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OVERVIEW

The Banking Industry continues to undergo some fundamental changes driven by increasing and ongoing regulation and compliance, technological changes, and market economy forces.

The post-credit crisis deleveraging has led to a reduction in return on capital employed, forcing firms to reassess their operational infrastructure and cost base in order to remain competitive. The cost of regulatory compliance and intense competition from existing and new players has further eroded the profit margins.

The emergence of Fintech as a disruptor of the traditional business model, has provided a further challenge for management and their strategy in order to continue to be relevant and engaged with the customer. Some of the key challenges for the incumbent banks with legacy systems and processes is how best to achieve a streamlined operation and workflow through redesign of infrastructure and processes resulting in increased efficiency and reduced costs whilst maintaining control levels.

New players on the other hand, whilst having a technological and cost base advantage, will need to build and grow their product and service offerings in order to attract and retain the client base. Clearly, all of these require a carefully planned multiyear strategy, the players who execute this well will be future winners of the Banking industry. The requirement for transformational change in banking has never been greater.