I New regulatory directives are causing a significant change in the sector
In the middle of the financial crisis, governments and financial institutions have recently launched regulatory reforms to introduce the foundation for a new paradigm for the sector based on the transparency of operations and information, efficient liquidity management, risk management and improved profitability of products and services. The main changes also come with new requirements and expectations from clients in the banking sector.
In this new regulatory context, the value chain is, on the whole, largely redesigned: from the innovation of new products and services to their marketing, from the redefinition of sales circuits to the management of customer relations as well as the complete overhaul of organisations and “front to back to accounting” processes.
The new regulatory impacts as well as their compliance are profoundly changing financial institutions at the level of their business and their organisational models. “New playing rules” such as FATCA, Basel III, Solvency II and the Dodd-Frank Act are causing significant changes in the sector.