A lack of trust, stricter regulations, increasing requirements in the area of corporate governance and stronger competition have created an unstable environment for the financial sector. The sector must fall back on the government to survive and the influence of regulatory authorities is becoming greater. And yet, the current market situation also offers opportunities for growth.
Topics such as risks, uncertainty and instability are daily realities for you as a financial service provider. You will have to learn to adapt to the new situation. This means, for example, anticipating on changing needs from customers who are continuously more critical and better informed. It is now more important than ever before to show that you are controlling costs, understand risks and are auditing in the correct manner. Only in this way can you win back the trust of shareholders, ensure that funding is at the correct level and stabilise the business in the short term. You must reassess your business model in the long term to determine how you can create value. In addition, the public and the government are calling for regulations to become stricter and to improve corporate governance, transparency and accountability through this. You can already anticipate on this.
Spend under control
Your income is dropping but you do have fixed operational costs. Ensure that you have insight in your costs and that you control expenditure. Decide to implement a solution that will reduce your costs structurally and that fits in with your situation. We can assist in this by making your procurement and invoicing processes more efficient and transparent. This will ensure that the costs that are related to these processes can be reduced considerably. Leading financial service providers have been able to achieve important costs savings by deploying our solutions the past few years. Ensure that you are in control. Appropriate risk management and internal control are particularly important and especially in the current economic climate. And not just from the perspective of legislation and regulations. Internal control also has added value for your own organisation. Correct information provision and adequate internal control will ensure that you can prevent unpleasant surprises and that you can realise competitive advantages.