The financial services sector is in the midst of economic transformation and change. This change continues to provide financial services organisations with increasing challenges.
The winners will be those organisations that turn these challenges into opportunities, delivering against profit and growth targets, whilst effectively managing risk and complying with demanding regulation.
Corporate governance, regulation, compliance and risk management are placing huge demands on businesses within the financial services sector. Financial services organisations are encountering a raft of new and changing regulations meaning it is therefore both necessary and prudent to embed compliance, governance and risk management into your day-to-day core business processes and IT business systems, regardless of which sphere of financial services you operate in.
Whether you are a large life & pensions provider or a specialised re-insurance broker, it is within your interest to demonstrate transparency and data integrity throughout your organisation.
With an increasingly demanding and competitive consumer market place for financial related products and services, it is becoming difficult to present differentiation as well as providing returns to shareholders or investors. As a result, financial services organisations have to become increasingly agile and responsive in order to change and remain compelling for the consumer.
Promoting customer-facing strategies and the development of analytical capabilities to appropriately shape customers' products and service requirements are now a necessary cost of doing business.
The financial services sector is familiar with growth in new markets through the acquisition of competitive organisations or the acquisition of specialised niche providers; the challenge with any acquisition is adopting best business practice and synergies in back office processing.
A shared service platform bringing together all of your back office functions and service requirements, often from geographically disparate systems into either a virtual or separate organisation, is no easy task.