The primary drivers of digital transformation in the Financial Services sector - improving customer experience and maximising operational efficiency - are not fundamentally different to the priorities of other business sectors. But three factors combine to make the Financial Services sector different to the rest.
One is the degree of urgency. The competitive landscape in this sector is changing rapidly as new entrants - born digital, lean and unencumbered by legacy systems and deeply embedded “analogue” processes - shake up the market and win customers at the expense of the established players.
Another is the ever-increasing scope and complexity of the regulatory environment, within this sector. As new technologies and processes are implemented, they must be aligned with the constantly changing compliance regimes.
The third is the attitudinal shifts in today’s customers towards this sector. Whilst previous generations put a premium on trust and longstanding personal relationships with their financial service providers, Gen X, Y and Z have a different perspective. Service delivery “on demand and on my terms” is paramount, and there are no hesitations about switching service providers if their expectations are not met.
We have strong experience in this sector and understand these challenges. In particular, we understand the pressures faced by the smaller and mid-tier players across the various sub-sectors of the industry - Private Equity firms, Asset Management businesses, Building Societies /Credit Unions and Tier 2 and 3 banks.
Here are a few examples of how we can help you on your digital transformation journey: ",
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