Whichever sector of financial services you look at, Digital Technology is still one of the biggest board room agenda items.
Whether that is to support regulatory compliance or offering a potential business differentiator, Digital Technology has the ability to effect either the top or bottom line of a financial services organisation.
The financial services sector is one that has never relied more heavily on Digital Technology. With a highly changeable and volatile global economy along with many well publicised crisis relating to financial scandals, regulatory attention in the sector has never been never greater.
There have also been a number of well publicised Technology failures leading to customers being directly affected. The industry has been dependent on Digital technology for some time but now, more than ever, it is becoming the key differentiator in the sector; the factor that is helping to make trades more profitable, to capture more market share through better online presence, digital offerings and to mine and leverage data to create better, more customised and tailored services for the customer.
The challenges faced in financial services are both similar across the sector and yet varied at the same time. Many of the new, emerging technologies and their associated benefits combined with the challenges of it in this sector apply just as well to retail banking, investment banking and insurance. However, we recognise that each sector still retains their own unique requirements and approach.
Within the industry from investment to retail banking and insurance to wealth management recent market developments have led to the competitive and regulatory landscape evolving at unprecedented speed. The backdrop of fluctuating economic conditions and rapidly changing customer needs mean it has to deliver rapid, adaptable and stable solutions that meet the most demanding requirements.