New challenges and new opportunities for financial services
Financial organisations around the world are looking ahead. New challenges and new obstacles loom large, but as the global economy evolves, many new opportunities present themselves.
But first, the challenges. They include a host of new regulations aimed at reducing risks in the system; increasing capital reserves; growing revenue in recession-wrecked economies of mature markets; competing and partnering with non-traditional players; rebuilding trust across the global financial system; and, finally, competing to attract and retain increasingly demanding customers. Just to name a few.
With that in mind, the opportunities are there for those who want to change the conversation from one about problems to one about possibilities. The global economy is expected to show a growth rate of 5.8% compounded over the next 15 years. Global assets are expected to quadruple within the same time frame to $1,264 trillion1 and 2.5 billion unbanked or under-banked people worldwide constitute a large untapped customer pool.
Much of that movement will happen in emerging markets. A recent survey by the IBM Institute for Business Value shows tomorrow’s banks must become more client centric by leveraging sophisticated insights to improve risk management, pricing, channel performance and client satisfaction.
Smarter retail banking
The banking industry has to fundamentally reorient their business models, by moving from product-centric silos to customer-centric strategies. See how it's done. Watch the video. (00:05:22)
Efficient, transparent, agile - Achieving the characteristics needed for success in UK banking
Successful banks will find a cost effective way to run their business that enables them to be operationally efficient, while being adaptable to external pressures and flexible to enable innovation. The business process characteristics of efficiency, transparency and agility are within closer reach today than they have ever been.
Business Agility - The key to sustainable success?
The ability to sense and respond in a timely way to changes in business conditions implies a "design for continuous change" philosophy. An emerging set of ideas, tools and concepts should help to make this a reality.
A series of conversations for a smarter planet
Banking & Financial Markets - Virtual Briefing Centre
Rebuilding Customer Trust in Retail Banking
The message is simple: Trust has been lost and the digital world is here. Successful relationships with customers in the digital world are high-trust relationships. It is time for bankers to rebuild trust at the same time as developing all the communications and analytical advantages of digital technology.
Chief Financial Officer videos
Finance efficiency and business insight are more than just buzzwords. Watch interviews with top CFOs around the globe pertaining to lessons learned and essential study findings.
How IBM can help
1 or 1.264 quadrillion - Economist Business Unit estimate, IBM Institute for Business Value