The Dodd-Frank act has stirred emotions as well as opinions from those both inside and outside of the financial services space. While there are still ongoing debates on the merits of the legislation, there is perhaps more consensus on the fact that the rules have been implemented in a less than optimal manner. However, at this point it is clear that the rules are here to stay — at least for now. As financial entities plan and implement their answers to the regulations, it is worthwhile to take a look at the benefits these regulations potentially have for business transformation. Continue reading
The nature of financial, healthcare, insurance and defense industries implies the non-negotiable need for high levels of regulation. In these stringent environments with strict controls on policies and procedures, leveraging social media platforms to increase collaboration among employees is challenging. To succeed, there is a need to establish well-defined processes, policies and codes of conduct to help employees use these social networking tools. The other dimension which adds to complexity is hosting environments – on-premise or hosted. It is equally important to ensure that all of the policies and procedures adhere to industry specific acts like FINRA, HIPAA, HITECH, AIA (export control, IPR and copyright etc., policies), etc.
Here are five key areas that organizations functioning in highly regulated environments should consider while setting up a social media platform Continue reading
What are the biggest challenges facing your company today? Are they the financial collapse, global recession, reshaping the existing business model and strategic priorities, or changing technology paradigms covering mobile, social and cloud? Or is it something much more fundamental than any of those?
Is your company losing touch with your most precious asset — your employees? Are your employees truly engaged and aligned to your corporate mission?
If you believe the recent HR studies, employee engagement is at an all-time low. The pressures of today’s work environment continue to alter how businesses operate, how companies engage with their employees and ultimately how people connect with their companies. Continue reading
Business transformation is defined as a fundamental change to processes or operating models. In most cases, the first consideration is the driver for transformation, that is, the cause of the business transformation. These drivers can fall into a wide spectrum of causes, including the desire to enter a new business, a regulatory change, or a recognized competitive issue. Often change is not taken voluntarily but is enforced. We are not often fortunate enough to have an opportunity to leverage change to actually transform a process. In many cases, change is driven by regulation, and in other cases competition may drive the change. New mandates in regulatory compliance such as Dodd-Frank and FATCA have not only created need for change but have also created opportunities for transformation. We must be careful not to confuse business transformation with process improvement. An improvement affects only a single factor such as compliance or speed to market where as transformation is a change that affects multiple areas. Continue reading
There have been many articles and opinions written about the demise of the banking branch. These discussions have dated back to when the ATM was first introduced and have been brought up again more recently due to the rise of mobile banking. Today’s consumer bank provides services across physical branch, ATM, online, mobile and tablet channels. The branch is by far the most expensive of the channels to manage. Banks face the dilemma of trying to determine the right combination of staffing, services, locations and features to be provided in these brick and mortar facilities. Continue reading
A decade ago, there were about 400 million people on the Internet; today, there are nearly 2 billion. More than 940 million people around the world have 3G mobile phone subscriptions, and more than 500 million use Facebook.
We are in the midst of unprecedented technology evolution, with multiple technology disruptions/trends transforming the way business is conducted. Today’s world is characterized by increasingly fast transformations, boundless interconnectedness and prevalent interdependencies. Continue reading
As eCommerce (eAnything for that matter), Web 2.0 and several other buzzwords have come and gone, one of today’s biggest tech/business buzzword is “Big Data.” While the term itself continues to gain momentum in the media (see the Google trends graphs below), the technology has not caught up with the hype and the hype is fading to the point that Gartner has placed it in the “trough of disillusionment”. Continue reading
Based on different studies and surveys, it has been found that a good 60-70% of IT projects fail and only a lucky minority is able to reach fruition. Success here is being defined as the delivery of the agreed upon requirements while adhering to the proposed schedule and budget. One of the key reasons for project failure is a sub-standard requirement analysis. An activity as upstream in the Software Development Lifecycle (SDLC) as requirements gathering and analysis is crucial to the success of any IT engagement. Ensuring a meticulous execution of this phase is bound to have a positive impact on the downstream activity leading to high quality deliverables and a higher level of customer satisfaction. Failure to do so can translate to higher costs, delayed completion and strained customer relationships. Continue reading
Across different verticals, enterprises are putting a renewed effort in using XML as the prime enabler to structuring operational enterprise content. The fact that content needs to be reused and published across multiple channels including web, print, mobile, social is a strategic differentiator in today’s world. Add to this the ability to filter the content for a specific audience with the lowest level of personalization and customization — and you get what we in the content world call “A perfect combination of content and intelligence”.
We are seeing a renewed interest across various clients in structured XML content adoption. The primary components of such an initiative involve Continue reading
Tablets are everywhere on the Wall Street, on trading floors, in the offices of money, fund and wealth managers, brokers are using them, so are traders, regulators, financial analysts, accountants, auditors, media persons and the persons who run the IT back office and data centers.
Because of their light weight and convenient form factor (from 5 inch to 10.1 inch) tablets are much more portable than laptops, and they can connect seamlessly to mobile or Wi-Fi networks. The BYOD phenomenon has served as the catalyst to drive the adoption of tablets to enterprises on Wall Street. Continue reading