Digitalisation is significantly changing the financial industry in the coming years. Dynamic companies with innovative business ideas compete with established financial service providers. The regulatory framework must adapt to this change. The pace of change is high and requires companies to now take on the challenge in order to keep up with the digital development, to actively shape it and, at the same time, to reflect the regulatory requirements in an efficient and forward-looking manner.
The simplifications of financial services solutions envisaged by digitalisation have a direct impact on existing processes, workflows and the internal control framework. The transformation process requires the definition of a clear digitalisation strategy to enable companies to simultaneously focus on market development and customer care.