There is no escaping the fact that the financial services industry is facing some major changes. This is not new: the industry has rarely if ever stood still and the advent of automation and advanced technology has increased the pace of change dramatically in recent years.
But events of the last eighteen months mean that change is unlikely to happen in single discrete packages. Having been the dominant partner for many years, reward is now taking a back seat. Risk in all its forms is now stalking the streets of the world’s financial centres.
Today, retail banks that are implementing a CRM system, or brokers installing an algorithmic trading platform are doing so in the shadow of inevitable regulatory changes, possible mergers or acquisitions, heightened global competition and above it all, a need to drive efficiency throughout the business.
That’s a tough ask. Each one of these scenarios requires a significant amount of change in its own right. Just think how tough integrating two organisations with different cultures, systems and processes is. The reports and rumours emerging from Wall Street, which is coming to terms with unprecedented levels of M&A musical chairs, are enough to tell us what a challenge it can be.
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