Page 31 - Banking Industry analysis (H)

Integrating regulatory compliance goals with strategic
initiatives such as growth, operational simplification, risk

management, and cost efficiency poses serious
operational problems for the banks. Regulatory

compliance and strategic initiatives have been based on

developing and implementing information technology

solutions where IT platforms are more agile with near-

real-time data. Allied to this is the recognition for the

need for better integrated customer channels based on

the leveraging of digital technologies to enhance

customer experience with its concomitant savings on

personnel and physical branches.

By 2018 the technological advances of the IT industry

were providing ample opportunities for banks to change

their strategic paradigm, but not without potential

dangers. Change at both business and enterprise levels

need to be almost micro managed in order to both
achieve strategic goals and regulatory compliance.

Moreover, banks are facing unprecedented challenges
from data breaches.

Technology is evolving so fast that adaptation to

customer demands has forced banks to focus on

investments in innovation where investing, collaborating

or acquiring Fintech Firms has become the norm.

Trust and executive accountability was by 2018 also a

more noticeable feature of the banking industry. CEOs

and their actions are more answerable to customer,

shareholder, public and legal and regulatory systems.