Financial Services
Our latest financial services industry knowledge and insights
Navigating tech-enabled transformation of core banking processes| Part 3: The importance of non-IT change management
Ensuring a successful transformation through non-IT change management
Businesses are constantly challenged by new technologies, evolving customer demands and a volatile competitive landscape. Financial service institutions are equally embracing tech-enabled transformations to sustain their competitiveness[1]. However, the activities are not limited to the IT elements described in our previous blog in this series[2]. While Phase 5.1: IT development and Phase 5.2: Testing are key for the integration and development of technical solutions, these new systems are only as effective as the people who use them, internal/external adoption, and regulatory compliance. This is where change management allows the transformation to come to life in a coherent way. This blog explores Phase 5.3: Non-IT change management (in dark blue in Figure 1) with a focus on lending process transformation as an illustrative example.
Navigating tech-enabled transformation of core banking processes | Part 2: IT development and testing
In an environment where change is constant and customer expectations continually evolve, this blog series guides change leaders in the Financial Services sector through the intricacies of tech-enabled transformation of core banking processes, with a focus on lending.
In this second blog, we deep dive into the IT development and testing phases, highlighting their critical role in successful tech-enabled transformations. We explore common challenges that financial institutions face and, drawing from our extensive experience in Switzerland and internationally, we share lessons learned and success factors to ensure your bank achieves a successful tech-enabled transformation.
Navigating tech-enabled transformation of core banking processes | Part 1: Business execution readiness as a foundation for success
In an environment where change is constant and customer expectations are continually evolving, this blog series provides a valuable compass, guiding change leaders in the Financial Services sector through the intricacies of tech-enabled transformation of core banking processes with a focus on lending as an example.
In this blog, we explore business execution readiness in tech-enabled transformations and consider three common pitfalls that cause delays, setbacks, and ultimately additional costs for banks: (1) the absence of well-defined guidelines within the governance framework, (2) a suboptimal PMO set-up, and (3) failure to sufficiently consider non-IT change management activities.
Swiss taxation of cryptocurrencies – Do withholding tax and stamp duties apply?
Widespread adoption of cryptocurrencies and the increasing economic importance of digital assets increases the need to understand their respective tax implications. In Switzerland taxation of cryptocurrencies is usually based on existing tax laws. The Federal Tax Administration (FTA) has detailed its practice in a recently updated working paper.
Expanding on our previous blog post, this article provides a more in-depth analysis of withholding tax and stamp duty regulations regarding digital assets in Switzerland.
iBPM solutions – Optimising for the Future: Navigating iBPM Implementations
Intelligent Business Process Management (iBPM) has become a pivotal enabler of organizational transformation. Gartner assessed that 81% of organizations with iBPM capabilities have experienced noticeable, beneficial shifts in their operational frameworks.
Unlocking Value: Lombard Lending in Modern Banking - Navigating Challenges and Opportunities
In the past decade, Lombard lending was one of the fastest growing loan products. Deloitte pioneered with a global Lombard lending benchmarking series involving over 40 banks covering USD 450 billion and 22 booking centres, to consolidate current market trends. The ambition to continue this growth was clearly confirmed. Yet, while banks transition the product from niche to mainstream, challenges are being addressed around strategic alignment, operational efficiency as well as digital transformation to cater for the next generations of wealth.
The evolution of wealth management through AI
New global megatrends – an industry shift
Artificial intelligence is transforming the wealth management industry. AI enables banks to analyse large amounts of data and provide better investment decisions and personalised products and services: a modern, value-added, hybrid banking experience. To stay competitive, banks that manage wealth should integrate AI, prioritising data security, and combine the new technology with their traditional human advisory skills.
The final Basel 3 reforms cross the Swiss finishing line at last
FINMA has just published the ordinances for the final implementation of Basel 3. This will change the ways banks calculate their capital requirements for credit risk, market risk and operational risks. What will be the impacts on banks?
Official launch of Limited Qualified Investor Funds in Switzerland on March 1, 2024
With the enactment of the amended Collective Investment Schemes Act and Ordinance on March 1, 2024, the Limited Qualified Investor Fund (L-QIF) is now officially launched in Switzerland. As it does not require FINMA approval, it is an attractive, cost-efficient alternative to the Luxembourg RAIF, for example. The new scheme is restricted to qualified investors and must be managed by a regulated fund manager. However, like other collective investment schemes, it is also subject to the Swiss withholding tax, which makes it a less attractive option for international investors.
Global Internal Audit Standards: Are you ready for them?
2024 is the year of strategy and transformation for Internal Audit (IA) functions. The new Global Internal Audit Standards are an excellent opportunity to elevate IA’s value and impact.