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Financial planning and forecasting made faster in a complex banking environment

October 09, 2023

Financial planning and forecasting made faster in a complex banking environment
Increasing banking penetration, improving customer experiences and complying to increasingly more stringent regulations have been the three pillars of Banking and Financial services growth, especially since the pandemic. The BANI (Brittle – Anxious – Non linear – Incmprehensive) world is also seeing a complex interplay of digital transformation, interconnected, organisations, uncertain markets, decreasing customer loyalties, phygital operations and cyber physical threats. 

Banks now have a complex operations and IT ecosystem comprising their legacy and modernised systems, as well as third party interconnected systems in the form of Banking as a Service (BaaS), Banking as a Platform (BaaP), Open Banking and Embedded Systems. 
 
The BFS world is also seeing ongoing consolidation M&A and partnerships along with volatile macro and micro economic conditions Banking planners have been facing challenges in harnessing these heterogeneous datasets in their planning, budgeting and forecasting function. Especially, considering the need to handle the immense volume, variety, and variability of data, in an agile and timely manner. 

Moreover, a large proportion of the BFS planning and forecasting community are more comfortable in their traditional way of working and would like to leave the technological aspects of IT. Across commercial, consumer, and investment banking traditional and digital banks, would like to focus on their own core competency of strategic and tactical operations, risks, expansion, manpower sustainability and other KPIs. 
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