Politics, digitization will require new data models
Rapid digitalization and compliance have become major challenges, with issuers having to factor in the impact of new payment services, international money transfers, peer-to-peer lending and borderless accounts, at the same time they are facing political uncertainty, Dodd-Frank challenges and Brexit.
And customers, primed to receive hyper-responsive, automated service from other industries via mobile devices, are driving a massive shift to online and mobile services.
These challenges demand new strategies, and that means issuers and other financial institutions banks need accurate, timely information so they can make sound business decisions. They must combine past performance data and forward-looking information to gain insight. They must also overcome data quality issues, consolidate multiple application interfaces and move toward a connected planning approach rather than siloed planning and execution.
Getting a handle on data and planning collaboratively rather than as disparate business units is the only way issuers can stay competitive today and prepare for what’s ahead. They need information and organizational alignment to deal with changes, which may include changes in resources, business models and customer service.
Connected planning to map and measure the impact of business scenarios across operations is the key. With connected planning technology, financial services companies can model scenarios and plan for contingencies, factoring in variables beyond their direct control, including wider macroeconomic and market trends. With the ability to plan at scale using agile technology, banks can get the insight they need.
The challenges posed by market uncertainty and evolving customer expectations aren’t going away, but with flexible scenario modeling capabilities, the ability to generate forward-looking reports and access to quality data from across the organization, banks can make better decisions. Technology can provide the transparency and insight financial services companies need to thrive in an uncertain world.