Fit for Purpose – Strategic Solution for Financial Service Providers
Generative Artificial Intelligence (GenAI) is rapidly emerging as a key technology, with extensive potential use cases that promise significant efficiency and productivity gains. This transformative potential will inevitably impact the financial services sector, playing a central role in its ongoing digital transformation. Financial institutions, including banks and insurance companies, are already driving initiatives towards cloud technologies and hyperautomation, and are taking the first steps towards implementing GenAI. However, they face strategic, technical, and regulatory challenges.
10 Common Mistakes When Cutting Costs
How can typical mistakes be avoided and concrete savings achieved?
Successfully cutting costs proves to be a great challenge for many companies – in particular when it comes to personnel and/or when there is no immediate crisis mandating drastic measures. This is why we often come across cost-cutting projects that have failed or have quietly disappeared. Not only does this mean a lot of effort for small results, but these projects often leave behind frustrated and disillusioned teams.
Managing the Flood of ESG Data Better
How to Manage and Strategically Utilize the Increasing Demands on ESG Data and its Infrastructure in the Financial Market
Sustainability efforts are increasingly triggering the need for regulatory implementation. This leads to a significant need for transparency and availability of sometimes inconsistent and inherently problematic data, which is one of the biggest challenges in implementing ESG requirements. The implementation of a harmonized ESG data repository has proven to be an effective measure.
"IT cost management" is once again becoming increasingly prominent on the management agenda. Despite, or perhaps because of, the upsurge in costs due to regulation and digitization, a certain "IT cost-cutting hysteria" is taking hold in many banks. In the worst case scenario, financial services providers apply lawnmower methods to reduce costs. With the result that costs rise sharply again after a brief "bump".
We see the IT cost issue differently.
The path to a risk-adequate cloud strategy in insurance companies
Cloud strategies that have proven themselves on the market, answering the essential questions about the cloud in a fact-based and institution-specific manner.
The path to a risk-adequate cloud target picture in banks
Cloud offerings are often seen as the bringer of salvation - or are rejected wholesale as "unacceptable from a risk perspective on a large scale". This leads to wrong decisions: Either irresponsible risks are taken, or the train into the next technology generation is missed.
Cloud strategies" have proven themselves on the market here, answering the essential questions about the cloud in a fact-based and institution-specific manner.
The ongoing low-interest phase, changing customer expectations and new digital competitors pose major challenges for banks. COVID-19 acts as an additional driver, but also offers new opportunities to strengthen their own positioning in the market.
Professionalizing information security management and effectively preparing for IT risk audits
"Regulatory readiness" for financial service providers - risk-oriented preparation for possible audits "with expertise" and as little superfluous formalism as possible.