The UK’s financial services industry is one of the leading global financial centres and as such, vital to the UK economy. The industry is facing new challenges and pressures with modern uncertainties such as Brexit. This coupled with new entrants to the market mean it is more important than ever for legacy institutions to embrace new technologies to improve methods of working.
Digital transformation has become quite a buzzword in the industry as technology plays an increasingly important role in finance. There is a place for new technologies to help modernise legacy institutions to meet both the rising expectations of customers and regulatory/compliance demands. Operational resilience is more important than ever as the industry faces strong competition from a new wave of fintech start-ups (which are not impeded by old systems and processes) and increased regulation.
The FCA has recently highlighted the need for the sector to embrace new technologies to protect operational resilience with recommendations such as:
- Replacing spreadsheets with document management systems to map processes and improve sign-off procedures
- Identifying and documenting the people, processes, data and facilities that are critical to a firm’s business services
- Identifying mission critical business services that could cause harm to consumers if interrupted
- Developing internal and external communication plans for when services are disrupted
If organisations do not invest in technology they risk being left behind with inadequate systems that actually hinder core business operations.
To facilitate the above, it is important for legacy institutions to move away from siloed data systems where it is difficult for users to access data and manage business processes effectively and compliantly. Using a system integrator such as THESIS ECM, which can be connected with Bloomberg through an API, enables businesses to pull data into one system to improve visibility, improve governance and make operational management less of a headache.
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