Financial Services Challenges
Faced with unfamiliar market rules, changing or conflicting regulations and an increasingly complex competitive environment, the key issues New Zealand based financial services companies need to address are:
- Convergence – of technologies
- Rationalisation – of processes
- Product delivery – higher demands, new channels
- Centralising and outsourcing of non-core functions - cost reduction.
Financial services organisations are striving to achieve increasingly ambitious profit and growth targets against a background of heightened risk, regulation and market pressures.
Customer needs and expectations are evolving in the face of increasing personal wealth, more private funding of pensions and healthcare and the desire for ever more accessible and personalised financial products and services. In turn, intense competition has squeezed industry margins and forced organisations to cut costs while still seeking to enhance the quality of client choice and service. The battle for talent is also heating up as companies seek to enhance innovation, customer loyalty and investment returns.
The corollary of this market evolution is increasing risk as products become more complex, organisations more diffuse and the business environment ever more uncertain. Regulation is also tightening in the wake of public and government pressure for improved governance, transparency and accountability.
In this environment, the winners will be companies that can turn the challenges into opportunities to build stronger and more enduring customer relationships; sharpen process efficiency; unlock talent and creativity; use improved risk management processes to deliver more sustainable returns; and use new regulatory demands as a catalyst for strengthening the business and enhancing market confidence. A key characteristic of the New Zealand market place is the domination of large multi-national companies.
How PricewaterhouseCoopers can help you
PricewaterhouseCoopers New Zealand has the local team and a global network of specialists who can help financial services organisations turn challenges into opportunities in key areas of your business. We provide audit, technical accounting, tax, regulatory, compliance, risk management, outsourcing, securities processing, payments, information risk and security, data quality, M&A, and other services.
As the financial services industry continues to consolidate, our integrated knowledge helps us design and implement solutions that work.
