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Data Challenges To Be Faced By Global Banks

Data Challenges To Be Faced By Global Banks
  • A new report shows the retail banking sector is set to face a number of challenges in coming years, including ensuring customer security. Consultancy firm PwC believes the financial services sector will need to make various changes to meet the needs of its customers. As well as ensuring increasing flexibility to react to the desires of new generation companies and customers, banks are aware of a growing increase in the importance of compliance. Over two thirds of banks involved in the research feel it is crucial to deal with the worldwide trends that will impact the banking industry over the next six years.

  • A total of 90 per cent believed customers’ needs must come first and that should be a strong emphasis on the use of big data. In particular, this will mean financial institutions must be able to cope with the shift from traditional banking to digital and on-the-go services. Therefore, ensuring data security and privacy will be upmost for the sector, especially as the survey revealed an awareness that it has been difficult to regain the trust of people following a number of high-profile scandals in the banking industry in recent years.

    PwC also stressed the banks have raised concerns that they are being constrained by a lack of appropriately skilled workers, insufficiently advanced technology and organisational constraints. All of these areas are set to present key challenges in the coming years.

  • Graham Hayward from PwC, explained: “Operating models that are customer-focused and delivery channels that meet the needs of the expanding and highly mobile population are of chief importance. “Furthermore, understanding and being able to effectively manage the processes that support and enhance service-delivery to customers will create additional competitive advantage for the banks that do it well.” The PwC report examined the views of more than 550 financial executives from a number of global, regional, national and community banks across 17 markets with a turnover of at least $50 million.

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