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Most bank staff must feel like athletes these days, trying to react with speed and precision to volatile markets and tough regulatory requirements. Yet despite the best training and intentions, are they – and the organisation – moving forward? Are they leaping towards business goals or running on an exhausting treadmill to tick regulatory boxes?
The good news, is that there are practical solutions designed to achieve both, while saving us what we’re all short on: time and energy.
‘Embrace what you cannot change’ has always been a healthy life philosophy and it’s certainly true in finance. Supervisory bodies are here to stay and stress testing by banking authorities is the new norm. The frequency with which firms must answer enquiries will only grow. But according to this piece developing the right core strengths to meet these demands will enhance business performance too.
Consider that 70% of annual IT budgets are typically spent on maintenance – and around half of that on compliance. That’s a whopping 35% of funds directed at fighting fires just to stay in business, leeching vital resources away from where they could be used to drive growth, revenue and innovation.
The solution? A technology foundation to see organisations through decades of changing regulations and markets – not just tomorrow’s or next week’s stress test.
Wherever the organisation is headed, compliance, business and technology function best as a high-performance team, overcoming adversity now and delivering enduring advantage.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Galong Yao CGO at Bamboodt
08 July
Alex Kreger Founder and CEO at UXDA Financial UX Design
07 July
Anjna McGettrick Global Head of Strategy Implementations at Onnec
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
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