Financial services

Trends and challenges

1. Digitalization of customer interaction across banking needs

Players such as Amazon are setting new expectations for superior customer service across industries. To remain relevant to today’s customer across all channels, banks need to transform their approach to technical and operational delivery. They need to become digital and iteratively develop services that are in tune with the times. Innovation leaders such as FinTech provide support for such requirements.

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2. Continued focus on meeting regulatory obligations while improving the efficiency and effectiveness of compliance and risk programs

Frequent ongoing changes in regulations necessitate new procedures and processes for banks to remain compliant. However, while supervisors force banks to improve their culture, the current focus is on controlling the incidence of failures and conduct violations. Capital markets are still on top of the agenda for regulators. Further, enhanced Organization for Economic Co-operation and Development (OECD) standards for offshore assets will soon be implemented.

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3. Use of analytics and advanced visualization to drive business and customer insights

To optimize channel management and enhance customer experience, clients struggle with:

  • Transactional experience (cash, trade, liquidity, and working capital)
  • Visibility across sales and fulfillment processes
  • Quick decision-making for transactional and financing products
  • Customized solution design and development

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4. IT modernization and utilities are adapting to reduce costs and optimize functional flexibility

The cost of the IT landscape, particularly in trading, has become a major challenge owing to numerous heterogeneous applications that consume a significant part of the RTB budget. When business operations and back-office processes are aligned with this sub-optimal IT landscape, they add to the complexity instead of making the systems smart and up-to-speed. Moreover, market participants are facing added challenges from regulations to harmonize processes in securities clearing and settlement.

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