Early in 2016 Monticello Consulting made a prediction that we were in the '7th inning stretch' of implementing financial regulatory reform measures. True enough, large and important regulations remain on the horizon-including the DOL's so-called Fiduciary Rule, MiFID II, and FRTB. That said, the new administration in Washington has cast uncertainty on the continuance of some components of Dodd-Frank and other financial reforms, and we foresee our large banking clients shifting focus to a more pragmatic mandate in turn-bending the cost curves of their regulatory programs and compliance initiatives.
In 2017, we see Wall Street CEOs striking a new path forward in the form of cost reduction through digitization and robotic process automation. In order to sustain positive operating leverage, large financial institutions are investing heavily to sunset legacy systems and replace them with modern, scalable platforms. Concurrently, large banks are automating manual processes in order to drive down variable costs and support new business volumes.
As with all such complex change initiatives, it is imperative to invest wisely in proper planning and have appropriate management oversight to ensure a successful transition to a target state devoid of costly setbacks. In lieu of developing this capability entirely in-house, organizations often turn to outside advisors with in-depth knowledge of change management and familiarity with data-driven programs.
In our latest newsletter, we discuss how organizations can implement digital strategies and harness the power of their data to effect positive operating leverage. Through our highly trained and dedicated team of technical project managers, analysts, and data scientists, Monticello Consulting Group provides clients with advanced data analytics and digital transformation services, including: advisory, strategy implementation, software development, project management, testing, and training. Explore our website to learn more about how MCG partners with organizations on their digital transformation journeys.