In today’s highly dynamic global banking industry, there is one thing that experts can predict in the near future; global banks will be structured and operated in a significantly different manner than today. There are a number of factors that are expected to drive this transformation, ranging from evolving customer expectations and more stringent regulations to the entry of new players in the financial industry.
Badly shaken during the financial crisis, the banking sector is undergoing a period of major upheaval and restoring the confidence of individual and institutional customers. Global banks are closely monitoring the needs of their international customers and are structuring their services around those needs. To engage and retain today’s tech-savvy customers, banks are investing in cloud computing, virtualization, and other technologies that can enable them to provide remote banking solutions to a geographically diverse customer base.
Since the transaction history of a customer provides valuable information about their purchasing behaviors and investment preferences, investment in business intelligence (BI) and data analytics capabilities has become a key focus area for financial institutions operating globally. Banks and other financial institutions are looking for BI solutions that fit their underlying architecture and require minimal workforce training.
Increasing competition from banks and non-banks providing innovative services, such as contactless cards and mobile payments, has also compelled financial institutions to break down silos and redesign their value chain to deliver improved user experience while reducing operational inefficiencies and costs. To achieve this objective, banks are partnering with fintech (financial technology) startups and creating payment hubs to offer value-added services efficiently.
Apart from these technology-driven transformations, global banks are also developing strategies to enter new high-growth markets. Since many markets that are currently dubbed as ‘emerging’ will have reached maturation by 2030, forward-thinking financial institutions have set their sights on new markets with untapped potential. While these markets offer excellent business expansion opportunities, financial institutions will be required to carefully navigate local regulations and competitive landscape to manage risks and avoid failures.
At Allen Austin, we work with global banks and other financial institutions to help them seize new opportunities, manage risks, and operate profitably. We focus on assisting our clients in finding, developing, and retaining leaders who can thrive through change and use their skills and insight to drive their company’s success.
As a leading executive search firm, we adopt a systematic approach towards the process. Our experts conduct a thorough assessment to determine the current and future leadership needs of a business. We then develop a detailed roadmap that focuses on identifying candidates who have the right skill set, experience, and passion to deliver results under an array of challenges.
