The financial services landscape is evolving at a rate which would have seemed unimaginable just a decade ago.
Regulatory change, new digital technologies, and an increasingly sophisticated consumer characterised by expectations of ubiquitous access and instant delivery are combining to transform traditional business models and disrupt a sector which has been relatively stable for generations.
Grant Thornton understands the financial services landscape and the processes and systems at its heart. We work closely with clients to understand their strategy and benchmark their performance against the very best international standards across both established and new players in the financial services sector. This approach allows us to develop clear and innovative solutions to deal with the challenges they face and help them to evolve and prosper in a changing environment.
Issues facing the Financial Services sector:
Financial services entities not only have to contend with an unprecedented volume of new regulation but also a pronounced shift in the nature of that regulation. In the wake of the global financial crash the immediate response of regulators was to rush to focus on governance, financial probity, risk appetite and capital adequacy.
Culture is now at the centre of regulatory change and there is a far greater emphasis on: strategy, how decisions are made and resulting customer outcomes.
Technology is not only enabling the development of new products and services but is also reducing barriers of entry for new Fintech based competitors into the market. These agile new players, unrestricted by legacy systems and often subject to less regulation, represent a real competitive challenge to established institutions but can also offer opportunities for mutually beneficial partnerships.
The new generation of consumers is very different to its predecessors. Service is demanded anywhere, anytime and free of charge. Barriers to switching are lower, prices more transparent and maintaining multiple relationships through an aggregated portal is now a reality. Financial services entities across the world must adapt to meet these rapidly changing demands and remain relevant in their chosen markets.
Why Grant Thornton?
The common thread between all these developments is the resource demands they place on the firms affected. Grant Thornton brings expertise gained through vast experience of dealing with financial services organisations around the world to help clients deal with these resourcing issues.
Our solutions focused team is well equipped to deliver large and small programmes and change initiatives for customers. We are fully certified in a range of methodologies including project management, business process reengineering, Lean and Six Sigma. We also have our own Grant Thornton methodologies specifically designed to assist clients in this industry.
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