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Financial Services

The changes in the financial industry - actively shape the change!

The financial industry is changing at an ever faster pace - external conditions are changing significantly and influencing the business models, strategies and processes of banks and financial service providers. The quantity and complexity of the challenges continue to increase - forcing the industry to rethink.

Taking a look back it shows that since the global banking and financial crisis, financial service providers have faced serious changes and far-reaching consequences. Since then, the implementation of and compliance with new regulatory requirements have presented the industry with enormous obstacles. Even today, well over 10 years later, the flood of new laws and regulations is not receding.

On the earnings side, the persistently low interest rate phase has been putting massive pressure on earnings from the interest business for years. The monetary policy of the European Central Bank is placing an ever greater burden on banks and insurance companies, leading to new dimensions on the markets. Negative interest rates, even for private customers, are no longer a rarity. In addition, the advancing digitalization has drastically changed the needs and demands of customers and employees and poses further major challenges for financial service providers. There is an urgent need for investment in digitization - but at the same time, cost pressure is growing due to low earnings from the interest business.

Finally, the industry finds itself in a rapidly changing market environment with increasing competitive pressure. Open Banking and Open Insurance are challenging banks and insurers to develop new, innovative products and services and to connect with other market players. Traditional financial service providers are in danger of losing contact with their customers. At the same time, innovative technologies are calling for new concepts. Artificial intelligence and blockchain will revolutionize the entire industry bit by bit.

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Hilger Pothmann, Berlin Personalleiter und Mitglied der Regionalen Geschäftsleitungen (Nord und Ost) at Deutsche Bank AG

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Not always the full program - Agile project approach in a non-agile enterprise environment

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Our experts for financial services

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Dr. Heiko Mauterer

Senior Partner

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Daniel Lovric

Partner

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