Today, the only thing we
can be sure of is that change is here to stay. To their credit, banks of all
sizes are doing their best to adapt.
“The smaller ones are winning in the race for greater returns by sticking with
highly segmented offerings. The bigger organizations, countering with huge
investments in technology, are offering end-to-end, interconnected suites of
specific, needs-based products and services. Institutions that were previously
product-focused and segmented are transforming themselves into universal banks
and financial services supermarkets. The competitive landscape has widened far
beyond the traditional banking industry. Banks are offering insurance products,
insurance companies are offering banking products, and brokerage firms are
offering both.
It’s a significant battle and the results won’t be in for quite some time. But
for bigger institutions, the strategy of offering a broad range of services and
products to a very diverse client base can no longer be debated. The need to
move from manual processing toward automation is stronger than ever, as
demonstrated by the securities and retail brokerage industry, which is shifting
to a compressed settlement time frame.”
The BearingPoint Banking Practice Team brings industry-specific solution sets
to assist organizations in addressing this critical issue:
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