Once a sliver of the industry, fintechs have created a movement that is redefining financial services on a fundamental level. Leveraging the power of technology, fintechs have challenged traditional products, services, and business models. Asset managers, broker-dealers, banks, lenders, insurance carriers, and all those in-between must consider how they will evolve with technology to avoid the risk of becoming obsolete.
But with changing customer demands, increased regulation, data privacy considerations, and legacy business structures, how can financial services companies overcome barriers and forge a path forward? It starts with understanding your customer and embracing technology.
One of the things that stood out in my mind is the caliber of talent around the RSM table, which has enough experience and training to help a company that’s trying to go from a small community bank to a fast-paced, national organization.
Instead of auditors downloading dozens of reports and digging for relevant information, applying data science to interrogate the data enables audit teams to make better decisions faster, and more consistently, across hundreds of internal controls.
A common pain point is, ‘We’ve invested in a given technology, why isn’t it working?’ And it’s because often leadership teams are sold on the technology itself, not where it fits into the customer experience.