The Challenge of Speed: How financial services are different.

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Speed and quality under pressure: How financial services are different.

Every industry must adapt to survive, but financial services are distinct. As technology changes, financial services organisations ought to be ripe for innovation. However, no doubt because of their strict regulatory requirements, they tend to be more bureaucratic and risk-averse than other sectors. And let's not forget that change requires investment capital -- something that for many financial services organisations is still scarce.

Published in: Economy & Finance, Business
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The Challenge of Speed: How financial services are different.

  1. 1. The challenge of speed About the research different Change is not slowing down
  2. 2. Where is adapting to change is most critical: How financial services are different (%) All Financial services 47 44 37 37 28 16 Regulatory compliance Source: The Economist Intelligence Unit. Adopting new technologies Attracting and retaining customers
  3. 3. Biggest obstacles to agility: How financial services are different (%) All Financial services 47 37 40 31 35 35 23 Bureaucratic decision-making processes Effectively linking all of our technology platforms Source: The Economist Intelligence Unit. Address what can be managed Insufficient access to information 31 29 28 A risk averse culture 25 The difficulty of getting employees, business units or functions to adopt a common approach 24 The complexity of our business processes
  4. 4. What financial services does to enable speed - and what other sectors do (%) All Financial services 40 36 36 33 30 29 25 21 24 21 17 8 We use technology We minimise internal We share best We have assigned extensively to barriers to rapid practices formal responsibility enable greater action (such as related to speed for managing speed unnecessary approvals speed to an or controls) individual or department Source: The Economist Intelligence Unit. Use technology as a support Then refine your operations We assess or benchmark processes for speed Speed is not in our culture
  5. 5. About the sponsor www.ricoh-europe.com

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