Since the 2008 global financial crisis, bank margins in certain jurisdictions have halved as an increasing proportion of spending has been allocated to compliance. As the Internet generation comes of age, demographics are driving churn, making it harder for banks to attract and to retain customers.
These market conditions have driven SOFGEN’s strategy of providing solutions “in and around” core banking. A digital banking strategy will help banks to attract and retain customers. Regulatory compliance and risk management are not optional. In order to allocate budget to the above items, banks must control costs, be that via the use of better business intelligence or the use of offshore centres and implementation accelerators.