The changing world of technology in financial services
Cognitive and analytical technologies are set to bring about widespread change in the financial services industry, not just when it comes to “defense” functions such as risk and compliance, but also in “offence” activities that drive marketing and revenue growth.
IFRS 15 New Revenue Model: Spotlight on Retail, Wholesale and Distributor Sector
Below, we highlight certain key impacts resulting from the new Standard that will be of particular interest to those in the retail, wholesale and distribution sector and then consider parts of the new Standard that may contribute to those impacts. Of course, many more complexities exist and, as described below, Deloitte has produced further guidance which explores these in greater detail.
IFRS 15 New Revenue Model: Spotlight on Power
The revenue and profit recognition profile of power companies may be significantly impacted by IFRS 15 as the new Standard is more detailed and more prescriptive than the existing guidance and introduces new complexities.
IFRS 15 New Revenue Model: Spotlight on Telecommunications
Telecoms companies have a variety of product offerings to customers. Many arrangements have multiple goods or services with options given to customers. The nature of such offerings requires careful evaluation under IFRS 15 (The new revenue recognition standard).
IFRS 15 Revenue from Contracts with Customers: New Revenue Model
Companies in Nigeria have to brace up for the adoption of a new revenue recognition model. On 28 May 2014, International Accounting Standard Board (IASB) issued a new standard on revenue recognition that replaces all existing revenue recognition models. All IFRS reporting entities must fully comply with the prescribed revenue model by 1 January, 2018.
Blockchain technology: 9 benefits & 7 challenges
Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Since 2013 Google searches for “blockchain” have risen 1900%.
5 blockchain use cases in financial services
One of the most discussed topics in the financial services industry today is blockchain technology. We are beginning to understand what a blockchain is, but how can we best use this technology within our business?
#5. Blockchain – loyalty and rewards
Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty and rewards program that fits 24/7 performance management and enhances engagement.
#4. Blockchain – how to improve online identity management
Online identity management Online identity management has always been a time-consuming and costly process. First of all, there is the need for registration. A consumer or client could register online but financial services like loans, mortgages or insurance require a higher level of security for the financial institution to comply with Know Your Customer (KYC) regulations.
#3. Blockchain – the benefits of smart contracts
One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman.