Finanzinstitutionen

The impact of generative AI, industry convergence, embedded finance, open data, digitisation of money, decarbonisation, digital identity, and fraud continues to swell. To stay competitive, Financial Services need to pick up the pace in delivering frictionless digital self-service experiences. In their journey towards resilience and innovation, financial institutions are confronted with critical decisions that will shape their future. How can they seamlessly integrate digitalization into the core of their business strategy? In what ways can agility be adopted to accelerate their response to market changes and customer needs? And importantly, how can these digital and agile transformations enhance their risk mitigation strategies?

Frictionless Self-service Experience / Onboarding the next generation

One of the primary pain points in the financial services sector lies in the onboarding journey. Lengthy and intricate onboarding processes create friction, often exacerbated by compliance with stringent regulations and anti-money laundering legislation. While these regulations are non-negotiable, consumers expect a seamless experience akin to subscribing to a streaming service. Research reveals that 47% of financial institutions consider offering fully digital onboarding a top priority, yet only a mere 9% have achieved the goal of completing onboarding within 15 minutes.

The integration of automation not only streamlines onboarding but also ensures regulatory compliance, paving the way for a frictionless customer journey.

The threat posed by FinTechs, which typically target some of the most profitable areas in financial services, is significant. Goldman Sachs predicted that these startups would account for upwards of $4.7 trillion in annual revenue being diverted from traditional financial services companies.

These new industry entrants are forcing many financial institutions to seek partnerships and/or acquisition opportunities as a stop-gap measure; in fact, Goldman Sachs, themselves, recently made headlines for heavily investing in FinTech. In order to maintain a competitive edge, traditional banks and credit unions must learn from FinTechs, which owe their success to providing a simplified and intuitive customer experience.

In the digital world, there’s no room for manual processes and systems. Financial institutions need to think of technology-based resolutions to industry challenges. Therefore, it’s important to foster a culture of innovation in which technology is leveraged to optimize existing processes and procedures for maximum efficiency. This cultural shift toward a technology-first attitude is reflective of the larger industry-wide acceptance of digital transformation.

Balancing Pace and Compliance

As they navigate this digital landscape, the challenge lies not only in adopting new technologies but also in cultivating a mindset that embraces continuous improvement and rapid adaptation. This shift towards a digitally-focused and agile-driven approach requires a reevaluation of existing processes and the adoption of new, more flexible approaches that can support the dynamic demands of the modern financial ecosystem.

While bank leaders focus on proposed regulatory changes to capital, liquidity, and risk management for US banks, there is much to be done to evolve business models.

Regulatory compliance has become one of the most significant banking industry challenges as a direct result of the dramatic increase in regulatory fees relative to earnings and credit losses since the 2008 financial crisis. From Basel’s risk-weighted capital requirements zum Dodd-Frank Act, and from the Financial Account Standards Board’s Current Expected Credit Loss (CECL) to the Allowance for Loan and Lease Losses (ALLL), there are a growing number of regulations that banks and credit unions must comply with; compliance can significantly strain resources and is often dependent on the ability to correlate data from disparate sources.

Picking up the Pace

The healthcare industry operates within a complex regulatory environment, with laws and regulations governing everything from patient privacy to reimbursement policies. Navigating this regulatory landscape requires a deep understanding of compliance requirements and a commitment to upholding the highest ethical standards. Healthcare organisations must invest in compliance programs, stay abreast of regulatory changes, and foster a culture of accountability and transparency to mitigate risk and ensure quality of care.

Higher interest rates, reduced money supply, more assertive regulations, climate change, and geopolitical tensions are key drivers behind this transformation. Organic growth will be modest, forcing institutions to pursue new sources of value in a capital-scarce environment.

Wie wir helfen können

At Better Change, our approach to reimagining finance is distinct and dynamic. We go beyond the conventional playbook, setting new standards for how consulting firms should engage with clients. Our consulting teams are characterised by their innovative thinking and unparalleled financial sector expertise. We embrace a spirit of genuine collaboration, working closely with every level of our clients’ organisations to achieve tangible results. Our experts are committed to creating a balance between growth and innovation, crafting personalised solutions that are effective and enduring. This approach is not about short-term fixes; it’s about developing strategies that are sustainable and adaptable, ensuring long-term success and resilience in a rapidly evolving financial landscape. This method aligns seamlessly with our ethos at Better Change – fostering potential through people and culture, and empowering our clients to thrive in a reimagined financial future.

Better Change offers a blend of strategic insight, transformative expertise, and technical acumen. Our approach is underpinned by extensive relationships within the financial sector and a wealth of interdisciplinary knowledge spanning multiple industries. We leverage these strengths to distill and apply practices that transcend global markets. Our goal? To empower financial institutions to not only meet but exceed expectations, aligning with our commitment to foster potential through people and culture.

Here are some key areas where we can support you:

Digital Transformation Services

Consulting and implementation services for digital transformation, services that help financial institutions modernise their IT infrastructure, improve operational efficiency, and offer innovative digital products to customers.

Business Continuity and Resilience Planning

Services to develop and implement business continuity plans that ensure operational resilience in the face of disruptions, whether technological, natural, or man-made.

Customer Experience Management

Solutions that focus on enhancing customer engagement through personalisation, omnichannel strategies, and customer journey mapping. This also includes implementing CRM systems and using data analytics for better customer insights.

Innovation Labs and Fintech Partnerships

Setting up innovation labs or collaborating with fintech companies to explore new technologies and business models. This can help traditional financial institutions stay competitive and adapt to changing market dynamics.

Talent Management and Training

Services focused on talent acquisition, training, and development, especially in areas like digital skills, and data analytics. This could also involve leadership development and change management training.

Transformationale Führung kultivieren

Strong leadership is essential to guide organisations through periods of change and transformation. By investing in leadership development initiatives, healthcare organisations can cultivate the next generation of leaders who are equipped to navigate complex challenges.

At Better Change, we understand the importance of developing competencies for future success in your industry. Our tailored solutions are designed to help organizations build the skills and capabilities needed to thrive in a rapidly evolving landscape. From fostering a collaboration culture to driving innovation delivery and cultivating transformational leadership, we empower organisations to unlock their full potential and achieve sustainable growth.

Ready to develop the competencies needed for future success? Contact us today to learn how Better Change can empower your organisation.

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