It is a rapidly changing time in the financial services sector. Customers are expecting flexible new ways to manage their finances from a variety of different platforms. This is occurring against a backdrop of rebuilding consumer confidence in the wake of the recent financial crisis.
For the first time in the sectors’ history, consumers have a direct route into the back-office systems of their chosen financial provider. The traditional physical boundary between customer and supplier, the bank clerk, has been broken down. Technology is placing consumers at the heart of their financial affairs allowing them to undertake many of the tasks that historically required banking staff involvement.
CCL has been providing a range of consultancy services into the financial services sector, enabling businesses to capitalise on the market opportunities presented by technological innovation and change. We can assist greatly in the optimisation and structured phasing out of the overly complex legacy systems that have built up in the sector through recent market consolidation, transforming organisations with agile, scale-able and secure systems.
Consumers continue to develop their own financial payment supply chain, through further personal integration of their accounts with a range of new entrants into the financial market, such as Apple Pay, PayPal, Google Wallet and others. This leads to a potential increased security risk from the point of view of theft and fraud especially as elements of these transactions will be processed outside of traditional national boundaries.
Cyber risks are continuing to rise and financial services providers will remain a key target for criminals. From state sponsored terrorism and organised crime through to the insider threat posed by disgruntled or untrained staff. Cyber crime can destroy businesses. At CCL we have the skills and capability to advise and develop a comprehensive cyber strategy, mitigating criminal and regulatory risks and preventing financial and reputational losses.