Banking and Financial Institutions are no different from other companies in that they can benefit greatly from Process Consulting. Most businesses are a series of functions and workflows, and this is very much the case when it comes to banking and financial institutions. We will cover challenges for banking and financial services, banking and financial services benefits of process consulting, and banking and financial services process consulting outsourcing in this article.
Banking and Financial Institutions Companies
Before we get started lets level set and discuss what is the definition of a financial services company. One important criteria to be considered a company in this area is receiving deposit funds, making payments to other parties, plus providing credit and liquidity to customers. Banks, credit unions and other organizations fill this role. Another aspect of what makes up a financial institution includes firms that invest funds for both long and short periods and transfers financial risks between customers. Businesses that meet these definitions include banks (again), but also include brokerage firms, financial advisors, insurance companies and many more.
Challenges for Banking and Financial Institutions
Banking and financial services process consulting services can make a lot of sense to help with the challenges these companies face. Some of the top challenges we hear from our customers include increasing competition, meeting rising customer expectations, customer retention, and changing business models. Many of our clients in this space mention challenges of legacy software platforms that are integral to their work, outdated mobile experiences for clients, and incorporating AI into their businesses. Two final big challenges we frequently hear about are security breaches and meeting and keeping up with compliance requirements. A banking and financial services process consultant can help with many of these challenges. Financial services companies of all sizes are increasingly leveraging banking and financial services process consulting services to assist with addressing these topics.
Banking and Financial Institutions Benefits of Process Consulting
A banking and financial services process consultant can bring a fresh perspective to an engagement with a client. They have not been working in that specific business for several years like employees have, and they are not married to existing processes. They also have the benefit of having worked with a variety of entities and can bring best practices from across the industry and the world to clients. Banking and financial services process consulting services typically follow a process of discovery, documentation, design, testing, communication, and implementation. Simply going through discovery processes and documenting SOPs (standard operating procedures) can be an enormous benefit to companies. Sometimes it is hard to see the forest through the trees and banking and financial services process consulting services can help with this. Please find the below chart that highlights Valenta’s seven step approach to process consulting.
Banking and Financial Services Process Consulting Outsourcing
Large banking and financial services companies have been contracting with the big time consulting firms for decades. Midsized companies and small businesses in this space have not always had access to a banking and financial services process consultant or banking and financial services process consulting services. That is where banking and financial services process consulting outsourcing can really help. At Valenta we provide banking and financial services process consulting outsourcing. Our team is made up of local Managing Partners located in cities close to our clients and offshore process consultants that we hire from the big firms. Additionally, we have in region Managing Partners with experience in banking and financial services and also methodologies like Six Sigma and Lean. Please visit this page to learn more about our Process Consulting services. Please also feel free to reach out to our Managing Partners at anytime to discuss our process consulting.