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Will digital disruption result in another financial industry crisis?

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Could the banking industry revisit the financial crisis of 2008?According to a 52-page analysis from McKinsey entitled, “The Phoenix Rises: Remaking the Bank for an Ecosystem World,” that is what banks and credit unions must be prepared for if there isn’t an increased focus on digitalization and a new perspective on what constitutes the banking ecosystem. Bottom line, the threat from digital technology players like Amazon, Tencent, Alibaba and Google is accelerating, and banks could be relegated to commodity providers in less than a decade if the industry doesn’t rethink how it delivers financial services.McKinsey estimates that fully digitizing, along with significantly improving skills in digital marketing and analytics, could add $350 billion to the banking industry’s bottom line over the next three to five years. In addition, if the banking industry could find ways to compete effectively with big tech companies like Amazon, Alibaba and Tencent, an ROE between 9% and 14% is possible by 2025.Alternatively, if the financial services industry does not rethink distribution, and if retail and corporate customers switch their banking to digital companies at the same rate that people have adopted new technologies in the past, the industry’s ROE, absent any mitigating actions, could fall by roughly 4 points, to 5.2 percent by 2025. This is close to the levels experienced in 2008, during the worst of the 2008 financial crisis. continue reading »last_img read more

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WGC FedEx Invitational picks, sleepers, betting advice

first_imgKey Stats for TPC SouthwindBall Striking Approach 150-175 Yards Par 4 Scoring Strokes Gained: Around-the-GreensWGC FedEx Invitational betting adviceOutright Bets to Consider*odds via DraftKings SportsbookRory McIlroy 10/1 Last week was a huge let down for McIlroy as he missed the cut at The Open Championship. While the missed cut is alarming, a further look at Rory’s two rounds will show some positive signs. Outside of a quadruple bogey on his first hole and a terrible three-putt inside of four feet, he actually played very well and made a great run on Friday to almost make it to the weekend. McIlroy tends to bounce back well from poor weeks, with finishes of first, second, T12, and first in the week following his last four missed cuts. While he has never played at TPC Southwind, the layout is a nice fit for him given his excellent tee-to-green game and elite approach numbers from the key 150-175 yard range. When constructing my card, I decided to take the route of picking one of the top players and sprinkling in some long shots in the 50/1-and-over range. Among the top players, it came down to Rory and Dustin Johnson, who is a two-time winner at TPC Southwind. While it’s hard to ignore Johnson’s history at WGC events, I prefer to take McIlroy, who has been playing much better golf over the past two months. Patrick Reed 50/1 Reed’s game has been trending up over the last month with finishes of T32, T30, T5, T23, and T10 over his past five events. Reed typically does not play at the TPC Southwind event, but I believe that it is a great fit for his game with its grind-it-out nature. Reed has been consistently gaining strokes with his approach shots over the second half of the season, and his short game remains one of the best in the field. His first career breakthrough win was at a WGC event back in 2014, so we know that the winning upside is there if his irons can click. 50/1 are fair odds for a player who is due for a win. Brandt Snedeker 70/1 There are a few guys in the 70/1-and-over range on the odds board that are drawing my attention, and I’m going to pull the trigger on Snedeker at 70/1. This is going to be a week where par is a decent score, and I will always target Snedeker in events where birdies will be at a premium. While the statistics really don’t favor him, as he ranks near the bottom of the PGA Tour in approaches from 150-175 yards, we know that he is going to be able to keep the ball in the fairway off the tee, and he can gain enough strokes on and around the green to make up for those ball-striking flaws. Snedeker played at the PGA Tour event at TPC Southwind last year and posted a T6 finish.Keegan Bradley 100/1 The longshot bet of the week is Bradley. TPC Southwind is a ball-strikers course, and Bradley remains one of the better ball strikers in the field. He’s also a higher quality player than virtually everyone else in the 100/1 and over range. Bradley ranks inside the top 35 on Tour in GIR from the 150-175 yard range and ranks seventh overall in Strokes Gained: Approach. The putter is always going to be a concern for him, but the ball striking acumen should give him enough looks to have a shot going into the weekend. We are coming off of an incredible week at The Open Championship where Irishman Shane Lowry took home the Claret Jug in brutal Sunday conditions. Typically, the week after a major championship features a weak field event, but that changes this week with the WGC-FedEx St. Jude Invitational held at TPC Southwind, so you know it be easy to fill out your betting card.As you would expect with a WGC event, the field is as strong as they come with Tiger Woods and Rickie Fowler being the only big names not making the trip to Memphis. TPC Southwind is a course that we are very familiar with, having hosted a PGA Tour event for the last few decades. The field is set at 64 of the world’s top players, and every player will be guaranteed four rounds with no cut. MORE: RotoQL Lineup BuilderTPC Southwind consistently ranks toward the top of the rankings in terms of bogey and double bogey rate, while also ranking toward the bottom in birdie rate. There is water in play on 11 of the 18 holes, and all of these hazards see plenty of action throughout the week. In fact, TPC Southwind has seen more balls in the water than any other course on tour over the past 15 years. TPC Southwind is a second-shot course that rewards accuracy off the tee and puts a huge emphasis on approach shots. The water hazards and thick rough push many players to club down off the tee, but we’ve seen players like Brooks Koepka and Dustin Johnson stick with their driver to set up short irons and wedges into the majority of the greens. Driving accuracy is a tough stat to pin down, especially with the different options off the tee, but players who keep it in the fairway and avoid the water will instantly get a leg up on the competition. TPC Southwind is a par-70 layout with only two par 5s, so I’ll be looking at par-4 scorers, as well as guys who can grind out pars on this difficult layout. The majority of approach shots will fall in the 150-175 yard range, so mid-irons will be a common method of approach, except for the bombers in the field.  Before we get into this week’s picks, here’s a reminder to check me out on Twitter (@DFSBenj) for even more NFL, NBA, MLB and PGA daily fantasy content and gambling advice.last_img read more

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Community Y Will End Automatic Free Membership for Red Bank Public…

first_imgThe biggest difference between the two programs is the subsidized funding for memberships. In a statement to The Two River Times the following morning Rummage said the district has enjoyed a “long and strong partnership” with the YMCA he expects will continue. In a statement issued to The Two River Times July 2, The Community YMCA said its goal “is to ensure a smooth transition and retain 100% of families who are currently members of the Healthy Kids program, regardless of the ability to pay. We will also continue complimentary membership for active Red Bank Volunteer Firefighters and offer a special rate of 20% off of adult memberships for Red Bank Borough Police Officers.” The Two River Times interpreted the statement to mean children will continue to be included in the courtesy membership program, along with considerations for first responders. But that was not what the organization meant, said Teicia Gaupp, the organization’s director of marketing and social media. The complimentary membership program for children will finish by the end of summer, she said. Menna believes theCommunity YMCA haslost the confidence of thefamilies they hope to keep. “Frankly, their policy to have school age kids fill out complicated forms asking for personal information is not going to have too many takers in the age of ICE raids,” Menna said. Red Bank Borough Schools superintendent Jared Rumage scheduled a meeting with school leadership for the evening of July 9 to examine the situation further. “We are working with (YMCA) representatives to discuss this evolving situation,” he added. “We have been in touch with families in the program and those outside of it who also need support. We’re not turning anyone away. The mission is to help everybody who needs it,” Gaupp said July 3. According to Gaupp, in 2018 the Community YMCA provided $900,000 in financial assistance and program subsidies to approximately 3,000 children and families. Some of the benefits for children and families living in Red Bank over the past year alone include $50,000 in YCares program subsidies, $44,450 in Healthy Kids memberships, $9,350 for third-grade swim programming and $13,000 in summer camp scholarships. According to Gaupp, the programming and access currently offered to those students with complimentary memberships will not change once the transition is made. “It will remain a full child membership,” she said. center_img Those who wish to participate in the YCares Financial Assistance program will need to fill out an application; financial assistance toward a membership may be provided based on need. Previously, any student attending a Red Bank public school through eighth grade automatically received a free membership upon request. The Y’s statement continued: “We are currently working with our community partners and the Red Bank school district to outreach and ensure a continuum of access with the deepest impact. We acknowledge the public concern over these changes, thank those who have provided feedback, and value being part of an incredibly caring community.” Gaupp said new YMCA members interested in the YCares Financial Assistance program will be subject to the application process, but the families of current child membership holders can work directly with Community YMCA executive director Katie McAdoo on the transition. In a July 8 interview Red Bank Mayor Pasquale Menna said the borough council has “not committed to acknowledging (the YMCA’s) statement,” but added the governing body is “100 percent engaged in resisting the action.” “Whether they like it or not, all Red Bank residents subsidize the YMCA, which is becoming a private health club. (The YMCA) made commitments and promises. They need to understand the disproportionate impact this amended policy would have on Red Bank children,” Menna said. RED BANK – The Two River Times incorrectly reported in last week’s edition that The Community YMCA would not be ending their complimentary child membership program for borough students. In fact, the program will be terminated for nearly 220 youths effective Sept. 1 as the nonprofit transitions to its new YCares Financial Assistance initiative. The decision to transition to its new subsidies program comes after the Community YMCA announced a merger in April with the YMCA of Western Monmouth County, which expands total service members to 36,000, and staff to 1,200-plus employees and approximately 650 volunteers. The annual operating budget is $25 million. Those interested in applying for subsidies through the YCares financial assistance program can call 732-741-2504 or email [email protected]last_img read more

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