Key trends that are shaping banking and financial services landscape
- DIGITAL in all aspects of business - Data and analytics leveraged for better decision making, implementing new age technologies – RPA, AI/ML, platform models, payments, talent, cloud, API/fintech, etc
- Pressure on revenue and market share – Inability to deploy capital on account of consumption and investment slump, lesser effectiveness of traditional channels and entry of new age players, digitally enabled customer demanding instant gratification and personalised services
- Cost pressure - Increasing Cost to Income ratio, inefficiencies in processes and limited automation/ technology enablement and changes in operating models.
- Global captive centers are increasingly focusing on transformation and managed services.
- Stringent and evolving regulatory environment - Compliance requirements aligned to global standards e.g. BASEL, IFRS; increase in FDI limit in insurance, bank licences to large corporates and NBFCs
- Ballooning risk – Liquidity crunch, NPAs and restructured assets, revival of stressed entities, higher claims in life and general insurance industry, need for higher capital infusion, cyber security, financial crime, etc.
How can KPMG in India help?
We aim to help our clients succeed in areas of business, technology, people, process and risk as follows:-
- Digital transformation – Strategy, Design, Build, Implement and Improve with our key tech alliances in areas of Cloud, IOT, RPA, Blockchain, AI/ML, BI & Analytics and digital platforms
- Customer and business profitability – Market entry, revenue growth, cost reduction, improve operational efficiency, enhance customer experience, digital operating models
- People and change – Behavioural Change and Talent Management, HR Optimisation, Workforce intelligence, Organizational Development, Mergers and acquisitions
- ·Oracle Financial Services Analytical Application (OFSAA) for Compliance, Regulatory reporting, Capital optimisation, Multi-dimensional profitability, Planning and Monitoring, Accounts Closing, Fraud Risk, Governance
- Managed Services – Finance & Accounting, Tax, Talent & HR, Inside Sales, Procurement & Supply Chain, Technology, Network & Utilities, Fund Accounting, As a Service
- CFO Advisory – Financial Reporting Services, Finance Process Transformation, Capital Market Readiness, Global business service and Upskilling programmes
- Governance Risk and Compliance Solutions – e.g. Board Advisory, Corporate Governance, Agile Internal Audit, Management Audit, enterprise risk management and dynamic risk assessment, third party risk management, SOX, internal financial controls, revenue assurance, regulatory compliance
- Financial Risk Management Solutions – Risk Analytics, Capital Planning and Pillar II, Risk Strategies framework and policies, Global Finance Center, System Selection and implementation, valuation and validation, Treasury ALM and Liquidity Risk, Insurance and Actuarial Solutions
- Fraud Risk, Misconduct and Compliance – Investigations, Forensic Technology, Verification services, Corporate Intelligence on entities and individuals, Contract compliance services, Ethics hotline
- Deal Advisory Transactions – One M&A Advisory, M&A Tax Structuring, Fund Raise, Due Diligence, Post Merger Integration and Separation, Valuation
- Special Situation Group – NPA Advisory, Techno-Economic Viability (TEV), Lender Due Diligence, Independent Business Reviews, Cash Management, Turnaround Planning and Implementation
- Tax services - FIPB/RBI approvals / registrations for NBFC, PPI, Money Transfer business, Expat tax, advisory, liaising with the Regulators, advice on foreign exchange, corporate laws, trust laws and other business laws, advice on joint venture, licensing and other agreements, due diligence, Transfer Pricing
Why select KPMG in India?
- Integrated suite of offerings to meet specific needs of FS clients
- Deep experience of working with international teams (50+ countries)
- We work with contemporary, among best-in-class technology/tools/ strategic alliances
- Well conversant with regulatory landscape
- Marquee credentials thought leaders and dedicated industry experts.
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Media
Kunal Pande, National Co-Head – Digital Risk and Cyber, National Leader – Digital Trust Financial Services sector, KPMG in India shares insights with The Core on Growth vs load – Why some bank systems are failing?
The technology infrastructure within numerous financial organisations has been established based on a framework implemented several years ago. Consequently, certain components originally not intended for such growth in scale are experiencing strain. For instance, the core banking system, responsible for managing deposits, loans, and transaction banking, is a comprehensive system amalgamating various functions. However, it was not initially engineered to process the high volume of micro-transactions occurring at an unprecedented velocity.
Listen in to the full interview. [mark 09:27 onwards]
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