Final Tech Report HD - Flipbook - Page 21
As Ireland’s leading professional services firm, we work closely
with many of the leading financial services institutions in
Ireland and worldwide. We use our detailed knowledge of the
Financial Services sector to provide expert advice on key issues
such as the impact of risk and regulation, financial crime,
innovations in mobile and digital technologies, the disruptive
impact of FinTech, as well as the changing face of the
customer.
Banks are struggling to improve their return on capital and
many institutions are having to restructure and cut costs. In
NIALL HUGHES
HEAD OF EXPERIENCED HIRE
RECRUITMENT,
PwC
the asset management industry, there is pressure on both
margins and profitability. These changes are difficult to
implement, therefore sustainable productivity is imperative for
the financial services industry both in Ireland and globally.
PwC's annual global CEO Survey was conducted before the
Covid 19 outbreak and found that almost 60% of CEOs believed
"If we can use technology to
take over routine manual tasks
and help staff to better perform
their duties, new opportunities
will be created for employees
and the organisations. To do
this, employees themselves
must be trained to fully utilise
technology, and Financial
Services institutions must do
more to leverage the skills their
people already have."
in Ireland's growth prospects. Whilst this confidence is likely to
be no longer, due to the external uncertainties, it is critical that
CEOs take charge of their own destiny. The global CEO Survey
identified four key messages for CEOs and whilst many are
absorbed with fire-fighting the implications of Covid 19 now,
these messages are still relevant as businesses look to position
themselves to return to growth and reimagine the next normal
from what is hopefully a short, sharp shock rather than a
sustained period of declining performance.
1. Ensure your organisation is fit for growth: CEOs' focus is
turning inward, to things they can control in their businesses.
They are planning to invest in organic activities within their
organisations they believe will propel them to success. That
means they must ensure their organisations' combination of
processes, tools, workforce and culture are fit to cultivate,
deliver and sustain growth.
2. Close the information gap: As CEOs look inside their
businesses for growth opportunities, they are contending
with gaps in their organisation's data analytics capabilities.
Irish CEOs need to ensure they are extracting the maximum
value out of their data to allow them to leverage new
technologies in sustainable ways.
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