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Financial Services Consulting
Helping build a trusted, more effective financial services sector that provides equitable participation and better outcomes for all New Zealanders
We work with banks, insurers, investment houses, asset and wealth managers and other financial institutions. With deep connections to our global network, our experienced team brings the best available thought leadership, innovation, tools and techniques to support you during this significant period of uncertainty, change and market transformation.
Our clients around the globe are actively developing high value technology ecosystems to collaborate with financial and non-financial organisations to integrate customer journeys. While most open banking capabilities have focused on payments, we are seeing its application expand into personal financial management and lending processes, enabling industry convergence.
Combating financial crime is more important than ever, with regulation constantly changing and becoming more robust. Financial institutions not only need to demonstrate compliance, but also ensure the speed and accuracy of financial crime prevention mechanisms are effective and efficient in both detecting and preventing money laundering and terrorist financing.
Financial services firms are facing increased pressure to create a competitive advantage in customer engagement and to boost productivity through digitisation of processes and the workforce. Examples include automated loan decisioning, automated opening of accounts, automated insurance claims processes, and spend analytics to help you save and manage money.
To really lean into the permanent shift of preferences towards digital channels post-COVID (even in customer segments that traditionally prefer F2F channels), there is a need to simplify product and pricing to reduce complexity at the front end, and for operations. We cannot expect customers to navigate product/pricing complexity in an online or digital channel. This will be especially important as a prerequisite for B2B as demand shifts to digital channels.
COVID-19 will likely serve to accelerate the implementation of current and planned regulatory measures in many countries and regions. Sanctions, anti-money laundering, and IFRS 17 implementation, amongst other aspects, are all likely to be front of mind.
The risk of insurers failing to keep up with technological change was by some distance the top concern in the Asia Pacific region, followed by cybercrime.
PwC's Insurance Banana Skins, 2021Talk to us about…
- Customer and Digital Transformation
- Operational Transformation
- Technology
- Workforce of the Future
- Actuarial and Modelling
- Cyber
- ESG/Climate Change Agenda
- Risk and Regulation Transformation
Customer and Digital Transformation
Key contact: Greg Doone
How we can help:
- Digital product roadmaps
- Human-centred design
- Customer insights & experience
- Data & analytics
- Agile delivery models
- Core platform
- Open banking & convergence of industries
Operational Transformation
Key contact: Lindsay Gervais
How we can help:
Tech-enabled transformation
Physical infrastructure planning
Process re-engineering
Technology
Key contact: Greg Doone
How we can help:
Alliance partnership projects - including with Microsoft and Salesforce
Cloud product implementation - including nCino and Pega
Intelligent automation
Large-scale tech transformation
Workforce of the Future
Key contact: Malcolm Foo
How we can help:
Reskilling and capability development
Organisation design
Culture and leadership
People analytics
Workforce strategy
Actuarial and Modelling
Key contact: Ben Coulter
How we can help:
Actuarial and modelling
Analytics
Business modelling and forecasting
Pricing and reserving for insurers
- Credit risk/capital requirement assessment
- IFRS17 requirements
Cyber
ESG/Climate Change Agenda
Contact: Annabell Chartres
How we can help:
Understanding and responding to regulatory change
ESG due diligence & screening
Climate disclosure journey
Sector risk appetite
- Investment criteria
Risk and Regulation Transformation
Key contact: Tamara McDonagh
How we can help:
Understanding and responding to regulatory change
Compliance and control
Assessment and simplification
COVID-19 will not delay - and may accelerate the implementation of current and planned regulatory measures in many countries and regions.
PwC's The Future of Financial Services, 2020Related content
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