New Access ranks in the Top 10 of 2020 Digital Banking Solutions providers in Europe according to Banking CIO Outlook!
Since the last decade, European private banking and wealth management sectors have been battling reduced profit margins. The profit of private banks in western Europe dropped 1.5 per cent to €13.3 billion last year and have shrunk by a tenth from the peak of €14.7 billion registered in 2017 as per McKinsey’s analysis. Several factors, including a wave of regulations following the 2007-08 global financial crisis is the reason for the present climate. Due to enhanced risks, governments across the globe have imposed new regulations forcing banks to document each step of client interaction or face hefty fines along with dent in reputation. This has contributed significantly to deteriorating the customer experience and affecting the investments in general. Another significant aspect that reduced the profit margins is changing customer behavior due to the rise in technology consumption by the clients. The clients who reviewed their accounts once per year want more transparency and around the clock interaction with their banking service providers. This has added to the operational cost that takes a cut in the profit.
"We have gained deep expertise working in the private banking and wealth management industries for 20 years that allows us to offer best-in-class and reliable solutions for these sectors."
Banks need to start thinking from the client perspective and work backwards to enhance customer experience and achieve a controlled and efficient operating cost, while keeping the complexity to its lowest. This is where New Access makes a difference with agile and scalable core-to-digital advanced software solutions exclusively for the private banking and wealth management sectors. The company’s solutions allow these sectors to turn the challenges into opportunities by significantly improving client interaction in compliance with all the stringent regulations across countries.