Robots have begun helping to take over menial tasks at banks and now there is talk that a full back office operation is not far away; "I think we're going to see it move from a few narrow functions to across the enterprise," said Alan McIntyre, the industry managing director for banking at Accenture; making these changes will help banks to cut costs and improve efficiency, at least when times get extremely busy; banks won't yet fully remove the human component but the trend is moving in the direction of more automation when running the back office. Source
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Fintech
Global wealth managers have been increasingly partnering with fintech companies to provide their customers with new digital wealth management solutions; the Morgan Stanley Addepar partnership is one of the market's most recent deals involving new digital wealth management services; the chart below provides insight on some of the leading factors involved in digital wealth management strategies for global wealth managers; the ability to increase access and collaboration potential with clients and experts is one of the market's top factors. Source
<p>China has accounted for over 90% of bitcoin's trading volume in recent weeks as no trading costs and a devaluing yuan have attracted the attention of traders; the country has approximately 10 of the world's leading bitcoin exchanges which have seen some intervention from Chinese regulators in recent weeks; beginning on Tuesday, three of the largest Chinese bitcoin exchanges implemented a flat fee of 0.2% per transaction to manage manipulation and volatility; trading volumes were significantly impacted following the new fee structure with volumes down approximately 90% on Chinese bitcoin exchanges.
