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What challenges does the banking industry face? - Ascend’s point of view

3 October, 2018

2018 has been an interesting year for the banking industry, which has seen an increased focus on regulations and compliance. 

GDPR came into force in May and the first compliance audits are being conducted by the supervisory authorities, where banking is one of the sectors being looked at. Know your customer has become more and more important to ensure that banks live up to regulations.

Even though compliance and regulations are important for banks, we see challenges and opportunities in other areas. Today customers expect a personal relationship with their bank while expecting automated processes and a digital interface. The banking industry is changing with more players advancing into the space of transactions and fintech, much because of the new PSD2 directive. Banks face challenges in adhering to these new demands while being compliant with the regulations.

To be able to adapt to changes in the marketplace, banks will have to identify and find the right people and competencies.

How can Ascend help?

  • Design and set up a control function (Control room) to ensure compliance with regulations such as PAD, MAR, KYC and Conflict of interest
  • GDPR implementation and compliance review
  • Strategic workforce analysis to understand and meet competence needs
  • Process design, improvements, and governance to ensure that processes are fit for purpose and efficient
  • IT architecture and user experience to meet customer demands regarding digitalization

 

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