Let Parker Randall change the way you view your business
Success in financial services depends on a combination of strategic flair and good old-fashioned ability to deliver avoiding the major governance and regulatory pitfalls. If your institution is to be a winner then you’ll need to work hard on the strategic and delivery elements of the equation.
Globalisation is a necessary mind-set for global, multinational and even domestic organisations to benefit from economies of scale, local expertise, service quality, customer perception and reputation.
Customer focus is critical as customers become more demanding. Tailored products and responsive service are only possible with the right organisational structure, a CRM system that actually delivers and unrelenting market focus; truly “treating customers fairly”.
Sustainable cost reduction is fast achieving holy-grail status. As the back book burns in retail, profitability and return on equity are under pressure, causing problems for global players who have found cost reduction elusive; investment banks’ costs are busily rebuilding themselves after recent cuts. Offshoring is the latest idea.
Consolidation and Convergence has brought about extensive modifications within the industry for many years; bancassurers have emerged. Will this trend gather pace on a cross border basis if tax, regulatory and political hurdles can be overcome?
Governance risk and regulation requirements have brought about a sea change. The way businesses are run has improved, but at a cost. These pressures will intensify and reputations will be won and lost, as will competitive advantage and capital needs.
Technology and human capital impacts across all these issues and is fundamental to service delivery. Getting both right is an ongoing challenge which still eludes many and it’s not enough to succeed with only one.