The Financial Services industry and more specifically its Banking segment has come under increasing changes in the global –and inevitably the local - market during the recent years.
A slow and partial recovery of the economy as well as further deregulation, led to marked improvements in bank profitability and capital positions. At the same time, however, the deregulation of products and markets intensified competition among banks and between banks and nonbank financial companies. In addition, together with improved information technology, deregulation accelerated the consolidation of the banking industry through mergers and acquisitions and set the stage for the establishment of huge banking organizations of unprecedented size and complexity.
Such complexity led to the realisation that an extensive regulatory mechanism is needed as well both internally in the banking organisations, as well as in the context of independent regulatory agencies.
Under the circumstances large, complex banking organizations may pose difficult supervisory issues, while the burden of reporting and other regulatory requirements will fall heavily and disproportionately on small banks unless remedial action is taken. Further advances in information technology will permit the development of new products, services, and risk-management techniques that will ease the way even for non-bank entities to offer bank-like products in competition with banks.
The banking industry is now more technology driven than ever before, while more recently the technology focus of banks has moved to cost cutting, consolidation, and rationalization. Large banks will continue to develop new technologies while smaller and specialised firms will also have to invest in technology, but more as users of proven technology than as creators or innovators. In this way, every banking and financial services provider today implements technology innovations to guarantee exceptional customer service, administration, and financial reporting.
Responding to an ever more complex technology environment will be challenging. Nonetheless, proper technology management with the help of the IntelliSolution expert services can result to better customer service, lower operating costs, and secure strategic differentiators for our customers.
3i Infotech is a global Information Technology company which provides technology solutions to over 600 customers in more than 50 countries across 5 continents, spanning a range of verticals.
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