One fundamental consideration is the structure of your organization and the location of your teams. For instance, will your company be run from one central headquarters? If so, how will these teams be organized, what autonomy will they have, and how will they coordinate working across time zones? If not, will you consider hiring local market experts who understand the culture of your target markets, but will work centrally?
The top 4 challenges facing banks and financial institutions Not making enough money. Despite all of the headlines about banking profitability, banks and financial institutions still are not making enough return on investment, or the return on equity, that shareholders require.
Increasing competition from financial technology companies. Financial technology FinTech companies are usually start-up companies based on using software to provide financial services. The increasing popularity of FinTech companies is disrupting the way traditional banking has been done.
This creates a big challenge for traditional banks because they are not able to adjust quickly to the changes — not just in technology, but also in operations, culture, and other facets of the industry. Regulatory requirements continue to increase, and banks need to spend a large part of their discretionary budget on being compliant, and on building systems and processes to keep up with the escalating requirements.
These challenges continue to escalate, so traditional banks need to constantly evaluate and improve their operations in order to keep up with the fast pace of change in the banking and financial industry today.
This post was republished with permission from The Digitalist.Wallace J. Hopp is the Herrick Professor of Manufacturing and Associate Dean for Faculty and Research in the Ross School of Business, and a Professor of Industrial and Operations Engineering, at the University of regardbouddhiste.com research focuses on the design, control, and management of operations systems, with emphasis on manufacturing and supply chain systems, innovation processes, and .
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