NET(net) offers specific IT Optimization processes for the financial community. The global financial crisis has forced many clients to not only cut fat, but also cut lean, highly functional muscle just to survive. As the recovery gains a foothold, many clients are looking forward cautiously to repairing the damage of the last few years and seeking opportunistically to move their businesses forward by supporting new technologies that will enable more strategic business initiatives.
For companies that have an aggressive growth strategy, the spread to emerging markets such as Africa and Asia presents unique challenges. Financial service firms’ business strategies must be altered for the new dynamics and intricacies of today’s markets. With the need to supply information to a global market, firms must decrease cost. One cost-effective initiative is the use of platform sharing; like cell phone companies that collaborate with local companies in order to decrease cost and increase access, financial firms will need to do the same.
More and more, personal and business banking transactions are conducted through smart phones. Thus, e-banking capabilities are quickly becoming an increasing requirement in order to compete in the global marketplace. E-banking capabilities provide companies with essential flexibility and differentiation in the market through web-based service applications.Technology will need to automate transaction and customer service; the result is that staff workload will be reduced while representatives operate faster and more efficiently.
Financial service firms need to have sustainable, steady expansion in the emerging markets, yet many of our clients acknowledge that they are not operating in a globally integrated fashion. Mature markets will be rivaled by other (emerging) markets with faster-growing economies and increasingly sophisticated financial product appetites.
Aside from the regular ups and downs of the financial world, technology and innovation will prevail as the win-win for the financial service industry. Innovative technologies and an increase in e-business strategies will lead to much lower costs and greater competition in financial services. Internet and related technologies are an inexpensive, different, and very effective way to provide similar financial services. Since financial service firms must grow organically, build customer loyalty, and accommodate the customers’ expanding needs for services and convenience, we see traditional financial services firms partnering with (or acquiring) new technology businesses to allow them to lower their expenses and be competitive in this changing landscape.