How Financial Services Companies Can Overcome Their Unique Digital Strugglesadmin
Financial services firms deal with certain issues and demands more than nearly any other industry. While these pressures come from a place of regulating and watchdogging for the public good, they can lead to struggles and anxieties when simply trying to conduct business.
Some of the most daunting difficulties the financial services industry faces includes:
Constantly changing demands
Large numbers of transactions
Heavy audit requirements
Complying with these requirements while rising to meet the demands and competitive pressures often pushes financial services companies into a hodgepodge of home-grown or half-baked ‘solutions’ that can leave everyone involved feeling overwhelmed. After decades of trying to keep up with new demands, a typical firm’s solution stack may now include multiple sets of manual processes, databases, and spreadsheets for the same work – with no standardization or automation for thousands of repeatable tasks.
As digital transformation races forward for the financial services industry, it is no surprise that efficiency and productivity are the main focus. According to a recent Forrester Survey, 75% of financial services companies report ‘Increasing efficiency and productivity through technology’ as a driver for digital transformation, making it number one out of all survey responses.
From our experience helping financial services companies address efficiency and productivity demands through digital transformation, we’ve identified common struggles these companies face.