As banks look to update legacy technology or partner with fintechs they have turned to consultants for advice; consulting firms like BCG, Accenture and the big four accounting firms, KPMG, PwC, Deloitte and EY have all been called upon to help structure deals or provide banks with advice on regulatory updates; financial institutions are relying on these consultants to help banks implement the technology changes and to adapt quicker as they can help bring knowledge from data scientists or app designers. Source.
Ernst & Young has written a white paper on alternative lending and its emergence in the financial services industry; provides details on the alternative lending industry's ecosystem, operating models, challenges, integration opportunities and future outlook; also provides insight on investor considerations for the emerging investment category. Source
Ernst & Young announced a new suite of blockchain audit technologies; EY Blockchain Analyzer looks to assist audit teams to gather transaction data from multiple blockchain ledgers; Paul Brody, EY Global Innovation Blockchain Leader, tells Crowdfund Insider, “Understanding exchanges and cryptocurrencies is the first step in our ability to develop tools to test various blockchain-based business contracts. EY Blockchain Analyzer will be utilized by the auditor to analyze transactions on a blockchain and help provide insight to the finance function.” Source.
There has been a lot of bad news for fintech firms when it comes to diversity in the workplace and now a new census from Australia shows that this issue is worldwide; 75 percent of fintech employees are male according to the EY; while speaking at a fintech event Lynda Coker, Founder of CreateCultivate, pointed to some key ideas which could help increase hiring of women and diversify the workplace. Source.