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.
- Relieve pressure by moving away from legacy architectures. They aren’t designed to manage big data. If data can’t be easily found, and needs to be pulled together manually, you won’t find valuable nuggets buried within it or speedily meet regulatory
- Simplify systems and processes. Should systems meet broad needs or be specific to narrow areas of business? Define your strategy, along with a consistent platform and processes.
- Gain new capabilities and insights to better serve customers.
Wherever the organisation is headed, compliance, business and technology function best as a high-performance team, overcoming adversity now and delivering enduring advantage.