Wednesday, 11 October 2017| By: Theodore N. Krintas, PhD, Executive Vice President, Profile Software
The Financial services industry faces a lot of challenges in terms of regulation, compliance, and profit margins. The increasing pressure from regulators along with the need to automate processes within the organisation are best met with the use of the right software that can make operations more agile, allow easy compliance to changing regulatory requirements and ultimately offer a competitive client experience that could lead to higher margins.
Theodore N. Krintas, PhD, Executive Vice President, Profile Software
When an organisation has rigid operations there might be a lack of flexibility in adapting to new regulations and market trends. This creates an opportunity in the marketplace for start-up firms to emerge and deliver a new set of services. This type of firms usually has the infrastructure to quickly deploy changes in their processes much faster than established firms, thus delivering differentiated and innovative services to clients more competitively.
This is a prime reason why the FinTech organisations developed their operations, ranging from the alternative finance platforms to robo-advisors, as the end result is faster customer service appealing to new age banking customers and investors. This makes existing financial institutions to re-visit their IT infrastructure and service offering to compete effectively, or as many do lately, to collaborate to gain technological know-how and thus expanding to new markets. With such “disruptors” in place, technology allows for greater flexibility.
Profile Software is among the leading FinTech solution providers developing award-winning products. Apart from the investment in the technology of our platforms to meet the market needs, clients select our solutions because of our team’s ability to deliver to their needs. It is not just the software that has to comply with the regulatory framework; it is also the peripherals to this that would create a competitive advantage for the organisation.
To find out more on our solutions that cover Investment, Wealth Management, Banking (both digital and traditional), as well as Alternative Finance requirements and will let your business innovate please click here.
* This article was originally published at The Telegraph. View the original article at telegraph.co.uk