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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Banks risk ‘becoming footnotes to history’

By Cameron Micallef · October 23 2019

Reading:

Borrow

Banks risk ‘becoming footnotes to history’

By Cameron Micallef
October 23 2019

Reading:

Banks risk ‘becoming footnotes to history’

By Cameron Micallef · October 23 2019

Reading:

The world’s largest banks appear unprepared for an economic downturn, lagging on both technology and scale, according to new research.

A new report from global consultancy firm McKinsey and Co said banks have been warned that they risk “becoming footnotes to history” if they do not scale up and embrace technology.

“About 35 per cent of banks globally are both subscale and suffer from operating in unfavourable markets,” the report stated.

“Their business models are flawed – needing a radical rethink – and the sense of urgency is particularly acute given their weak earnings and capital position,” it further outlined.

The consultancy firm said banks need to merge with more companies or acquire them, and forge new partnerships in order to build scale and weather the potential of financial storms.

“To that end, exploring opportunities to merge with banks in a similar position would be the shortest path to achieving that goal.”

The report also considered that banks need to be prepared for an “arms race on technology”.

“Both banks and fintechs today spend approximately 7 per cent of their revenues on IT, but while fintechs devote more than 70 percent of their budget to launching and scaling up innovative solutions, banks end up spending just 35 percent of their budget on innovation, with the rest spent on legacy architecture,” it outlined.

Noting the decade since the global financial crisis has brought with it a wave of innovation in financial services – bringing new competition from tech giants including Apple and Alphabet – the report highlighted how the banks are still pondering whether they should compete with, partner or acquire some of the newcomers.

Finally, the consultancy warned of the potential impact of a downturn on public perception of the banks.

“Because of the special role they play in society, they, perhaps more than other industries, benefit from society in areas such as deposit protection and regulation as a means of constraining supply.”

In return, the report indicated banks as “particularly accountable in an era of rising inequality and falling faith in historically trusted institutions, beyond shareholders to society and the sustainability of the environment in which they and their clients operate”.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.