Promoting accurate reporting through tech innovation
The financial sector, and most notably the banking industry, were previously caught in a web of weak technology and a lack of infrastructure, all resulting in high costs and poor service. However, with the advent of customised innovative technologies producing more flexible, simpler and feature-rich software solutions that are able to handle a range of customers, at affordable prices, the industry has grown into a dynamic and innovative sector.
It’s Dariel Solutions opinion that this premise be praised and duplicated in other financial service pain points, post economic crisis – such as managing risk and compliance. With multiple regulatory frameworks in place the industry needs to change its business models to meet regulatory requirements – in essence, reconcile global policy with local applications.
“The execution of the best ICT infrastructure through the implementation of customised software applications in the financial sector has always been key to improving operational efficiency and accuracy, while dramatically increasing customer satisfaction and overall effectiveness of the sector,” continues Vercellotti. “This execution is equally true for compliance and regulatory management, especially with so many changes hitting the sector – including the likes of IFRS and FASB and pressure to manage these developments quickly and effectively viewed as business critical.”
”Technology will aid financial services with quicker turnaround times, accurate reporting as well as quicker and easier transitions should there be new regulatory bodies that are put in place. This will have a direct impact on the how capital is utilised as there will be structured processes in place that will have to be adhered to especially with the legal implications in place. In fact, according to the IDC* capital spent on enterprise application software grew to $3.8 billion in 2010 from $3.65 billion in 2009 showing an increase in technology investments.
“The right infrastructure to allow for quick and easy transition becomes critical, as this will determine whether software solutions will compliment or improve existing operational processes. This will also determine what needs to be outsourced and what can be performed internally. There are software solutions available for Financial Services to taking advantage of that will be of assistance not only Financial Services but their customers too,” concludes Vercellotti.
*IDC Market Analysis: Canadian Enterprise Applications 2011–2015 Forecast