The Financial industry is undergoing dynamic changes and is being subjected to market ups and downs arguably more than any other industry today. Vacillating macroeconomic environment with persistent and high levels of debt across consumer and corporate sectors and increasing regulatory requirements are creating huge impact. To contend with increasing regulatory requirements, banks are required to spend a huge chunk of their budget to achieve compliance, and in building systems and processes.
Meanwhile, falling into the regulatory spotlight also is credit risk management. Thanks to the global financial crisis! Managing credit risk has been one of the foremost challenges banks are trying to resolve for a longer time now, along with money laundering issues that has been a bitter pill for the banks to swallow. All these developments are on the rise on the backdrop of satiating the customer which has grown on to become an uphill task.
Banks are dependent on smart data-analytics solutions that will help them to make quick, effective decisions at the time where the volume, disparity and complexity of information, and current regulations continue to escalate.