The true cost of operational losses and the need to overhaul internal processes

As industry experts discuss the true cost of operational losses and the need to overhaul internal processes.

The financial services industry is under tremendous pressure as competitive, innovative and compliance-based forces continue to increase their influence on institutions. This resulted in the need for further development as the top priority for established large banks.

A recent ORX report found that 100 member financial institutions worldwide identified 59,437 operating losses with a gross loss of 15.8 billion as the cause of the problem in 2019.

This unwavering commitment to innovation and competitive defense has resulted in an unbalanced focus on margin and revenue growth, while the pursuit of improved operating systems has become a priority. This creates a contradiction between the general striving for progress and the innovative ability of banks with effective business processes, which harbors the risk of margin erosion due to operational losses.

The constant search for operations “because it has always been done” must be abandoned and a new mindset for new solutions and technologies is essential as traditional companies reorganize their operations and remain competitive in the new digital age.

Sign up for this Finextra webinar, presented in partnership with Smartstream, and join our panel of industry experts who will discuss the following topics:

• How has the regulatory environment affected the ability of financial institutions to innovate?

• How do we start with the calculation of the “operating debt” and how does this affect the operating result?

• What are the barriers in the bank legacy systems that are the greatest challenge when reviewing business processes?

• Which activities within financial institutions determine the transformation of business processes? What is preventing you from making effective progress?

• How can companies use technological opportunities to improve their existing business processes?

The speakers include:

• Jane Cooper – Researcher, Finextra [supplier]

• Vincent Kilcoyne – Executive Vice President of Product Management, Smartstream

• Prasoon Mukherjee – Vice President, Head of the Data & Customer Experience Unit, Societe Generale Global Solution Center

• Mark Wood – Co-Partner, EY

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