The financial services industry will emerge from the recession stronger, not weaker, Mike Lees, senior director, Software AG has predicted, ahead of the Finexpo summit in London.
Despite enduring massive turmoil and organisational change last year, including forced mergers and a scramble for transparency, the financial services industry would bounce back, argued Lees.
"Businesses should look at the existing IT systems in place inside which have often been built up over a long period and are therefore unnecessarily complex and siloed - and see where there are opportunities to rework processes and free up resources," said Lees.
The news comes as laws are extending existing legislation such as Sarbanes-Oxley, Basel II and MiFID, which will be geared towards ensuring reporting, trading and data security continue to be at the heart of financial strategy.
"As the economy turns, there is already no room left for error. Every process and system must be watertight to ensure nothing goes unaccounted for, and fraud and operational, credit, and market risks are reduced to a minimum," concluded Lees.