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Bank turmoil associated with recent bank failures has highlighted the importance of due diligence for managing financial risk, growing revenue, and retaining jittery customers. Regulators will likely ramp up their scrutiny–even after hitting financial institutions with a jaw-dropping $2.7 billion in fines in 2021 for failing to meet compliance and due diligence standards.

If you’re worried about the potential for heightened regulatory scrutiny in financial services, you’re not alone. Business operations teams everywhere are focused on the end-to-end, client lifecycle management (CLM) process as they cope with ever-changing regulations governing how, when, and where client data can be stored and accessed. It’s hard to stay compliant when customer data is spread across multiple operational silos.

The results are in–for the third year in a row, insightsoftware has partnered with Hanover Research to deliver our yearly Finance Team Trends Report. Comparing results across the years shows an incredible journey for finance teams across the globe. The survey included 519 senior accounting and finance professionals across North America and Europe, the Middle East, and Africa (EMEA). 52% are located in North America while 48% are in EMEA.

Greg Peranich and Tryn Brown contributed to this post. The world of financial services is driven by digital experiences. Over the last 20 years, virtually all banking activities have been taken online (an unfortunate change only for fans of pneumatic tubes and pens on beaded chains). Like other industries that have undergone digital transformation, financial institutions are leveraging APIs to give users a more seamless experience when managing their money.

Leaders are taking a closer look at bank stress testing in the wake of recent bank failures. The significant impact of these collapses on the financial system, along with the government's extensive measures to prevent additional bank failures, is increasing the sense of urgency around enhanced regulatory supervision.

DBS Bank Head of Automation, Infrastructure for DBS Big Data, AI and Analytics Luis Carlos Cruz Huertas has a 1-on-1 discussion with Unravel CEO and Co-founder Kunal Agarwal about the convergence of DataOps and FinOps. The discussion, Leading Cultural Change for Data Efficiency, Agility, and Cost Optimization, was held at a recent Untap event in New York and revolves around best practices, lessons learned, and insights on.

I’m a firm believer that banks rarely invest to drive revenue and elevate customer service. But I recently hosted a roundtable discussion in London with Appian, a process automation platform company, where leaders from mainstream and challenger banks in the UK gathered to discuss the challenges facing financial institutions when adopting new technology.

The banking and financial services industry is evolving rapidly with the advent of new technologies and digital platforms. To stay competitive, banks need to focus on providing superior customer experience to their institutional and retail customers. This should start with the initial Know Your Customer (KYC) process and continue through the entire customer lifecycle. Here are five keys to transforming practices for heightened customer experience in banking and finance.