With increasing competition, consolidation and global expansion, the financial services landscape has been changing at a dizzying pace. Industry consolidation has reduced the number of players in the market but deepened the capabilities of those remaining, making it more important than ever for firms to differentiate themselves in the market. As companies merge, there is a critical need to integrate data from disparate sources and systems. Combined with increased regulation and consumers that are less loyal to products that they view as commodities, financial services firms are experiencing increased operational pressures.
Customers want efficient, inexpensive, personalized services available through a variety of channels. New regulations require frequent, accurate financial compliance reports and diligent monitoring for illegal activity. Financial services institutions are striving to meet these demands and balance them with increasing costs, tighter budgets and controlled risk.
Success is possible ― for companies that can make sense of the vast quantities of data at their disposal. With Panorama business intelligence (BI) solution, forward-looking financial institutions can benefit from accurate and timely information to maximize profitability and manage risk, thus achieving greater shareholder value and competitive advantage.
Basel II and similar regulatory and compliance initiatives (such as the Turnbull Report in the U.K., the Sarbanes-Oxley Act and International Accounting Standards) have created a significant challenge and opportunity for financial services providers to grasp.
Panorama Software enables banks to satisfy the requirements of all three pillars of Basel II, calculate and aggregate market, credit and operational risk measures, and minimize efforts and investments in risk management. For Sarbanes-Oxley compliance, Panorama’s BI solution can allowing financial institutions to define, communicate, assess, certify and improve compliance procedures and processes. And for anti-money laundering vigilance, BI empowers banks to automatically identify, classify and surface suspicious activities to meet stringent government regulations, protect shareholder confidence and maintain a strong reputation.
Given today’s intense market pressures, organizations must find more effective ways to cross-sell and up-sell to new and existing customers in order to improve campaign response rates, generate more revenue and, ultimately, improve customer loyalty. These same conditions have eroded customer loyalty as well, leaving businesses to pay ever-increasing acquisition costs for customers who just bide their time until they find a better offer.
Using Panorama Solution to integrate your customer information can fuel your bank’s growth. By creating a single customer view, your bank can enhance analysis and planning, and improve the development and deployment of multi-channel cross-sell and retention propositions.
For the financial services industry, risk has always been an inherent part of doing business. But in recent years, corporate wrongdoing, market uncertainty and turbulent capital markets have put the dangers of risk ― and the consequences of poorly managing it ― in the spotlight. The continuing explosion in transaction volumes and the demand for automation and speed have also escalated the cost of risk.
Panorama Software enables financial institutions to measure and manage operational risk in a scientific way ― not just to conform to industry best practices and new regulations, but also for making sound business decisions.