The Evolution Of Financial Services.

 

Harnessing FSI disruption

We anticipate drastic changes in the financial services industry with entire businesses at stake. Find out what your company should do.

 

Talent engagement in a digital world

Effective talent management has become increasing complex with three overlapping groups of employees in the workforce–Baby Boomers, Gen Xers, and Millennials–and another waiting in the wings (Generation Z). As the workforce evolves, a renewed focus on organizational culture and employee engagement are one of the most powerful levers companies have to attract and retain top talent.

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Workforce of the future

Companies today are witnessing an ever-increasing role of robots in the daily workplace but the question remains whether humans will be fully replaced. These dramatic changes present an opportunity to rethink how to conceive of work by freeing resources from simple tasks and redeploying skills and knowledge to more value-add instances.

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Real estate optimization

Traditional financial services firms, like large commercial banks and insurance companies, are encumbered with significant real estate costs and may have infrequent opportunities to optimize. Firms can address this at major transaction intervals, but this requires careful planning, and the most successful cases will be incorporated into a broader strategy involving both location strategy and advanced workforce strategy.

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Fintech acquisitions: Integrations are a different adventure

Successfully acquiring and integrating fintech companies poses a major problem for traditional financial institutions unaccustomed to dealing technology-first start–ups. Defining the integration strategy as either a 'holding-company' or 'capability platform' can help FSI companies determine how best to approach due diligence, prevent talent flight, and ringfence revenue when considering acquisition of a Fintech.

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Digital ecosystem service delivery model

Banks are constrained by legacy service delivery processes that lead to subpar customer experiences. New digitized service models improve customer satisfaction and improve financial results–if firms keep customer needs in mind and get the right goals and expectations to quantify progress.

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Transforming M&A capabilities for the unbundled ecosystem

Financial services is being transformed by technology changes that are making it possible for firms do more and own less. This new environment calls for a new approach to M&A—we recommend firms consider future-proofing their M&A strategy to orchestrate ecosystems for value and build new M&A capabilities to execute more complicated partnerships and investments.

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Building the bank of the future

Banks face a difficult challenge in building a new digital organization centered on the human experience given that their current model is ill-equipped to effectively engage with demanding, tech-savvy customers. Banks can take advantage of digital best practices, behavioral analytics, more flexible and modular IT systems, and data-driven change management to create next generation business models to survive in an age of disruption.

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Financial services industry regulation and fintechs

Financial technology firms have won over many investors and consumers with innovative product and service offerings that are often less costly, more convenient, or less complex than traditional bank offerings. However, as they grow larger in popularity, fintech firms face more and more scrutiny from federal and state regulators.

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Five actions major financial institutions face

Banks today are struggling to keep their balance as they tackle three major fronts at once—simplifying the business, complying with regulations and modernizing/differentiating themselves. To succeed, there are five things we believe financial institutions can do:

  1. Attack the most unwieldy costs
  2. Mutualize
  3. Harness disruptors for the last mile
  4. Extend digital all the way
  5. Manage the organizational transition

 

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see also https://www2.deloitte.com/us/en/pages/financial-services/articles/financial-services-mergers-and-acquisitions-podcasts.html