DOCSLIB.ORG

Technology Is Both Driving and Facilitating Major Change in Financial Services

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Technology Is Both Driving and Facilitating Major Change in Financial Services Standing tall in the digital age Murex, Finastra and FIS take the top spots in this year’s rankings, as financial institutions embark on journeys towards business transformation and digitisation echnology is both driving and facilitating major change in financial services. Consequently, the role of capital markets technology providers is metamor- phosing from that of specialist product vendors to essential partners, as financial institutions embark on journeys towards business transformation Tand digitisation. There are many stages to these journeys, but an early step is the rationalisation and consolidation of functionality on a consistently flexible and modern central technology platform. Murex, which has topped the technology rankings for 2018, decided early on to adopt a platform model for its software, creating a cross-asset, front-to-back-office system with a centralised repository and a unified calculation engine for pricing and risk. It backed this with high-performance technology, including GPU parallel processors, computing grids and cloud capabilities. Murex’s platform model is proving popular with institutions revamping their Guy Otayek, Murex Asia-Pacific technology infrastructure as part of a business transformation. Such projects are often substantial and multi-year, and cut across the organisation. In anticipation of this, Murex invested significantly in its support network across the region, both within the company and with implementation partners and advisory firms. “A deepening relationship with our clients is at the heart of our strategy today,” says Guy Otayek, chief executive officer of Murex Asia Pacific, who is based in Singapore. “As our clients embark on these big transformation projects, which can be painful and not cheap, our objective is to make sure they maximise the value they get from our platform. Having a large team in Asia is essential to address this.” A critical element of the business transformation challenge is banks’ need to digitise their capital markets business, says Otayek. Retail banks have largely achieved this, using data to improve customer experience, drive new revenue sources and increase productivity. However, for those facing capital markets, digitisation is particularly challenging, because of the complexity of the business and fragmentation of products and business functions such as trading and risk. Overall: All categories “Despite these challenges, there are already some leading banks in the region that are well advanced in the simplification of their ecosystems and are strategically ready for the Provider digitisation of their services,” says Otayek. The banks are turning to Murex to overcome 1 Murex some of the hurdles. 2 Finastra These banks are working to offer customers access to many of the tools and services 3 FIS that have until now belonged internally to the dealing room. Doing so will remove the 4 Calypso need for traditional intermediaries and improve banks’ margins, as well as help increase 5 Bloomberg productivity for the banks and their customers. The services include advisory, news, 6 IHS Markit products, pricing and portfolio analytics. 7 Numerix “We think we are not too far away from seeing institutional customers using an app 8 Moody’s Analytics that leverages a bank’s core capital markets platform for all their needs, and Murex is the 9 IBM Risk Analytics technology partner many banks are turning to drive the multi-year digitisation 10 Thomson Reuters programmes that will deliver these kinds of transformational customer experiences,” says Otayek. 36 risk.net September 2018 036-041 AR 0918 Tech Rankings.indd 36 19/09/2018 18:30 Overall: Risk management Overall: Derivatives pricing Overall: Trading systems and risk analytics Provider Provider Provider 1 FIS 1 Murex 1 Finastra 2 Murex 2 Finastra 2 Murex 3 Finastra 3 Calypso 3 Calypso 4 Moody’s Analytics 4 FIS 4 FIS 5 Calypso 5 Fenics 5 Bloomberg Innovation and collaboration shift in the industry – from a three-layer banking readiness for [new] international financial For Finastra, business transformation implies model, with large, regional and small players, to reporting standards, while also continuously openness, innovation and collaboration and two layers comprising big consolidated global developing [the institution’s] people and driving technology needs to reflect this, says Arnaud institutions and a number of smaller dynamic cultures of risk and compliance,” he says. Picut, global head of risk practice at Finastra, niche market players. This has dramatic Denimal says UnionBank in the Philippines is who is based in Hong Kong. “Implementing an implications for institutions, especially regional using a number of FIS solutions to re-engineer open and collaborative platform is critical to banks, which need to choose which way they its commercial lending processes, including achieve the essential digital transformation that want to go and speed up their transformation. origination and credit assessment, liquidity and helps banks stay competitive, meet new client “Technology is and will be the life saver for capital charge of loans and portfolios, data expectations and build a strong ecosystem to many banks if they understand and adopt it fast management and reporting. The bank is also cope with culture shift,” he says. enough. The flip side of the coin is that those using an integrated platform of FIS solutions However, this does not mean a bank has to who are slower to adopt new technology and across asset liability management (ALM), junk all its existing systems. bring in new talent, and liquidity risk and capital management to help it “The objective is to leverage innovate and collaborate, will comply with regulatory requirements, such as proven legacy back-office find their troubles accelerate Philippine Financial Reporting Standards, and systems and make them open significantly,” warns Picut. proactively manage enterprise risk. to new innovative technologies “FIS technology also has enabled the bank to such as artificial intelligence, Digitisation challenges take advantage of advanced third-party data machine learning and other FIS, which topped risk analytical tools through the use of open predictive techniques,” he says. management and came third application programming interfaces. The result To this end, Finastra recently overall, agrees technology is key has been improved credit risk monitoring and a introduced FusionFabric.cloud to the future success of many greater ability to capitalise on growth opportuni- – a cloud-based platform-as-a- institutions, particularly given ties in business lending,” says Denimal. service that opens up the the challenge of digitisation. It company’s core systems, so points to the changing relation- Reducing costs third parties, including banks, François Denimal, FIS ship between banks and their Moody’s Analytics identifies the need for fintech firms and consultants, technology providers. significant efficiency improvements and can develop applications on top. This has struck “In the last decade, technology companies cost reductions as key drivers of the trend a chord in the industry, with the company were providing solutions to fix financial towards integration and consolidation of leading the systems architecture, open banking institution issues and business problems,” says technology platforms. platform and implementation efficiency Singapore-based François Denimal, managing “Banks are undertaking large initiatives to categories in the rankings. At the same time, director, capital markets, Asia-Pacific, for FIS. implement a centralised system that can be used Finastra is continuing to satisfy banks’ core “Today, traditional financial institutions listen to across the various middle office operations,” says business requirements, winning the trading and rely more on technology providers to drive Singapore-based Shailendra Jain, senior systems categories overall. their innovation, so the ability to innovate is a director-general manager, enterprise risk “On the trading side, banks are not only key factor, and it will be up to technology to lead solutions for Moody’s Analytics. “Our clients are looking for consolidation and simplification to institutions on their digital journeys.” able to effectively integrate ALM, liquidity, stress maximise efficiency to trade standard products, Most Asian banks are transforming their testing, credit risk and financial planning and but also for flexibility and openness to enable counterparty credit risk assessment processes by analysis into the system without having to them to launch more sophisticated products reviewing front-to-back-office operating models manage multiple instances of the system.” faster,” says Picut. and the organisational alignment of finance, An integrated consolidated platform is a key Finastra sees the individual institutional front office and risk, says Denimal. “The goal is initial step towards ensuring future success for transformations taking place against a structural to ensure capital structure efficiency and financial institutions. Other areas that need to risk.net 37 036-041 AR 0918 Tech Rankings.indd 37 19/09/2018 18:30 be addressed include developing responsiveness provision has become increasingly fractured. This technology to support their businesses. The other to evolving customer demands, competing with has allowed regional institutions to compete in critical aspect is to adopt a standardised and open unconventional credit disintermediaries and these niches against traditional forex liquidity
Load more

Recommended publications
  • Fusion Netcapture Reporting and Deposit Management User Guide
    Fusion NetCapture Reporting and Deposit Management User Guide Version 8.5 February 2019 Copyright © 2008 - 2019 Finastra International Limited, or a member of the Finastra group of companies (“Finastra”). All Rights Reserved. Confidential - Limited Distribution to Authorized Persons Only, pursuant to the terms of the license agreement by which you were granted a license from Finastra for the applicable software or services and this documentation. Republication or redistribution, in whole or in part, of the content of this documentation or any other materials made available by Finastra is prohibited without the prior written consent of Finastra. The software and documentation are protected as unpublished work and constitute a trade secret of Finastra International Limited, or a member of the Finastra group of companies, Head Office: One Kingdom Street, Paddington, London W2 6BD, United Kingdom. Trademarks Finastra, Fusion NetCapture, and their respective sub-brands, and the logos used with some of these marks, are trademarks or registered trademarks of Finastra International Limited, or a member of the Finastra group of companies (“Finastra”) in various countries around the world. All other brand and product names are trademarks, registered trademarks, or service marks of their respective owners, companies, or organizations, may be registered, and should be treated appropriately. Disclaimer Finastra does not guarantee that any information contained herein is and will remain accurate or that use of the information will ensure correct and faultless operation of the relevant software, services or equipment. This document contains information proprietary to Finastra. Finastra does not undertake mathematical research but only applies mathematical models recognized within the financial industry.
    [Show full text]
  • UK Gender Pay Report 2018
    UK Gender Pay Report 2018 Finastra International Limited © Finastra International Limited All rights reserved Registered in England & Wales No. 01360027 Registered Office © Finastra | 04 April 2019 | Title XXXXXXXXXXX Four Kingdom Street Paddington0 London W2 6BD United Kingdom LIFE AT FINASTRA “Our goal of becoming the most admired, inclusive and diverse employer in Fintech is taking shape. I am proud of the headway we are making, and the commitment of our teams to drive and push for balance as we continue on our mission” Simon Paris, Chief Executive Officer At Finastra, we believe with more than 10,000 of us across 48 different countries globally, it is us who create success, collaborate and contribute to making Finastra the place to work. We recognise the best talent and provide a work environment where people can drive results, develop and grow their careers. Our people are leaders in their roles and are always looking for new ways to help our customers grow, compete and optimise their businesses. After bringing together two global fintech leaders in June 2017, Finastra has recognised the opportunity and power that comes from combining our expertise, skills and innovation. Today we are one team creating a network of talent and creativity in a stimulating environment, dedicated to making a difference for each other and our customers. At Finastra, we are committed to creating an open and equal working environment whilst rewarding all of our colleagues fairly, based on their role, skills and experience. Our Global Career Framework provides a systematic approach to how we manage reward, performance and talent.
    [Show full text]
  • Finastra Universe 2017 Was a Resounding Success, Breaking All of Our Previous Records
    7 - 8 NOVEMBER 2017 - DUBAI POST-EVENT SUMMARY SPONSORED BY: HOSTED BY: Platinum Sponsor Gold Sponsor Silver Sponsor THE FIRST AND THIRD A YEAR OF RE-BIRTH AN OPEN FUTURE Finastra Universe 2017 was a resounding success, breaking all of our previous records. The attendance at Finastra Universe this year highlights that the regional financial services market is increasingly subscribing to a policy of change, as digital transformation catches up with us. To counter the growing competition seen from new FinTechs, it is becoming critically important for the more traditional financial service instututions to embrace innovative technological solutions, becoming the disruptors rather Wissam Khoury Managing Director than the disrupted. Middle East, Africa & South Asia We are at an inflection point, with the next few years determining the new Finastra financial services landscape; one driven by the dynamic needs of our client-base instead of our competitive environment. Finastra Universe 2017 offered an unparralled exploration of that future, drawing together many of the region’s leading FinTech and banking experts to begin the process of building a roadmap to help us develop the solutions of tomorrow. An evolution of the Misys Connect Forum, Finastra Universe grew from the merger this year of Misys and D+H Insight. Our third annual event and the first of a new breed, our goal was to further the regional conversion on the challenges our market faces and, with over 330 attendees and more than 50 speakers covering the spectrum of financial service instutions, FinTechs and new market incumbents, we’ve laid the groundwork to continue that process as we move into 2018.
    [Show full text]
  • Fourth Quarter 2019 Performance Report
    Q4 Fourth Quarter 2019 Performance Report Pueblo County Employees’ Retirement Plan February 24, 2020 Dale A. Connors, CFA Senior Consultant This presentation is accompanied by additional disclosures which can be found on the last pages. All information herein is confidential and proprietary. CONTENTS 1 Capital Markets Exhibits 15 Pension Plan Analysis 39 Benchmark History 40 Manager Roster 41 Fee Schedule 42 Endnotes 4th Quarter 2019 Capital Markets Exhibits This presentation is accompanied by additional disclosures which can be found on the last pages. All information herein is confidential and proprietary. 1 All Asset Classes Rally in 2019 Major Capital Market Returns vs. Long-Term Average Returns Yields Compress Yield (%) Return (%) 10.00 8.00 S&P 500 Index 11.8 31.5 276bps 6.00 4.00 Russell 2000 Index 10.7 25.5 77bps 2.00 0.00 MSCI EAFE Index 8.8 22.0 10 Yr Treasury High Yield YE 2018 YE 2019 Source: Bloomberg Finance, LP MSCI Emerging Markets Index 9.0 18.4 Synchronized Capital Market Gains All major asset classes generated returns above their long- Bloomberg Barclays Aggregate 7.5 8.7 term average returns. Index 2019 marks the first time in the last 50 years the S&P 500, bonds, and gold posted positive returns of at least 30%, Bloomberg Barclays High Yield 8.8 14.3 5%, and 10%, respectively. Index The S&P 500 had the best return since 2013. Non-US equities had strong positive performance but lagged domestic equities. Bloomberg Commodity Index 1.9 7.7 Both interest rates and credit spreads compressed within the fixed income market.
    [Show full text]
  • A NEW AGE of FINANCIAL SOFTWARE IS HERE the Banking Dilemma
    A NEW AGE OF FINANCIAL SOFTWARE IS HERE The Banking Dilemma We live in an era of increasing choice and next-generation technologies — yet many banks and financial institutions are still grappling with disparate legacy systems, siloed business models, and locked IT budgets. So how can financial institutions keep up with their customers’ demands for greater value and digital-first technologies? By leveraging open platform technology, they can enjoy faster time to market, increased efficiencies, and above all deliver a better customer experience. 2 FINASTRA A new age of financial software is here The Future of Finance Is Open A once-in-a-generation transformation is currently underway in the financial services industry. Closed legacy systems are coming to an end as banks and financial institutions seek more open and agile software solutions to accelerate growth, optimize costs, and improve customer experience. Community collaboration and industry co-innovation are becoming the norm as financial institutions look to the outside to differentiate and stay competitive. The open banking journey has only just begun, and the financial institutions who embrace this paradigm shift will not only survive, but thrive in the world of tomorrow. Collaborate Collaboration is the new strategy for innovation. COLLABORATE TO INNOVATE to Innovate 3 FINASTRA A new age of financial software is here The Future with Finastra Finastra is a Fintech powerhouse delivering next-generation financial services solutions. As a pioneer in SaaS and cloud, we build and deploy componentized technology on our open FusionFabric software architecture – offering the broadest and deepest range of financial software solutions on the market.
    [Show full text]
  • September 2018
    The definitive source of news and analysis of the global fintech sector | September 2018 www.bankingtech.com ELEMENTS OF FINTECH Pure in substance FOOD FOR THOUGHT Ecosystem is not a safe word EXCLUSIVE INTERVIEW: YVES TYRODE, BPCE A whole new digital strategy FINTECH FUTURES BT_AFS Transformation Partner_Final_Layout 1 8/20/2018 9:42 AM Page 1 IN THIS ISSUE Your Core Lending Transformation Partner With hundreds of implementations on time and on budget. Contents AFS System Capabilities •End-to-End Credit Processing NEWS 04 The latest fintech news from around the globe: •Scaleable & Agile the good, the bad and the ugly. •Mobile Enabled 17 Interview: Serena Smith, FIS Being at the heart of the exciting, changing •Real-Time world of payments. •Digital 18 PayTech Awards 2018 Celebrations, winners, photos – all the best bits! •RPA, ML & AI 22 Lendtech vendor spotlight: AFS Innovating and transforming the credit •Data Integrity process globally. •Cyber Security & Risk 23 White paper The state of IT incident response in financial services. •Web Services/APIs for Bank Ecosystem 30 Food for thought •And Much More Fellow bankers: “ecosystem” is not a “safe word”. 33 Spotlight: Sunrise Banks A US bank that is “social enterprise first”. AFS is where technological innovation meets financial services expertise, 34 Case study: Afghanistan International Bank offering the latest in core lending with advanced credit process Facing challenges far more extreme than most banks around the globe. management that is operational in multiple, large banks. We provide 38 Interview: Yves Tyrode, BPCE unique, industry-leading solutions with proven successes to help you On a mission to deploy a whole new digital strategy.
    [Show full text]
  • Terms and Conditions of Purchase of Goods and Services
    TERMS AND CONDITIONS OF PURCHASE OF GOODS AND SERVICES 31 January 2018 © Finastra | 15 February 2018 | Title XXXXXXXXXXX 0 These terms and conditions govern the purchase of goods (“Goods”) and/or services (“Services”) identified on the Purchase Order (“PO”) by the Finastra entity identified on the front of such PO (“Finastra”) and which issues the PO to the person, firm, company or organisation whose name appears on the coversheet of the PO, or who accepts the PO (“Vendor”). 1. ENTRY INTO FORCE Save where there is a written agreement signed by the Parties relating to Goods and/or Services (including without limitation a Master Services Agreement) the terms and conditions herein, together with any attachments and exhibits, specifications, drawings, notes, instructions and other information, whether physically attached or incorporated by reference (together, “PO”) constitute the entire and exclusive agreement between Finastra and the Vendor. Vendor agrees that any terms different from or in addition to the terms herein, whether communicated orally or contained in any PO confirmation, invoice, acknowledgement, release, acceptance or other written correspondence, irrespective of the timing, shall not form a part of this PO, even if Vendor purports to condition its acceptance of the PO on Finastra agreement to such different or additional terms. Vendor’s electronic acceptance, acknowledgement of this PO, or commencement of performance constitutes Vendor’s acceptance of the terms and conditions set out herein. 2. DELIVERY AND DELAY Time is of the essence in all orders specifying a delivery date. The delivery period specified shall be deemed to begin from the date of the PO.
    [Show full text]
  • CIB Bank Upgrades Core Banking to Grow Profits and Market Share
    CASE STUDY CIB Bank Upgrades Core Banking to Grow Profits and Market Share With Fusion Equation providing “an agile and modern foundation for our core operations, we are well equipped to develop innovative digital offerings.” Tamás Ákos Deputy CEO, CIB Bank At a Glance Solution About CIB Bank Zrt. • Fusion Equation CIB Bank Zrt. offers a full range of commercial banking and investment services to nearly 450,000 customers throughout Hungary. A subsidiary of Intesa Sanpaolo Group, CIB Bank has more than 35 years of experience in universal banking. Partner The Challenge Digital technologies have opened up a whole new world of opportunity for banks – enabling them to both expand their local presence and enhance their services. To increase its market share and drive greater profitability, CIB Bank set out to develop feature-rich, omni-channel banking applications that make life more convenient for both retail and commercial customers. The Solution ness-tech.eu As part of a broader initiative to modernize its in-branch and online offerings, CIB Bank worked with Finastra and business partner Ness to upgrade Fusion Equation 4.3 – opening new avenues for innovation. The Result Following its upgrade, CIB Bank expects to reduce the annual cost of running Fusion Finastra and Ness provided Equation by 35% on a five-year basis, and by 46% on a 10-year basis. The bank has both “excellent mutual support improved operational efficiency and paved the way to greater profitability, putting the throughout the implementation, bank on track to reduce its cost-to-income ratio by 20%. With a modern and flexible core banking platform underpinning its customer facing operations, CIB Bank can power working co-operatively to help us innovative digital services designed to attract new customers.
    [Show full text]
  • 2019 SWIFT Certified Application Profile
    SWIFT Certified Application Profile 2019 Provider FINASTRA Application Fusion PAYplus FTS- 2018 Business Area Payments Label Payments HQ location W2 6BL, United Kingdom Provider contacts Contact name e-mail Phone Provider contact Stefan Schremmer Global contact Stefan Schremmer [email protected] (+49) 69 238527376 Web site www.finastra.com Local office 1 Product URL https://www.finastra.com/solutions/transaction-banking/payments/fusion-payplus-fts Local office 2 Functional overview swiftrEADY Integration with SWIFT MT (FIN payload) Yes AFT Yes Alliance Access MX (ISO20022) No MQHA Yes Standards SWIFT integration R7.2 or higher MyStandards Base Libraries embedded No SOAP No Other standards (please specify) NA Lite2 Autoclient No BIC Directory Yes Directories Bank Directory Plus Yes SWIFT messaging services supported IBAN Plus Yes FIN Yes FileAct - Real Time Yes SWIFT message type / category (incoming & outgoing) FileAct - Store & Forward Yes MT101 Yes MT950 No InterAct - Real Time No MT102 Yes MT970 No InterAct - Store & Forward No MT102+ Yes MT971 No WebAccess No MT103 Yes MT972 No MT103+ Yes MT973 No Messaging features MT103 remit No MT985 No Message creation and processing Yes MT104 No MT986 No Message technical or business activity monitoring (BAM) No MT105 No MTn90 Yes Message flow control Yes MT107 No MTn91 Yes Message exception handling Yes MT110 No MTn92 Yes Message reconciliation Yes MT111 No MTn95 Yes Message switching and routing Yes MT112 No MTn96 Yes Message repair and STP enrichment Yes MT200 Yes MTn98 Yes Message
    [Show full text]
  • Nordea Cuts Payment Costs, Boosts Customer Satisfaction
    CASE STUDY Nordea Cuts Payment Costs, Boosts Customer Satisfaction The solution delivers a win-win “situation for customers and employees, offering greater visibility of payments and more efficient processes for the back office.” Sarah Charlesworth Head of Payments, Nordea At a Glance Products About Nordea • Fusion Payment Manager As the largest financial services group in Northern Europe, Nordea has total assets of EUR 636.3 billion and operates 800 branches in eight countries. It is a leader in corporate, institutional, retail and private banking, serving 10 million private consumers and 0.5 million corporate customers. Nordea was formed in 2001 via the merger of four major banking groups: Merita, Nordbanken, Unibank and Christiania Bank. Working with two Finastra The Challenge “consultants meant changes to the With customers relying on Nordea to process huge numbers of payments every day— solution could be done quickly. often in numerous currencies—the London Branch needed to automate and standardize Fusion Payment Manager seems its approach or risk leaving customers waiting and with little visibility into transactions. to be very flexible in the way it can The Solution be set up to resolve issues. ” Nordea dramatically enhanced the efficiency and transparency of payments processing by deploying Fusion Payment Manager as a hub between its systems. The solution offers Peter Roberts a single point of control for the company and a unified view for customers. Operations Manager, Nordea’s London Branch The Result Straight-through processing increased to 97%, accelerating transactions and boosting customer satisfaction. By eliminating manual work, employees save time that can be re- directed to higher-value tasks; the London Branch cut staff costs by 20%.
    [Show full text]
  • Open Banking (Factsheet)
    FUSION DIGITAL CHANNELS OPEN BANKING Provide Secure Open Banking to Better Engage Clients and Partners We don’t have ‘customers’ Agility and openness are the key principles of digital “anymore; we have people banking: PSD2 makes them regulatory requirements. engaged in the community who want to use different services. With Fusion Digital’s new channel, banks can So the bank has to pivot from unlock the potential of Open Banking in a secure, developing everything internally compliant environment. to becoming a curator of apps, APIs, and analytics from marketplaces that give the best Digitalization is essential today. This new channel has the mechanisms Customers have become accustomed to that banks need to control data flow: overall customer experience. interacting with financial providers 24/7, • Access: the availability of the Open Because I, as a customer, don’t anywhere. And as data has become the Banking Channel and its services can want to go to 200 different key to growth, the strong demand for its be switched on or off, and access to secure use outside banks has led to Open startup companies and try and information can be set at the third-party Banking. For banks, the challenge now is put that together myself — I’d level by banks and even by users. to balance client expectations with threat • Services: an externally accessible much rather have a trusted brand of disintermediation. The good news is functionality set can be customized do that for me. that with Fusion Digital, Open Banking to meet the expectations of both bank ” becomes a competitive advantage.
    [Show full text]
  • Financial Services State of the Nation Survey 2021 Table of Contents
    Finastra Financial Services State of the Nation Survey 2021 Table of contents Executive summary ................................................................................................................................................... 3 Open Banking and Finance ....................................................................................................................................... 4 Current industry trends: APIs, Banking as a Service and embedded banking services ....................................... 9 Current industry trends: Wider tech integration .................................................................................................... 12 Current industry trends: Collaboration................................................................................................................... 16 Impact of COVID-19 on financial services and business purpose ....................................................................... 19 2 FINASTRA Financial Services State of the Nation Survey 2021 Executive summary Finastra’s research amongst 785 professionals Looking at wider technological trends, our research finds that With the world adapting to a new normal and a likely ‘hybrid’ way of Banking as a Service (BaaS) and embedded banking services will working for many organizations in the future, our research finds that at global financial institutions and banks reveals have a notable impact on the financial services sector; with evidence collaboration remains important to financial services institutions, that
    [Show full text]