Trying to stay ahead of the curve when it comes to IT issues is a challenging task. Emerging technology forces in the financial services industry are already impacting business. The convergence of these forces does present challenges; however, it also provides a window of opportunity for financial institutions to elevate business performance and gain a competitive advantage. Perficient provides a monthly perspective on some of the most talked about IT issues and emerging trends to help industry professionals identify and rationalize their IT investments.
Regulatory Issues High on Executive Agenda
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Many of the discussions the Perficient financial services team had at SIFMA Tech this month revolved around the operational and technology challenges of regulatory compliance. Regulatory change continues to be an unavoidable expense and a top concern as financial institutions look to avoid potential risks of reputational damage, growing customer attrition rates and performance. Much of the news this past month had a similar tone and shared similar messages – to face the mounting pressures firms are starting to take more of a cross-functional approach to regulatory readiness and will make investments in technology, resources and cultural change.
- Many Banks Struggling to Identify Gaps in AML Programs
- Banks brace for new stress testing requirements
- Is Compliance Preventing the Cloud From Reaching Its True Potential?
- Are regulators throwing the baby out with the bath water?
Competition in Asset Management
Evolving requirements, market forces and customer demands are dictating transformations across the asset management industry. Exploring new avenues for growth, including the application of new technologies for product innovation, portfolio management and retaining clients will be critical. Many firms will find this difficult without a modern technology infrastructure to keep pace with industry forces
- Wealthfront Reaches More than $1 Billion Assets Under Management
- Dire Technology Warning for Advisors
- Asset managers to face growing competition from big tech and retail firms
- Innovation in the Asset Management Industry
- Betterment for advisors on its way
Tech Pillars to Build the Bank of the Future
The explosion of digital banking and the complexities it has introduced for banks is forcing many to look for ways to become more agile as a business in order to compete with the more nimble software-based startups. Banks continue to operate in silos and struggle with building a comprehensive view of the customer needed to engage and personalize the banking experience. While there’s no “one-size-fits-all” solution, technologies such as analytics, mobile and cloud can help banks overcome data challenges, get a 360 degree view of the customer and gain a competitive advantage.
- Advisors Face Digital ‘Inflection Point’
- 3 Keys to t he Bank of the Future
- Social and Mobile: The Digital Cement
- Pressures on Bank IT in the Age of the Cloud
- Building a Better Banking Experience
Innovation and Fintech Disruption
Fintech disruption and innovation is nearing a feverish pitch. We’ve seen a considerable increase in the number of financial-based or “fintech” startups cropping up over the course of the past few years on social media, making headlines, and even conferences like Finovate dedicated solely to showcasing some of the best technology innovators. Our corporate headquarters is being considered as a top financial services hub with Jim McKelvey’s fintech accelerator, SixThirty, calling St. Louis home. Fintech investment has grown considerably over the past year adding to the competitiveness of the financial services industry. The growth in fintech investment is affecting traditional financial institutions in several ways – attracting talent away from banks and competition for consumers’ wallets. Some of the leading financial institutions have opened innovation labs, partnered or bought a startup. How will others address this trend in order to survive?
- Top 50 ‘Disruptive’ Startups Overflowing with Fintech
- 5 FinTech Startups to Watch
- Evolving in an Environment of Rapid Change
- Disruption as a path to growth
- Innovation is Hard
Efficiency, Latency Reduction and Streamlining IT
Efficiency is one of the biggest business drivers for financial institutions and technology serves as an enabler to help firms achieve operational excellence. From business process management (BPM) tools for loan and investor services to client on-boarding solutions or low-latency trading, technology allows firms to expand into new markets, cut costs, enable business agility and overall productivity.