The past year has seen a pandemic of unprecedented proportions, increasingly frequent natural disasters, and immense social upheaval. In the last thirty days alone, a hurricane has decimated the coastal South, massive flash flooding has inundated the Northeast, and wildfires have continued to ravage the West Coast. While climate catastrophes have become commonplace, the unanticipated operational challenges posed by the COVID-19 crisis have taken the financial services industry by surprise, and it’s not the only major change that the financial sector has had to reckon with in recent months. The impending arrival of significant regulatory changes around climate risk, updated sustainability frameworks, and calls for social engagement have all thrown the importance of environmental, social, and governance (or ESG) considerations into sharp relief.
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Achieve Data Management Success through Data Quality
Digital transformation has gradually become a priority in the financial services industry over the past two decades, and business interruption due to the Covid-19 pandemic has served only to accelerate it. With digitization, data has become the backbone of the financial system. Financial institutions have put great focus on adapting data architecture and business strategies to the changing economic environment and to innovative technologies over the past few years.
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Plan Your Journey Towards Operational Excellence
Customer relationships and new models for innovation have taken center stage across the financial services landscape. As quickly as the pandemic spread, the focus shifted towards digitization and the ability to deliver a superior customer experience as consumer behaviors swayed with the uncertainty that has beleaguered the market. Operational Excellence has proven to be one approach that allows corporations to maximize efficiency, adapt to a shifting industry, and maintain competitive advantage.
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Mitigate Compliance Risks and Improve Internal Controls Using Natural Language Processing
Staying compliant with regulations is paramount to institutions and a top priority for C-suite executives. Financial institutions, in particular, are frequently under regulatory scrutiny from their jurisdictional regulators such as the Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve Board (FRB) in the U.S. These regulators continue to reinforce core banking governance, risk management, capital adequacy and liquidity management regulations (i.e., Dodd-Frank) implemented in the wake of the global financial crisis in 2008.
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Change Standards as a Competitive Advantage: Beyond the Regulatory Mandate
As the world of cryptocurrency and SPACs steal the headlines, and the financial services industry grapples with the new Risk-Free Rates replacing LIBOR, topics such as change standards struggle to compete for the limelight. Change standards are policies that provide the foundations for effective organizational change management.
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2021 Brings Widespread Adoption of Digital Payment Solutions
Since March 2020, banks moved quickly to embrace digital solutions to increase the physical/health safety of purchasing transactions. This transition was overwhelmingly accepted and adopted by consumers. In the last year, 78% of U.S. consumers reported that personal health safety was the driving factor in determining how they paid for goods and services.[1] This proliferation of new solutions and products in this environment, driven by customers demand, seemingly redesigned the payments sector overnight.
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