INDUSTRY
Financial Sector
Digital Transformation for the Finance Sector
Across the financial industry, we help our clients navigate increasing competition, regulatory pressure and the emergence of new business models while delivering a better customer experience than ever
We’ll develop clear, actionable plans to boost customer loyalty, manage risks, reduce costs and innovate, using the transformative Digatil Business System throughout. | Banks are at the center of the financial industry, providing a range of services including checking and savings accounts, mortgages, and loans. Insurance companies provide financial protection against a variety of risks, including life insurance, health insurance, and property and casualty insurance. Investment firms offer a range of products and services, including mutual funds, stocks, bonds, and other securities. | The financial industry is highly regulated, with a number of government agencies overseeing the operations of financial institutions. These agencies aim to protect consumers, ensure the stability of the financial system, and promote fair and transparent markets. | Overall, the financial industry is a vital component of the global economy, playing a critical role in supporting economic growth and stability. Despite ongoing changes and challenges, the industry remains a major contributor to economic prosperity and continues to evolve to meet the changing needs of customers and the global economy.
Industry changes and challenges
The finance industry is facing several challenges,
some of which include:
Regulatory pressure:
Increased government regulations, such as the Dodd-Frank Act, Basel III, and the European Union’s MiFID II, have increased the compliance burden on financial institutions, raising costs and requiring significant investment in new systems and processes.
Cybersecurity risks:
As technology continues to play a larger role in financial services, the risk of cyberattacks and data breaches continues to increase, posing a major threat to the security and stability of the financial system.
Competition from fintechs:
Traditional financial institutions are facing increasing competition from a growing number of fintech companies, which are using technology to offer innovative and more convenient financial products and services.
Low interest rates:
The low interest rate environment, which has persisted in many countries in recent years, has reduced the profitability of traditional banking business models and is putting pressure on financial institutions to find new sources of revenue.
Changing customer behavior:
The rise of digital technologies has changed the way customers interact with financial services, leading to new expectations for convenience, speed, and accessibility. Financial institutions must adapt to these changing customer preferences or risk losing market share.
Economic uncertainty:
The ongoing global economic uncertainty, including the impact of the COVID-19 pandemic, has created volatility in financial markets and increased the risks faced by financial institutions.
Climate change and ESG considerations:
Growing awareness of the impact of climate change and increasing demand for sustainable and socially responsible investments are leading financial institutions to reassess their exposure to these risks and to integrate environmental, social, and governance (ESG) considerations into their investment processes.
Financial Sector
How we
can help
By bringing expertise and a fresh perspective, Digatil can help financial companies navigate the challenges and opportunities of a rapidly changing industry. We have experience with finance departments and accounting, payments, insurance, fintech, and Digital Assets (NFTs) and Blockchain.
Our Finance practice focuses on the following:
Development of New Business Strategies
New Products & Services
Analysis of Market Trends & Customer Preference
Regulatory Compliance
Growth
Implementation of Technology
The Digatil Business System Advantage
Our capabilities, achieved through our proprietary Digatil Business System, include:
- Use of Artificial Intelligence and machine learning to provide insights and information into business problems and industry trends. It’s also utilized to create solutions and to run business scenario simulations: know what will happen before spending significant time and resources on implementations
- Conversion of the enterprise into an agile operation
- Automation across all of your business processes
- Application integration
- New low code applications
- Changes in operating models
- Risk analysis and management including the application of best practices
- Comprehensive implementation plans
- Solutions implementation and post-implementation support
- Customer analysis
- Application of big data and machine learning/AI with advanced analytics
- Regulatory compliance both domestically and internationally
Blog Posts
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Industry
Sub-Areas
Whether you’re a finance department at a federal, provincial/state, or municipal government or that of a fortune 500 company or a smaller business/accounting firm, we’re here to help you succeed. We have years of experience with ERPs, end-to-end financial business practices, data and analytics, and more. At the centre of everything we do is Artificial Intelligence and machine learning, which we leverage to provide deep insights into business problems and accelerate the speed at which we can deliver results, as well as improve quality of outcomes.
Get PCI compliant. Understand your risks. Know when to step in. Reduce costs. Improve your efficiency and increase your profits. These are just some of the payment tasks you can expect to complete easily after working with us.
We will help you achieve digital transformation and gain a competitive advantage by understanding your business inside and out, both from a business and technology perspective. We enable you to adopt modern strategies and execute them to improve your efficiencies, reduce risk, better understand your customers and achieve increased profitability. Big data, analytics, and Artificial Intelligence/machine learning are the leading areas that we’ll leverage for your business.
We also have extensive experience with Web3.0: tokens and coins, smart contracts, and digital assets. Having been involved in some impactful projects, we’ve delivered results including complete system wide architecture development and related business process development. We’re working on the cutting edge of fintech and can provide insight and services around understanding the customer base, where the industry is headed, best of breed technology stacks, and more.
Ready to talk ...
(778) 819-7600
available from 8:00 am – 10:00 pm
Email support@digatil.com
