Why financial services

Managers and employees at many financial services institutions—particularly those working in finance—still operate on outdated systems that can only store aggregate data with complex details summarized.

Nasdaq is modernizing U. As part of this initiative, Nasdaq needed to move away from siloed data toward a more global, process-oriented framework to create standardization that can scale as it moves into new markets. Making sense of information requires a unified enterprise system that not only disaggregates data to the line-item level, but also pulls in different data sources.

This way, financial services companies can get a comprehensive view into their organizations by comparing and analyzing performance across products, customer segments, regions, and other dimensions.

Combining all this data at the lowest level of granularity provides better insight into cash inflows and outflows—as well as key ratios—to better manage risk and drive profitability. By bringing finance and HR together in the cloud, we gain new levels of visibility into our company that help us make faster and smarter business decisions.

Financial services institutions can also gain tremendous value from having a comprehensive view of their data in real-time dashboards, made easier since their data is unified in the cloud. For instance, a branch or lending manager could use a credit risk dashboard that details loan charge-offs and delinquencies to determine what changes need to be made to meet revenue goals, or to identify a concerning pattern. Customer experiences are determined by all of their interactions with a company—with its products and services as well as its employees.

Employees need easy access to the information they need to do their jobs, so they can focus more on meaningful work and not get bogged down by outdated, error-prone systems that require manual processes and repetitive tasks. Deutsche Bank, based in Germany, understands the impact of technology on optimizing people management and propelling business growth. It will give our leaders the tools and information they need to ensure we have the right people in the right roles while enabling all employees to access career development opportunities anytime, anywhere.

If a firm knows that certain skills or background experiences could contribute to better performance, it could do a better job of hiring and developing talent to support its goals. To succeed in this digital age, financial institutions must take a holistic approach to innovation.

Financial institutions that offer personal finance management PFM tools are particularly attractive to younger, tech-savvy consumers. Some of the top players in the personal finance market include:.

From investing in real estate to paying for college, consumer finance helps people afford products and services by paying in installments over a fixed period of time. The consumer financial services market is made up of key players including credit card services, mortgage lenders, and personal and student loan services.

Corporate financing is an all-encompassing term to describe the financial activities of a business, such as sources of funding, capital structure, actions to increase the company value, and tools to allocate resources. Jobs in the corporate finance sector include accountants, analysts, treasurers, and investor relation experts that all work to maximize the value of a company.

Regulatory bodies are interconnected with various industries, and financial services is no exception. From personal finance to commercial banks, digital advancement and increased financial technology is rapidly transforming the financial sector. And two trends in particular that are driving this digital evolution are: tapping into a huge gig worker opportunity and the growing influence of big tech companies.

According to Insider Intelligence, gig workers have been massively underserved by financial services because they represent a high-risk demographic. But thanks to technological advancement in the financial sector, institutions can conduct more thorough risk assessments, which could make serving gig workers worthwhile.

Half of the US population is expected to do gig work by , and financial institutions that cater to this demographic could capture a major monetization opportunity. The influence of tech-savvy consumers, looming threat of big tech companies, and shifting attitudes of regulators toward new tech, are all impacting the financial services industry.

Financial growth can be achieved with a touch of a button. Financial services and products help facilitate and finance the export of U. The financial services and insurance sectors employed more than 6. Investment in the U. As of , at least 28 financial services companies out of all companies in Fortune's Global listing have chosen to locate their headquarters in the United States to take advantage of its creative, competitive, and comprehensive financial services sector.

The industry offers the greatest array of financial instruments and products to allow consumers to manage risk, create wealth, and meet financial needs. Fitch Solutions expects asset and loan growth in the U.