The financial services industry is in a constant state of change with increasing regulation and more stringent compliance regimes, challenging new entrants with new delivery and financial models and innovative technology developments transforming service delivery.
Information Technology (IT) underpins the delivery of this scale of change in the financial services sector. At Wavestone we understand the technology business enablers that drive innovative financial services delivery under strict regulatory environment and compliance regimes.
Whilst maintaining the existing technology infrastructure, financial services firms are faced with the challenge of:
- Managing the impact of new regulations on IT strategy
- Adopting new technology to improve engagement with customers and trading partners
- Catering for reductions in IT budgets
- Integrating services and technology on mergers and acquisitions
The wave of regulatory reforms has forced financial institutions to assess the suitability of their core technology infrastructure. Currently, technology silos, legacy equipment, and exploding volumes of disparate data make this a difficult and complex area to tackle. This presents a significant risk of non-compliance and also slows customer growth.
On the other hand, the latest (disruptive) technologies and the changing needs of digital savvy customers pose a different challenge for the financial services. The move towards branchless banking, use of video technologies, IP telephony, cloud based contact centre models, etc. is making the IT teams rethink their strategy and management of the core IT infrastructure.
Wavestone can help financial institutions to design, source and transform core IT platforms that provide long-term compliance capability, while introducing the latest technologies to meet growing customer demands.
We work with firms across the spectrum of financial services from retail and investment banking to insurance and payments operations to help them:
- Develop IT strategy
- Scope and define business and technology requirements
- Reduce costs through strategic sourcing
- Address the technology impact of the changing regulatory landscape
- Transform the business to innovate and achieve competitive advantage