The industry continues to address regulatory reform, financial reporting requirements, implementation of cost effective technologies, talent acquisition and increasing demands from stakeholders.
Background & Challenge
Protecting Financial Integrity
People depend on multiple public and private institutions to protect their financial well-being. They depend on banks to keep their data and dollars safe. They depend on the government to keep their savings secure. They depend on the Financial Protection Bureaus/Institutions to protect their rights as consumers.
Approach & Recommendations
Connect with our Advanced Practice
Banks are increasingly deploying technology-intensive solutions for growing their revenues, enhancing customer experience, optimizing cost structure and managing enterprise risk. With internet and mobile banking, banks are now focusing on enhancing services like accepting deposits, mortgage lending, giving consumer loans, and basic investment services like savings account, term deposits.
But, there are several external and internal challenges that are impacting the banking industry.
Satisfaction Guarantee for Each Client
- Non-banking companies are constantly presenting a challenge for banks. Online payment portals remain popular ways for consumers to pay for goods online and digital wallets are gaining traction.
- Traditional and unstructured business models used by banks do not support such customer centricity. Also, they don’t align well with today’s digital goals.
- Banking channels largely remain disconnected. For instance, products and different geographies vie against each other so that customers often perceive that they are confronting a jumble of processes.
- One of the biggest challenges in banking is that it lacks the implementation of integrated channel distribution that standardizes customer information and aligns all the disconnected systems across the channel. Due to lack of integrated channel distribution, banks are unable to track their customer’s journey and channel performance accurately.