With stricter regulations and constantly changing technology, financial services and banking companies must leverage new procedures and technologies to stand out in the current banking business market. Finding an IT company to support your changing industry and keep you ahead of the curve technology-wise will strengthen your customer satisfaction and ultimately keep you in business.

Some of the most glaring changes in the banking and financial industry have made change happen. If you are a community bank, investment bank, brokerage firm or pension fund, you are subject to some unique industry standards, ones that have changed drastically over the last few years.

 

Regulations

In an effort to prevent another collapse like Lehman Brothers, the Dodd-Frank Act grew from the Great Depression of 2008 to protect consumers from abusive lending and mortgage practices with more rules and regulations. As a leader in the financial services industry, you know that Dodd-Frank and the subsequent, Volcker Rule and Basel(s) have affected many facets of the industry, technology being one particularly hard hit.

 

Although there are Dodd-Frank opponents out there, the banks and institutions that are succeeding are the ones that are employing the new rules to work for their organizations and re-evaluating processes. With efficient and cost-effective ways of dealing with the new rules, there hasn’t been a better time to change up your data management, mobility, business intelligence and IT environment as a whole.

 

Since most banks and financial institutions will need to approach Dodd-Frank differently, there probably won’t be a one-size-fit-all answer to fix technology and data management issues. With the extensive reporting required to improve transparency across business units, each organization will need to create it’s own combination of data management, risk analysis and data rationalization.

 

Economic Challenges

Changes in the economy coupled with the above mentioned regulation constraints, financial institutions are being tasked to do more with less. Traditional banking models are being challenged with new financial service providers like PayPal, Amazon and Google. It doesn’t mean it can’t be done, it just means that those institutions that react to market changes and customer expectations are the one that will succeed.

 

Keeping ahead of technology and using this shift in the economy is a perfect opportunity to get ahead of the competition.

 

Next Generation Technologies

With new internet technologies, cloud computing, mobility, improved business intelligence and new branch technologies, your institution needs to consider how to be the leader of the pack and adapt as the market changes.

 

If all the banks in the area are offering deposit-by-phone, are you ready to implement the same?

 

Does your backend data comply? What will it take to get there and is there a technology shortcut that will reduce cost/time?

 

What is your competitive edge? Is it technology driven?

Be the leader to drive modernization in your industry and take advantage of the side effects that include better customer service, unique marketable qualities and stronger leads to sales.

 

If you are looking for a Managed IT company with experience in the banking and financial industry to assist with short-term IT projects or long-term IT support, BKS Services is here to help. Give us a call today and let us know how we can help!