On January 8th, Wellington Consulting Group attended the Economic Club of Canada’s 2018 Economic Outlook. Listening to the Big 5 Banks Chief Economists, we were able to gain perspective on the past year and insight on what is to come in 2018.
Banks across the world are struggling. The current environment of prolonged slow growth coupled with historic low interest rates, a continuing barrage of new regulations and the threat of upstart FinTechs have taken their toll on banks. Arguably Canadian banks are faring better than most if not all other counties but can that continue?
Disruptions and challenges rooted in the financial crisis of 2007-2008 will continue through 2017. We expect to see an acceleration of transformational efforts by investment managers to drive client success in a landscape that continues to change.
Over the last few years, a new paradigm has emerged in the world of business transformation. Strategy, while necessary, is not enough to set your company apart from the competition. Some even argue that with the amount of information readily available in the digital age, it is virtually impossible to have a unique strategy. You still need a strategy, but it isn’t enough to create enduring competitive value.
Regulatory and business pressures are demanding that we understand and use our data in vastly different ways than we have in the past. Recognizing the challenge many organizations have appointed Chief Data Officers (CDO). But where does the CDO or the organization start, what are the first steps to getting your data under control so you can use it more effectively to satisfy regulators and business demands. This Insight gives you a set of first steps to get started immediately and a solid data governance foundation to build on for future years.
Regulatory requirements, significantly improved customer experience, competitive pressures and shareholder expectations; the banking environment has never been more challenging. In this Insight we highlight 7 of the key trends we believe will lead the way in 2016 and into 2017.
Most business transformation fail because the same mistakes are repeated again and gain. But it doesn’t have to be this way. There is a better and different approach that will ensure success. It has to do with the right leadership and looking at all projects as business projects. It has to do with having the right governance and engagement. And it has to do with managing change in ways that take into account processes, systems and, as important, people. To learn more about how you can drive business transformation success, download a free copy of this white paper.