Apr 17, 2018 Nvoicepay Staff Writer
The top stories in accounting & finance for the week of April 16th
Rumblings of an Amazon and JPMorgan deal have industry regulators and incumbents on alert for what this means, if or when the two powerhouses partner. Technology disrupting finance has opened a window for commerce to also reimagine banking, for better or worse. Partnerships are the new name of the game if banks want to survive, but they still want to see e-commerce giants like Amazon playing by the rules, or possibly a banking charter, if they enter the space.
Image recognition, machine learning, and voice bots are just the start of where AI could take us in banking. But how is it going to help us? From learning a customer’s appetite for risk to spotting patterns and trends along with combating fraud, artificial intelligence can help us on our journey, not just to experiment but to fundamentally improve processes. Financial Times interviewed 30 of the world’s biggest banks about their AI strategy and this what they said.
Bank regulators are padding the landing for banks with a three-year window to account for how loan-loss reserves will affect their regulatory capital. The loan-loss rule was enacted by The Financial Accounting Standards Board in June of 2016 after the 2008 financial crisis. Publicly traded banks are required to adopt this new rule by 2020.
—Wall Street Journal
From good old-fashioned networking to keeping things flexible, Accountancy Age offers a bit of evergreen advice to graduates with a fresh accounting degree in hand. The world has a lot on offer, but the clearer and more specific a new accountant’s sense of direction is—be it private firm or Big Four— the more likely one is to end up with a job they love.
Smaller companies are headhunting among more prominent firms’ retirees, where mandatory retirement ages have created a pool of expert accountants with a knack for training younger, less experienced employees at smaller firms. This pool of expertly curated accountants—often partners of previous large firms—are offering as much in their later years. After all, age is just a number.