The industry faces competition from ever-increasing organizations that offer fintech services. From the robust growth in developing markets and weak growth in developed economies and more challenges have contributed to greater volatility. The investment management companies that build plans to execute to anticipate demographic shifts keep pace with the regulatory changes will find themselves ahead of the competition.
The rising IT environment demands such as seamless digital channels for communication and access to portfolio management is driving firms to digital transformation. Plus, the application of artificial intelligence (AI), increased focus on cybersecurity and analytics are some of the emerging trends.
In the last decade, many banks have adopted core banking solutions to make their service smoother and cater to a larger client base. Recent years have witnessed stupendous changes in traditional banking channels largely driven by customers. With the rapid adoption of internet and mobile banking, fewer customers are queuing up at branches to open accounts or seek loans. Service levels are no longer the differentiating factor.
The optimal, efficient and convenient customer experience at every touchpoint is what sets apart financial institutions. Both the banks and financial companies are facing the challenges in reinventing themselves to address their customer’s pain points and ensuring a delightful experience every step of the way.
With the influx of demographics, technology and regulatory dynamics, the global payments industry is undergoing a paradigm shift. Although the customer-facing part of the value chain continues to witness elevated levels of innovation, the service providers are still grappling with enhancements for the back-end infrastructure.
Latest trends in the payments industry such as such as new opportunities in terms of adoption of Open Application Programming Interfaces (APIs), growth in digital payments, innovation in cross-border payments, and challenges from the entry of alternative service providers are impacting the industry in terms of fostering competition, nurturing innovation, and enhancing process and system-related efficiencies.
The world of ethics, risk management, and compliance saw many upheavals in 2016 which has reinforced the need to move away from a siloed approach to risk management to an integrated and consistent enterprise-wide framework. The role of a compliance function is continuing to change as well. Along with complying with standards & regulations, compliance professionals are increasingly responsible for creating and nurturing strong and ethical corporate cultures and protecting organizations from financial, legal and reputational risk
Emphasis has been placed on regulatory filings and reporting, enhanced due diligence and surveillances to mitigate cyber and data-related risks. With around the clock news and social media’s speed and uncontrollability, organizations are at the edge of a compliance failure.