How are financial services companies reacting, and more importantly, strategically acting, in these tumultuous times? Having worked with many firms on Wall Street for over fifteen years, I’ve seen many different business drivers come and go. More recently, a few of the “usual suspects” have become prevalent and are causing companies to implement new processes, custom portals and applications. I’ve outlined these business drivers below and provided some details that describe the situations we’ve seen and how TandemSeven is addressing them for its clients.
Mergers and Acquisitions. M&As often cause an increased need for rapid application integration. For many of our clients, this has led to the need for new portals and applications that provide aggregation and analytics, enabling them to manage transactional, credit and associated risk at new global levels. We have designed these solutions for numerous clients.
Customer movement. As a byproduct of the economic impact to major banks and asset managers, customers are more frequently seeking new relationships, and perceivably more stable institutions to manage, advise and hold assets on both institutional and retail levels. This has heightened the need for product innovation as well as superior user experience for portals and customer-facing applications. In particular, client “onboarding” and account management capabilities are in dire need of upgrades in order to help most large firms remain competitive.
New Regulations. It’s no surprise that an increase in regulations is spurring new process integration and automation. We’re seeing that firms need to comply at global levels, causing the need for new and enhanced global compliance and risk management applications and portals.
Visibility. From consumers at the personal wealth level to asset managers across portfolios to institutional levels, we’ve seen a large spike in demand for increased visibility. TandemSeven is helping numerous organizations develop better tools and overall mechanisms to gain visibility into exposure. At a deeper level, we’re helping companies yield better decision support and analytical capabilities by creating applications that provide in-depth visibility into transactional life cycles. More advanced firms are building on these capabilities to determine the “chokepoints” as well as opportunities to increase margins and reduce costs in the system.
Is your organization experiencing any of these situations? I’m happy to share more details of our experience. Contact us today and learn how we can help you strategically act.