, higher-income men rather than millennials. >more


Institutional Investors

MSCI

ESG TRENDS TO WATCH IN 2019

ESG institutional investors face both pressing challenges and opportunities in 2019. The report highlights five of them: how to deal with the significant amount of plastic waste generated; regulations focused on ESG investors; the earlier-than-expected effects of climate change; the big signal revolution and the role of corporate leadership in the age of transparency. >more


Global Market Outlook 2019

STATE STREET GLOBAL ADVISORS

2019 GLOBAL MARKET OUTLOOK: NOT OVER UNTIL IT'S OVER

As investment challenges grow more complex, the Global Market Outlook is designed to alert investors to portfolio risks and opportunities in the coming year. Research around near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome-oriented portfolios we create for clients, drawing on the full range of our beta and alpha solutions as well as our asset-allocation expertise. >more


Global CEO Survey

PwC

22ND ANNUAL GLOBAL CEO SURVEY: CEO'S CURBED CONFIDENCE SPELLS CAUTION

The optimism of top managers is curbed: last year, CEOs worldwide were more optimistic than ever before. Now, one year later, 29 percent expect global economic growth to decline in the next twelve months (previous year: 5 percent). This year, 42 percent (previous year: 57 percent) are confident that the global economy will grow faster than in the previous year. >more


Financial Services Industry 2019

Oliver Wyman

THE STATE OF THE FINANCIAL SERVICES INDUSTRY 2019

For an industry whose product – the movement and storage of money and the management of risk – is electronic, financial services processes are manually intensive. Surveys show that customers are rarely inspired by the service and yet the consensus is that a digital overhaul of legacy systems will be the work of many years. At the same time, new businesses underpinned by digital capabilities are gaining traction. Imagine if you could combine what is possible in a new build with the business model advantages of an existing firm. In the 2019 edition of our State of Financial Services report we examine the potential for the industry to start again and point to the first steps in the journey – "go build!" >more


Private Assets in Institutional Portfolios

PGIM

THE TRADEOFF BETWEEN LIQUIDITY AND PERFORMANCE: PRIVATE ASSETS IN INSTITUTIONAL PORTFOLIOS

Are investors sacrificing too much portfolio performance in the name of liquidity? Investors may wish to increase allocation to private assets with their potentially greater returns and diversification benefits, but worry that these assets are too illiquid to generate sufficient cash when needed. How can investors measure the tradeoff between liquidity and performance to determine their optimal mix of private and public assets? PGIM’s IAS team presents an asset allocation framework that investors can use as a tool to answer this question. >more


European Banks in 2019

Deutsche Bank Research

EUROPEAN BANKS: OPERATING STRUGGLES AND SOME EXTERNAL HEADWINDS

Banks in Europe face a more difficult business environment in 2019 than last year. While the macro environment is still decent, momentum is cooling markedly. In addition, prominent political risks loom dangerously. On the operating side, banks are treading water. Their limited cost savings are being fully absorbed by declining revenues, and balance sheets continue to shrink despite a moderate pickup in lending. Profitability and capital levels are both stagnating. Only in a benign economic and political scenario will banks be able to return to growth this year. >more


Banking

Group of Thirty (G30)

BANKING CONDUCT AND CULTURE: A PERMANENT MINDSET CHANGE

2018 marks the tenth anniversary of the global financial crisis. Since then, the industry has devoted significant time and resources to understanding the underlying causes of its cultural breakdowns, and to implementing reforms needed to address the issues. And yet, throughout the last decade, and despite significant efforts, the industry has continued to be dogged by conduct scandals and failures of culture and governance. Trust in banks remains low. And at the same time, the scope of the issues has grown. As a result, banks have endeavored to implement various changes to improve their conduct and culture. The report focuses on two fundamental questions: 1) How much progress has the banking industry made in conduct and culture ten years on from the global financial crisis; and 2) In what areas should banks continue to press on, and what evolving questions should they be mindful of going forward? >more


Digitalization in Corporate Restructuring

Roland Berger Strategy Consultants

DIGITALISIERUNG LÄUTET ZEITENWENDE IN DER RESTRUKTURIERUNG EIN

In corporate restructuring, "analogue" practices have been in place for more than 30 years, but with the advent of the digital age, it is now time for the restructuring industry to leave traditional paths and look for new approaches. Consistent digitalization makes it possible to double efficiency by halving the process time for restructuring. >more


German Fintech Report 2018

Ernst & Young

GERMAN FINTECH LANDSCAPE 2018

Germany’s FinTech ecosystem remains on a healthy development path – the number of FinTechs is growing, investment volumes in FinTechs are expanding, the deal flow is rising and the average deal size is increasing. In response to the growing presence of FinTechs in the market, financial institutions in Germany have been ramping up their activities aimed at dealing with the FinTech challenge. >more


Artificial Intelligence and Financial Services

World Economic Forum

THE NEW PHYSICS OF FINANCIAL SERVICES – HOW ARTIFICIAL INTELLIGENCE IS TRANSFORMING THE FINANCIAL ECOSYSTEM

A clear vision of the future financial landscape will be critical to good strategic and governance decisions as financial institutions around the world face growing competitive pressure to make major strategic investments in AI and policy makers seek to navigate the challenging regulatory and social uncertainties emerging globally. Building on the World Economic Forum’s past work on disruptive innovation in financial services, this report provides a comprehensive exploration of the impact of AI on financial services. >more


Trends in 2019

Barings

FIVE TRENDS TO WATCH IN 2019

The past year has been a strange one for global growth as the recovery fell out of synch. While there were no obvious signs of recession as 2018 ended, it is hard to make the case for a global acceleration in the months ahead. This has left most investors looking for attractive valuations and strong balance sheets, as they look for signs that global growth may fade. >more


Global Equity Outlook

BlackRock

GLOBAL EQUITY OUTLOOK: HEAT IS ON FOR TECH STOCKS AMID U.S.-CHINA COLD WAR

The U.S. and China are the two global leaders in technology, and the tech sector is the largest constituent in both countries’ equity markets. Tensions between the two superpowers, with tech dominance a central issue, are sparking concern. Recent tech stock selling has only fanned the flames. >more


Blockchain and Reshaping

Invesco

BLOCKCHAIN AND THE RESHAPING OF INVESTMENT MANAGEMENT

In this article, we cover various aspects of the blockchain phenomenon, with a focus on capital markets. Our central argument is that the blockchain will transform the capital markets by speeding up settlement and clearing, enabling “smart contracts”, making data delivery faster and encouraging disintermediation. We also cover possible threats to this development, especially regulatory issues, and discuss potential risks arising from the new technology. >more


Retail Banking and Customer Loyality

Bain & Company

IN SEARCH OF CUSTOMERS WHO LOVE THEIR BANK: CUSTOMER LOYALTY IN RETAIL BANKING REPORT

With banks under attack from technology firms, their top priority should be improving the convenience and quality of the experience for customers. Loyalty stems from how well banks deliver value as perceived by consumers, which companies can measure through 30 Elements. The elements that have the greatest impact on loyalty in banking are quality, followed by saves time, reduces anxiety, simplifies and heirloom. On each of these five elements, at least one large tech firm performs better than survey respondents' primary bank. That helps tech firms earn customers' trust at a level near banks. >more


Outsourcing of Financial Institutions

PwC

OUTSOURCING IN DER FINANZINDUSTRIE

Outsourcing is an important part of the strategy of many financial institutions - not only as an instrument to reduce costs, but also to gain access to the expertise and knowledge of external service providers and FinTechs. The new PwC study analyses the framework conditions and identifies the most important trends in the outsourcing market. It surveyed 124 companies, including 32 banks, 53 service providers and 39 FinTechs. >more


Asset and Wealth Management Industry

PwC

ASSET & WEALTH MANAGEMENT REVOLUTION: PRESSURE ON PROFITABILITY

The asset and wealth management (AWM) industry’s revolution is well under way. Assets under management (AuM) are increasing, as are costs and revenues. But even though costs have gone up, they have not risen as quickly as revenues for multiple reasons, including economies of scale and the slow adoption of new technologies. However, as investor and regulator pressures build and companies invest in infrastructure and talent, costs are likely to begin to creep up. >more


Assumptions 2019 Long-Term Capital Market

J.P. Morgan

2019 LONG-TERM CAPITAL MARKET ASSUMPTIONS

The 2019 estimate for real global GDP growth of 2.5% is unchanged from last year, and despite a few country-level adjustments, the secular growth outlook is stable and risks are balanced. Asset returns at equilibrium look reasonable by historical standards, but cyclical headwinds constrain return forecasts today and still present a challenge. Cyclical risks are building, many economies are operating above trend with little slack, and asset valuations are elevated. While long-term investors should consider returns over the whole cycle, the starting point matters greatly to the long-term outlook. >more


EU-Wide Stress Test 2018

European Banking Authority

2018 EU-WIDE STRESS TEST RESULTS

The 2018 EU-wide stress test involves 48 banks from 15 EU and EEA countries, covering broadly 70% of total EU banking sector assets. The objective of the exercise is to assess, in a consistent way, the resilience of banks to a common set of adverse shocks. The results are an input to the supervisory decision-making process and promote market discipline. >more


Commodity Finance Market Report 2018

TXF / Allen & Overy

COMMODITY FINANCE MARKET REPORT 2018

The financing spectrum is more diverse with an increasing role for alternative lenders and innovative financing techniques, while a dexterous navigation of the legal and regulatory landscape remains a cornerstone of safe and successful deal-making. How traders view these shifts and challenges is key to determining the direction in which the industry travels. While market practitioners continue to have their ear to the ground with a number of market intelligence sources, the response to the inaugural TXF-Allen & Overy Market Report, last year, demonstrated the desire for an independent, authoritative report on the condition of the commodity finance market as detailed by commodity traders.  >more


FinTech Cooperations

PwC

FINTECH-KOOPERATIONSRADAR

With a total of 562 FinTech cooperations, banks have entered into almost twice as many partnerships as insurers, who have entered into a total of 294 cooperations. The gap is even greater for operative cooperations: Here, the PwC study records 450 bank cooperations versus 192 insurance cooperations. One possible reason: banks started FinTech cooperations about two years earlier than insurance companies. >more


Big Data and ESG

Deutsche Bank Research

BIG DATA SHAKES UP ESG INVESTING

Investors have long attempted to incorporate ESG information into their stockpicking decisions, however, ESG funds have underperformed the market. This issue shows how the latest developments in artificial intelligence and machine learning are finally giving investors the upper hand. Big data catches out ‘greenwashing’ and provides forward-looking market signals that outperform the market. This is a boon for investors who want to determine how ESG issues affect the fair value of stocks. >more


Women in Financial Services

McKinsey & Company

CLOSING THE GAP: LEADERSHIP PERSPECTIVES ON PROMOTING WOMEN IN FINANCIAL SERVICES

Where does the financial-services sector stand when it comes to gender equality? To answer the question, this article looks at the experiences of financial-services employees in North America, gathers insights from female senior leaders (those who have reached the level of vice president or above), and reviews best-practice policies and programs to promote diversity and inclusion. >more


Executive Boards of DAX

Ernst & Young

DAX-AUFSICHTSRÄTE UND VORSTÄNDE: INTERNATIONALITÄT UND VIELFALT

The executive boards of DAX companies became somewhat more international last year: between mid-2017 and mid-2018, the number of DAX board members holding a foreign passport rose from 67 to 69 - the proportion of foreign DAX board members thus rose from 35 to 36 percent. Conversely, the number of top managers with German (or dual) citizenship fell from 126 to 123. >more


Ranking Market Capitalisation

PwC

GLOBAL TOP 100 COMPANIES BY MARKET CAPITALISATION: 2018 UPDATE

In this report PwC has ranked the top 100 global companies by market capitalisation and compared how the list has evolved from March 2009 to March 2018. The report identifies the risers and the fallers, looks at sector dynamics and provides a view on how the global landscape has changed. >more


Corporate Banking

Strategy&

EINEN GANG HOCHSCHALTEN: WIE BANKEN DEN WETTBEWERB IM FIRMENKUNDENGESCHÄFT MEISTERN

Corporate Banking continues to be lucrative for banks in Germany: with an average return on equity of 10%, Corporate Banking made an important contribution to the profitability of banks in Germany last year. In 2017, the institutions in Germany generated income of around EUR 20 billion in the corporate customer segment. Of this, 66% was attributable to traditional lending business and 24% to cash management and trade finance products. The remaining 10% was distributed between investment banking services and financial markets products. >more


Insurance Industry

The Boston Consulting Group

A NEW BOLDNESS PAYS OFF: THE 2018 INSURANCE VALUE CREATORS REPORT

A new boldness appears to be afoot in the insurance industry — and investors are paying attention. This year’s value creators data, which covers the five years from 2013 through 2017, shows that markets rewarded many companies across the industry for a variety of value-creating moves. Insurance as a whole ranked 12 out of the 33 sectors tracked in the BCG value creators database, with a median annual total shareholder return of 18%. It performed more consistently than other sectors, showing a standard deviation of only 7%, the lowest among all industries. But the spread between top- and bottom-quartile insurers was still wide. >more


European Banks

Bain & Company

SLOW SLIDE? EUROPE’S LARGEST BANKS FACE ERODING FINANCIAL POSITIONS

Bain's latest annual analysis shows that, on average, measures of profitability, efficiency, capital adequacy and asset quality improved for European banks, and investors raised their valuations accordingly. The market continues to be polarized, as there is no one homogeneous European banking system. The largest banks, though, have lost ground relative to the sector for several years. Investors have been especially lenient toward banks with weaker balance sheets. Winning banks also have higher loyalty scores, which reflect their better customer experience and lead to stronger economics. >more


Fintech 2018

KPMG

THE PULSE OF FINTECH – 2018

Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG brings you the pulse of fintech investment globally. This publication highlights key fintech deals, issues and challenges seen around the world, in addition to key trends and insights related to fintech in key regions, including the Americas, the US, Asia and Europe. >more


Blockchain in Commodity Trading

The Boston Consulting Group

A REALITY CHECK FOR BLOCKCHAIN IN COMMODITY TRADING

To the commodity traders that support it, blockchain technology is a panacea. Blockchain-based platforms promise to improve the way the commodity-trading industry operates by addressing its struggles: with inefficiencies and issues of trust and with the complexity of transactions, which typically involve multiple counterparties. It’s no surprise, then, that senior executives are lining up to invest in blockchain. >more


Operational Risk in Banks

Bain & Company

PREVENTING DISASTER: HOW BANKS CAN MANAGE OPERATIONAL RISK

Banks have struggled to control operational risk, which is the risk of loss due to errors, breaches, interruption or damages. In particular, major banks have suffered nearly $210 billion in operational risk losses since 2011. The key to effective operational risk management is training people to anticipate what could go wrong especially when a business unit is about to do something new. >more


Corporate and Investment Banking

Roland Berger Strategy Consultants

A NEW BUSINESS MODEL FOR CORPORATE AND INVESTMENT BANKING

New players in the banking industry usually attack via three anchor points: the client interface, the product offering or the technology. To face this challenge head-on and deal with the all-round digital impact, banks need to refocus their offering along the lines of the attack and focus on being one of three archetypes: the relationship expert, the product expert, or the technology service provider. >more


Digital Advice

Morningstar/PitchBook

DIGITAL ADVICE RAISES PROFITS FOR INVESTMENT SERVICES INDUSTRY

The original robo-advisor model had three main challenges: high client-acquisition costs, ongoing costs of servicing clients, and low revenue yield on client assets. But new business models (and more aggressive digital-transformation efforts) are helping to address these faults. Find out more about these business models in this report. >more


Global Blockchain 2018

Deloitte

2018 GLOBAL BLOCKCHAIN SURVEY

Deloitte’s new global survey of more than 1,000 blockchain-savvy executives from seven countries and nine industries is a leading indicator of where blockchain is headed. The executives see great value in blockchain’s potential to reinvent processes across the business value chain and there is interest and investment in a wide range of use cases. >more


Bitcoin

Deloitte

WELCHEN WERT HAT DER BITCOIN?

Bitcoin has the potential to fundamentally change the financial industry, trade and business models of many companies. But how do Bitcoin and Blockchain work exactly? And what do companies need to know in order to benefit from it? The Deloitte experts explain the functionality and possibilities of the virtual currency. >more


Global Investment Outlook Midyear 2018

BlackRock

GLOBAL INVESTMENT OUTLOOK: MIDYEAR 2018

BlackRocks sees strong U.S. growth extending positive spillover effects to the rest of the world, sustaining the global economic expansion. Yet the range of possibilities for the economic outlook has widened. On the downside: trade war and overheating risks. On the upside: U.S. stimulus-fueled surprises. This greater uncertainty - along with rising interest rates - has contributed to tightening financial conditions and argues for building greater resilience into portfolios. >more


Asset Management

Bain & Company

AFTER THE EASY MONEY BOOM, STARK CHOICES FOR ASSET MANAGERS

Asset management has become an increasingly difficult business, driven by new structural trends incustomer behavior, regulation and technology. A collapse of the midtier, plain-vanilla, full-service model leaves asset managers with two basic strategic directions to pursue: Build the business to a large scale (for passive or active investment strategies), or develop a highly differentiated niche (active only). >more


Supervisory Board and Value

The Boston Consulting Group

VON DEN BESTEN LERNEN: ERFOLGSREZEPTE DEUTSCHER AUFSICHTSRÄTE. ERGEBNISSE VON GESPRÄCHEN MIT DAX-AUFSICHTSRATVORSITZENDEN

How can a supervisory board create value for the company beyond its legal obligations? How does a good Chairman of the Supervisory Board manage and act? BCG asked over 20 successful and experienced supervisory board chairwomen of large German companies about their experiences, strategies, methods and personal recipes for success. >more


German Fintechs

Deutsche Bank Research

GERMAN FINTECHS ON THE RISE: A MIXED BLESSING FOR BANKS, BENEFICIAL FOR CLIENTS

The number of FinTech start-ups in Germany has surged in recent years. They are mostly active in crowd funding and payments. Online payment schemes offered by FinTechs or BigTechs have already become the most popular way to pay for internet purchases. Meanwhile, the biggest focus of blockchain start-ups in Germany is on financial services. Many FinTechs cooperate with banks which like them for their innovative solutions. >more


Blockchain in Financial Services

Ernst & Young

BLOCKCHAIN IN FINANCIAL SERVICES – MEHR ALS NUR EIN HYPE?

When it comes to blockchain technology, German banks, insurers and asset managers tend to wait and see. Hardly any company aims to lead the way as a pioneer in the field of blockchain. Most people also want to keep their hands off cryptocurrencies. These are the results of a PwC survey among managers of 300 banks, insurers and asset managers. >more


Restructuring in Europe 2018

Oliver Wyman

IS EUROPE READY FOR THE NEXT CRISIS? OLIVER WYMAN RESTRUCTURING REPORT 2018

European economies have largely recovered from the debt crisis. Gross domestic product is growing by an average of 2.4 percent, and several factors speak for a sustained positive business climate for banks and companies. The mood among the companies surveyed for this year's restructuring study is thus very good. However, experience shows that severe crises are mainly triggered by unexpected events! This report discusses the possibility of a new crisis and how well the European banking sector is prepared for it. >more


Banking and Disruption

Bain & Company

WOLF IN SHEEP'S CLOTHING: DISRUPTION AHEAD FOR TRANSACTION BANKING

Many banks and fintechs are placing big bets on transaction banking. But as competition intensifies and technology firms offer alternatives, prices are bound to fall, and the numbers won’t add up for everyone. To succeed, incumbent banks will need to overhaul most aspects of their operating models, including legacy technology systems. >more


Blockchain Finance

Deloitte

BLOCKCHAIN FOR FINANCE

Blockchain for Finance is a practical guide for finance organizations that want to understand options for blockchain and make effective decisions about moving forward. It features more than a dozen Frequently Asked Questions finance teams can use to make sense of blockchain technology, as well as a high-level roadmap for adoption. It also includes a seven-point checklist for CFOs who are thinking about embarking on the blockchain journey. >more


Value Creators

The Boston Consulting Group

THE 2018 VALUE CREATORS RANKINGS

When it comes to achieving superior performance over the long term, the firms topping BCG’s Value Creators rankings have perfected the art. For the past 20 years, BCG has been ranking companies on the basis of total shareholder return (TSR), a long-term metric that reflects the true bottom line for a company’s shareholders. >more


European Entrepreneurs and Regulation 2018

PwC

EUROPEAN PRIVATE BUSINESS SURVEY 2018

PwC surveyed 2,447 entrepreneurs from 31 European countries for the European Private Business Survey, including 371 from Germany. The results indicate that the shortage of skilled workers is slowing down European economic growth and is becoming an ever greater problem for SMEs. And not only that: Overwhelming regulation and bureaucracy, the sluggish expansion of the digital infrastructure, the uncertainties caused by the Brexit and increasing protectionism are big concerns for medium-sized companies. >more


CFP Survey Spring 2018

Deloitte

CFO SURVEY: FRÜHJAHR 2018

The CFO Survey is a barometer of corporates’ sentiment and strategies that aims at identifying trends and trend breaks. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing. >more


Venture Capital in Germany

Roland Berger Strategy Consultants

VENTURE CAPITAL: TREIBSTOFF FÜR INNOVATIONEN, WACHSTUM UND WETTBEWERBSFÄHIGKEIT

There is not enough venture capital in Germany. This means that there is a lack of funds for start-ups and innovations, which are indispensable for surviving the competition with other technology locations. In this study, Roland Berger, the Internet Economy Foundation and the Bundesverband Deutscher Kapitalbeteiligungsgesellschaften show how critical the situation is and what can be done. >more


German Banks June 2018

Ernst & Young

EY BANKENBAROMETER DEUTSCHLAND JUNI 2018

Loans for corporate customers will most likely become more expensive in the upcoming months: One third of the banks in Germany expects to be able to raise corporate and installment loans this year; in the case of real estate loans, interest rates are even expected to rise by 41 percent. By contrast, hardly any bank manager expects interest costs for customers to fall. >more


Global Market Q2 2018

Russell Investments

2018 GLOBAL MARKET OUTLOOK — Q2 UPDATE

Volatility is back, the U.S. Federal Reserve (the Fed) is picking up the pace of hiking and trade war threats are increasing. But global growth is still strong and the U.S. economy is getting a jolt of fiscal stimulus. The tailwinds still outweigh the headwinds for now; however, this balance could shift as the year progresses. >more


Turbulance in Banking

Bain & Company

FOUR MODELS TO WEATHER THE TURBULENCE IN BANKING

Most banks’ current business models are not well equipped to deal with disruptions, as digital-native competitors take attractive slices of the profit pool. Bain & Company thinks that four models are emerging as viable. To thrive with any of the models, banks will likely have to accelerate partnerships with technology firms or retailers, and will need to invest in customer experience and improve technology capabilities. >more


Fintechs and Impact

Oliver Wyman

FINTECHS - VIEL LÄRM UM NICHTS!?

FinTechs are attacking the global financial sector at a rapid pace - at least in public perception. But how great is the economic impact on domestic banking? And which players will be successful in the market? Oliver Wyman's FinTech analysis addresses these questions and explains how banks should focus their investments in the future.
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Global Investment Outlook Q2 2018

BlackRock

GLOBAL INVESTMENT OUTLOOK Q2 2018

Blackrock sees the overall environment as positive for risk assets, but expects more muted returns and higher volatility than in 2017. It furthermore addresses two major risks to the global expansion and risk assets: trade wars and a spike in real yields. >more


Commodity Report 2017

Allen & Overy

COMMODITY FINANCE MARKET REPORT 2017

Amidst this flurry of constant change, a new commodities model has begun to emerge. While market practitioners almost invariably have their ear to the ground with a number of market intelligence sources, there has remained a need for an independent, authoritative report on the condition of the commodity finance market. This was the driving force behind TXF and Allen & Overy’s launch of a survey that would reach out to market practitioners in a bid to accurately capture the pulse of the industry and provide useful data to its participants. >more


Global ETF

Ernst & Young

GLOBAL ETF RESEARCH 2017: RESHAPING AROUND THE INVESTOR

EY expects the ETF industry to continue its rapid global expansion, outgrowing the wider asset management industry. According to this report, the prevailing conditions remain favorable, and the industry retains its many innovative characteristics. >more


Wealth Management and Digital Wave

Strategy&

SINK OR SWIM: WHY WEALTH MANAGEMENT CAN’T AFFORD TO MISS THE DIGITAL WAVE

The ‘Sink or Swim: Why wealth management can’t afford to miss the digital wave’ report evaluates the relationship between wealth, technology and the role of the professional wealth managers from research conducted on over 1000 high net worth individuals with US$1 million+ in investable assets in Europe, North America and Asia Pacific. >more


Licensed Fintechs

PwC

OUTSOURCING 3.0: LICENSED FINTECHS DRIVING GROWTH AND EFFICIENCY FOR BANKS

Together with PwC, FinLeap has published a whitepaper to explore current outsourcing trends for banks in Germany and the new providers entering the market in relation to the financial services industry. The partnerships from the established banks and outsourcing partners range from relationships with corporate companies such as IBM or Google, start-ups, and BaFin licensed fintechs. And the results show increasing use of outsourcing within the financial industry in order to drive efficiency and flexibility in traditional financial services business models. Flexible fintechs, who along with financial institutions, are taking the approach of co-operation as oppose to competition. >more


Blockchain and Banking

Accenture

BANKING ON BLOCKCHAIN: A VALUE ANALYSIS FOR INVESTMENT BANKS

Many analysts liken the disruptive potential of blockchain's distributed ledger technology — a new type of database system — to that of the Internet. In addition to reshaping the financial infrastructure as we know it, this research pinpoints where blockchain will have the biggest impact on a bank's bottom line. To conduct the study, Accenture joined forces with McLagan, a business unit of Aon plc, and world-class capital markets benchmarking provider. >more


CFO Role

The Boston Consulting Group

THE CFO'S VITAL ROLE IN CORPORATE TRANSFORMATION

In the past decade, it has become commonplace to see companies launch a transformation — a comprehensive change in strategy, operating model, organization, people, or processes. The BCG research finds, though, that many transformations do not create shareholder value. Indeed, among recently launched transformations, only one in four has succeeded in creating shareholder value above the industry average. This study suggests that CFOs have a vital role to play in helping companies establish and achieve a transformation’s objectives for value creation. >more


Wholesale Banking

Morgan Stanley / Oliver Wyman

WHOLESALE BANKS AND ASSET MANAGERS – WINNING UNDER PRESSURE

The 2018 edition of this annual report offers an overview of industry trends and analysis in wholesale banking and asset management. It finds that the contrast between winners and losers should be stark as banks and asset managers battle for near-term growth, while also positioning themselves to benefit from powerful longer-term shifts. >more


Small Companies

Bain & Company

SMALL BUSINESS ECOSYSTEMS: BANKS' NEXT CHALLENGE

It’s not easy for small companies to grind through the basic operations of running a business. Owners and managers spend substantial time navigating separate platforms for banking, enterprise resource planning, human resources and other activities, each with its own spreadsheets of critical information. Retail merchants must sell through multiple channels, including the online platforms offered by the Rakutens, Alibabas and Amazons of the world. And small and medium-sized enterprises (SMEs) selling online are heavy users of payments technology. How can bankers help contain this sprawl? They can devise a simple, easy-to-use package that would integrate banking functions with, say, an external partner’s accounting and payroll software. So there is a big world beyond core banking services. But do banks have the credibility and the right partners? >more


Blockchain

White & Case

THE YEAR OF BLOCKCHAIN: GLOBAL LEGAL FRAMEWORK BEGINS TO TAKE FORM

Global interest in Initial Coin Offerings (ICOs) may have reached a fever pitch last year, but 2017 was also memorable for development of the legal framework that surrounds the use of VC&B, particularly in the US. But the development and legitimization of VC&B also gained momentum in other jurisdictions around the world. Governments are not only building the legal framework for the commercial and financial use of VC&B, but they are also adopting blockchain-based applications for their own regulatory processes. >more


German Banking 2030

Oliver Wyman

BANKENREPORT DEUTSCHLAND 2030

The German banking system faces radical changes: In 10-15 years, Germany will only have around 150 to 300 banks with sustainable and successful business models, compared to today's 1,600. Competition is increasing and more and more foreign banks, fintechs, market infrastructure providers and global technology groups are entering the German banking business. At the same time, digitization is making customers increasingly demanding. >more


Fixed Income

Invesco

2018 GLOBAL FIXED INCOME STUDY

Since the turmoil of the financial crisis, investors are navigating a great calm in fixed income markets. However, there is a sense that the prevailing period of calm is coming to an end as central bank intervention is withdrawn and investor behaviors and objectives subsequently change. The 2018 Invesco Global Fixed Income Study explores the key themes within this topical asset class through the views, opinions and experiences of 79 leading fixed income specialists across pension funds, sovereign investors, insurers and private banks around the world. >more


Global Pension Assets

Willis Towers Watson

GLOBAL PENSION ASSETS STUDY 2018

The Global Pension Assets Study covers 22 major pension markets (the P22), which now totals USD 41,355 billion in pension assets and account for 67.0% of the GDP of these economies. The study includes an analysis of the seven largest markets (the P7) which includes Australia, Canada, Japan, Netherlands, Switzerland, UK and US and comprises 91% of total pension assets. >more


German Banking Sector

Bain & Company

DEUTSCHLANDS BANKEN 2017: METAMORPHOSE IM LAUFENDEN BETRIEB

The structural change in the banking sector continues with increasing speed: on average, 36 bank branches close down operations every week in Germany and one bank even leaves the market. At the same time, the number of employees in the banking industry is falling by more than 400 per week. >more


Financial Services Industry 2018

Oliver Wyman

THE STATE OF THE FINANCIAL SERVICES INDUSTRY 2018

The Oliver Wyman State of the Financial Services Industry 2018 report finds that while financial services incumbents have largely recovered towards relative health ten years on from the financial crisis and conditions have improved significantly, there is a gnawing sense of concern regarding the prospects for future underlying industry growth. >more


Small Business

European Investment Fund

EUROPEAN SMALL BUSINESS FINANCE OUTLOOK: DECEMBER 2017

This analysis provides an overview of the main markets relevant to the EIF. The report starts by discussing the general market environment for SME finance, then looks at the main aspects of equity finance and the SME guarantees / securitisation markets. Finally, it highlights important aspects of microfinance in Europe and – for the first time and due to the rising importance of the segment – of Fintechs. >more


CEO Survey

PwC

21ST CEO SURVEY: THE ANXIOUS OPTIMIST IN THE CORNER OFFICE

Despite record levels of short-term optimism in the global economy, CEOs worldwide report heightened levels of anxiety regarding the business, economic, and, particularly, the societal threats confronting their organisations. PwC’s 21st CEO Survey sheds light on this seeming contradiction and the factors contributing to CEOs’ anxiously optimistic outlook on 2018 and beyond. >more


Long-Term Capital Market

Franklin Templeton

2018 LONG-TERM CAPITAL MARKET EXPECTATIONS

The investment experts of Franklin Templeton share their views as markets shift away from the recovery era of monetary accommodation amid synchronized global growth. These views represent Franklin Templeton’s global macro, fixed income, equity and multi-asset investment capabilities and are underpinned by capital markets forecast. >more


Investment Outlook 2018

BNP Paribas

INVESTMENT OUTLOOK 2018: THE TIDE IS HIGH

The tide is high in financial markets. Non-conventional central bank policy since 2008 has sent waves of liquidity flooding through global asset markets. In 2017, these liquidities and a synchronised pick-up in global economic growth provided a favourable backdrop for risk asset. >more