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From shedding the paper glut to hefty cybersecurity spend, banks across the country are feeling the strain of more than a few budgetary demands. While regulatory environments have some banks stalled from digital pursuits or other expense cutting measures edging in on spend, the future outlook is still generally positive. Bank of America's Co-Head of Consumer Banking Dean Athanasia says “Efficiency across the industry will improve once banks are able to 'retire all the systems and technology' used in paper-intensive businesses."
Laggard B2B payment services may cost banks upwards of $500 billion over the next five to seven years as customers seek these solutions from third-party providers like fintechs. While this might sound dire, the market is replete with opportunities for banks and fintechs to work together. FI.SPAN's founder and CEO, Lisa Shields says this of banks: “'The appetite on the provider side is there to partner with banks,' said Shields, and 'the appetite for banks to figure out ways to service their clients into the future is there. It's a matter of bringing those two pieces of the puzzle together in a way that makes sense for everybody.'"
Hain Celestial's stock plunged in the wake of an SEC investigation into its accounting practices. Bloomberg reports: "The shares fell as low as $32.87 in New York on Monday, the biggest intraday decline in six months. The stock had been down 1.3 percent this year before the close of regular trading on Friday." The natural foods company's delayed fourth-quarter financial results in August sparked public interest when the SEC subpoenaed the company for documents.
The single biggest advantage of any accounting firm is staying informed about changes coming down the pipeline. Collaboration, automation, and blockchain are three hot topics for twenty-first century accounting firms. According to Ian Vacin (@ian_vacin) for Accounting Web: “Automation will hit the industry in three distinct waves: automated processes (phase 1), artificial intelligence (phase 2), and predictive insights (phase 3)."
A conference that unites 20 of the most influential leaders in the payments industry is set to converge on two locations— London and Atlanta—in the coming year. Atlanta, viewed by many as the “world's payment capital" is responsible for a large number of jobs in the fintech industry. “FinTech and payments employ 30,000 to 40,000 people directly in Georgia and support another 70,000 to 80,000 jobs," said H. West Richards, executive director of the American Transaction Processors Coalition.
About the Author
Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industries.Follow on Twitter More Content by Lauren Ruef