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Challenges in banking, finance & insurance

Managing Customer Data

Today, a lot of analytics insight and business intelligence is required to analyze, manage and store the large amounts of customer data generated.

Accessibility & Customer Service

Smartphones are remodeling our relationship with money. Safer access to data and information related to their finances has become a major concern for many informed customers. Millennials choose a more personalized and convenient way to manage their bank accounts and financing documents.

Regulation

Most bankers cite tightening regulatory requirements as costly, ineffective and excessive. The rising regulatory requirements impact the innovation and diversity that bankers strive to implement to cater to escalating demands. Being compliant is tougher as it forces the companies to compromise with creativity in the industry.

Technology Risk

Yet another big challenge that banking and financing groups face is the failure to invest rightly in secure, agile systems, that can enhance digital systems and mobile banking due to the risk for cyber-attacks. At the same time, they face from a host of disruptive innovators who are able to provide seamless and more affordable options across multiple channels.