All Financial Institutions are experiencing increased scrutiny due to new regulations. One of the leading challenges now faced by banks is therefore compliance as they have to keep up with continual change to regulation.
On average, most financial institutions are spending around 4% of their total revenue on managing compliance – this is compounded by the complexity of the siloed systems and operations in the bank. The complexity of the systems to store, track and report data, whilst keeping it anonymized, means being compliant takes high levels of resources and is a costly and time-consuming process.
To bring together information from multiple areas of the business, which aren’t linked, and create reports manually is highly complex leaving room for error. These errors lead to examples of banks being fined millions for non-compliance.
In this instance, as an IT supplier or tech vendor, you should consider telling a story that highlights your technology’s capacity to simplify, secure and report highly sensitive data within complex environments, whilst also showcasing advanced knowledge about new and upcoming regulations.
For more insight on how to think like a bank, please download our latest insight report ‘Thinking like a global Financial Institution – for innovative tech providers’
