While traditional financial services companies may have the upper hand over non-traditional competitors in terms of industry maturity and experience, they may face trouble in attracting and retaining employees if they’re running on dated technologies. Add to this the fact that the financial services industry already faces a shortfall of talent. As PwC reported, “Mounting regulatory scrutiny and an ongoing talent shortage are making it difficult for many financial institutions to maintain an ample pool of talent for their control functions.”
For banks and insurance companies to succeed in today’s highly competitive market, they should consider the advantages of a single enterprise software system that allows everyone to do their best work. FSN’s “The Future of Planning, Budgeting & Forecasting Survey 2016” called implementation of a single shared business model across the enterprise in the cloud, from a single vendor and with all relevant stakeholders connected, a state of “utopia.”
A unified system can house the critical information financial professionals need—finance, HR, payroll, and planning—in one place. When applications are designed to work together, they support business processes and transactions using a shared set of data. As a result, financial services firms and their employees will have accurate information and real-time insights required to run their businesses.
Siloed technology landscapes that require Herculean integration efforts are quickly becoming a thing of the past. Forward-thinking financial organizations are increasingly moving to a unified system that empowers their employees, rather than hinders them.