To this point, banks can develop a more nuanced approach to fintechs by disaggregating the impact of fintechs on various business functions, including operations, finance, and marketing.
As such, modernizing core operating infrastructure is an obvious priority. This includes the ability to improve speed to market and the ability to make firms more resilient and responsive to market needs, which is the very definition of agility.
For example, many global firms are dealing with varying local market needs and regulatory mandates, and more recently, with differing views on key prudential regulations, such as the still-pending aspects of the Basel III regime.
Others may yet act in defense of their competitive position and to protect their ability to operate smoothly. An externalization strategy typically also means more discipline in selecting technology vendors, with greater emphasis on high-quality software asset and business expertise in mortgage servicing versus demand-deposit-account processing, for instance.
A typical group is on average present in four to five countries in the region, and has EUR million gross income.
The group of top ten life insurers possess While the NPL market saw an active year for non-performing portfolios, the near future may bring changes as transaction activity may decrease in some countries of the region, while the sale of new portfolio types may start.
Reimagining the workforce Banks should consider rethinking their workforce strategy given how work is evolving—with increasing automation18 and greater diversity in the labor pool.
These decisions are likely to create long-term impacts not only for banks, but also for London as a global financial center.