13 May Management Challenges & Opportunities for Banking & Consulting Sector in 2016
On April 25th, Taxlinked hosted a webinar that touched upon the management challenges and opportunities to be faced by the banking and financial consulting sector in 2016.
Moderated by the EIMF General Manager, Marios Siathas, the event was highly informative, covering many of the issues currently trending in the fields of management, banking and consulting.
The three panelists Pamela Miller of Eltoma Corporate Services, Mger Parunakyan of KPI Suite and Philip Ammerman of Navigator Consulting Group shared their ample knowledge with the participants and the Taxlinked community.
Below are some of the event’s main highlights as shared by the panelists! For a full copy of the 30-page transcript, please visit the Taxlinked page HERE.
Pamela Miller: “One of the first challenges that we have to consider in 2016 would be cost control: looking at your internal cost control and the external factors that are potentially impacting your cost. Leading on from that, we have looked at analyzing the impact that compliance requirements have on our business since compliance is a known substantial revenue activity.”
Mger Parunakyan: “On the one hand, a great challenge is getting clients to move from traditional banks to online banks and incorporating all types of new technologies. Likewise, consumer expectation is greater because consumers now have the possibility to compare what kind of services banks have online and ask for more services from the standard banking system.”
Philip Ammerman: “The key challenge we have today in 2016 is the extent to which any consultancy can prove a tangible bottom line contribution to client results. Today, you really have to prove your contribution to the bottom line, and I think that does reflect a very competitive environment between fin tech and banking, but also from the other investment competitors to the big bulge investment banks. And I refer here particularly to private equity. I would say that the biggest competitor to traditional banking today is not so much financial technology start-ups but private equity firms. The capital and leverage amounts are massive, the expectations are very high, and the quality of staff employed is extremely high.”