By K. Nandakumar, CEO SunTec
Whether we like it or not, banking regulations are a fact of life, playing an important role in enhancing financial stability, protecting investors and consumers, and making it easier to deal with failing banks. But if you’re a financial services firm, regulations are a hassle, right? Wrong!
Rather than seeing them as hurdles, headaches and pointless red tape, consider how you could embrace them. Regulations could be just what you need to kick start a transformation project that has your customers’ interests at heart.
Don’t use client concerns about security and compliance as an excuse to side-step developing your brand into the customer-focused business that it should be. Instead, use the regulatory changes that are being foisted upon you as a chance to review your legacy infrastructure and processes and upgrade systems. And in the face of ever-increasing competition, why not take advantage of this technology transformation to introduce a truly customer-centric business culture?
I believe that the changes being imposed on the sector are an ideal opportunity to look at how big data and analytics can help you achieve a better – and more profitable – relationship with your customers. Implemented correctly, you could end up aligning all your business capabilities – from strategy and people, to processes and technology – to ensure that you’re more in tune with your customers.
There is a clear opportunity for you to grasp the opportunities being generated by the changing global regulatory landscape and use them to reshape and strengthen your business. In the process you can achieve the in-depth knowledge of your customers that is essential for the relationship-based pricing and value-based engagement you need for revenue management and business assurance.
To get the ball rolling, you’ll need an expert team that can not only develop the strategies your business needs but is also capable of implementing new or revised processes and technology. This means involving employees from all levels and departments in your organisation to ensure that you create a customer-focused strategy that improves products, processes and communications, while delivering on compliance.
You’ll also need a strong governance process that encompasses regulatory compliance and business model changes to support this transformation.
Once complete, you’ll have an infrastructure that enables you to put your customers at the centre of your business. Now that really is proof that we can all benefit from regulations!