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Retail Banking

Continuing to meet the demands of an evolving sector

Over the last decade, the UK’s Retail Banking sector has faced a number of disruptive threats. As the sector continues its rapid evolution, the increased pace of innovation is driving change in customer behavior, expectations and demand for banking services. Coupled with an ever-evolving regulatory landscape, the pressure on compliance functions to evidence their value as both a strategic adviser to the business as well as an effective control function is increasing.

Advances in technology, social and news media means today’s consumer is more informed than ever which is contributing to an ever increasing claims culture. This is placing financial institutions in a reactive and often costly position, straining resources and compromising reputation.

For compliance functions, change is no longer optional and in addition to ensuring that firms adopt the right controls, the regulator is also focused on ensuring that financial institutions demonstrate compliance in their business outcomes, as well as an improved customer centric standard as opposed to just complying with the letter of the law.

Regulation technology is playing a key role in compliance transformation, helping to reduce cost by having a stabling effect on headcount and freeing up talent for more complex compliance issues. However, this is creating a significant challenge in relation to the skills actually required versus the skills currently available in order for compliance to use the tools effectively and maximise the return on investment.

Adoption of forward looking, proactive and pre-emptive strategies in identifying and dealing with risks will benefit institutions, helping them meet strategic, operational and commercial objectives. Our experience within financial services informs us that there is no “one size fits all” solution to the challenges that the sector faces.

Whether you are looking to add to your existing in-house capabilities, seeking an end-to-end solution or wanting to lower your cost base via utilisation of our shared service centers, Rectifi’s tailored modular approach offers an extensive range of solutions designed to save you money, increase efficiency and meet the ever-changing demands of regulation.

If you would like to learn more about how the experts at Rectifi could help you, please get in touch.