Ever since the disruption caused by the 2007-2008 global financial crisis, the pace of change within the financial services industry has only accelerated. Tighter regulation has altered the structural landscape of financial markets. Access to new technologies and the emergence of disruptive players have shifted business models. And digital-first strategies and evolving customer expectations have modified how organizations go to market.
On top of these changes, the financial services industry continues to face headwinds. The tough macroeconomic environment characterized by geopolitical tensions, inflationary pressures, and market volatility has created profitability challenges. Competition from emerging financial technology (fintech) companies continues to grow and squeeze the margins of traditional banks. New and evolving regulatory demands are introducing new reforms, reporting obligations, and capital adequacy requirements. And there is a heightened focus on sustainability and ethical investing that is at the forefront of public and political attention.
Simply put, the landscape, the competition, and the customers are all transforming. Under this backdrop, most financial services organizations must evaluate how to modernize their technology, leverage their data, and organizationally adapt to ensure long-term growth.
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