Technology is the great disruptor of all industries, and now it is the financial services industry that is feeling the impact. Technology is transforming the way financial service providers operate as well as the services clients are looking for.
A wave of tech-driven startups and evolving consumer expectations are changing how consumers bank, borrow and invest. Seasoned players are struggling to digitalize their services while new market entrants - such as automated investment managers, payment servicers, consumer lenders, mortgage servicers, PFM solution providers, and e-traders – are emerging and challenging the status quo. These new players in the banking and asset management business promise to make payments convenient, borrowing accessible and investing easier and - essentially - to deliver a better customer experience.
Along the way, they are turning the heads of long-established and larger institutions - squeezing margins, creating a myriad of new compliance issues and fraud risks, changing customer service norms, and forcing large corporations to rethink their business models.
BDO takes a proactive approach to exploring new business cases and technologies. We monitor the legislative landscape in which financial service providers operate and help clients find solutions rather than shying away from obstacles. Using the knowledge and resources of our extensive international network, our specialists provide a wide variety of services to help clients focus on their core business and stay ahead of competitors.