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GFT's Global Research Reveals 82% of Financial Institutions Are Failing to Capitalise on Regulation to Drive Strategic Investment and Business ChangeLONDON, June 17, 2015 /PRNewswire/ --
Today, GFT, one of the world's leading IT solutions and consultancy providers to the banking sector, releases the findings from a global research project aimed at uncovering the attitude of the global investment banking community to 'The New Normal' - a constant state of regulatory change. (Logo: http://photos.prnewswire.com/prnh/20150616/223614LOGO ) The research surveyed 66 organisations across capital markets, including global and domestic investment banks and CCPs (Central Counterparties) from the UK, mainland Europe, North America and Asia. An overwhelming majority of respondents agreed that their organisation now operates in 'The New Normal'. Yet despite a deep understanding of the impact of regulatory change, most organisations fail to capitalise on regulation to drive strategic investment and business change - relying instead on tactical work-arounds. Key findings from the research:
Joan Carles Fonoll, USA MD at GFT, commented: "This piece of global research has demonstrated how the various jurisdictions approach regulation differently. In the US, for example, regulations tend to be more prescriptive, whereas in Europe they are usually subject to interpretation by the organisation in question. This is evidenced in the research, whereby US banks tend to view regulation more from a compliance perspective, rather than as a driver of consolidation and innovation." Chris Ortiz, UK MD at GFT, commented: "It is also clear that visibility and duplication of regulations internationally pose another significant challenge for global banks, as business climates differ worldwide. Basel III rules are set internationally, but it is up to the individual country's regulator to enforce them according to their own local policies." To find out more about 'The New Normal'GFT research and to download the full results, please visit: http://www.gft.com/newnormal About the GFT Group: The GFT Group is a global technology partner for future digital issues - covering everything from innovation to the development and implementation of sustainable business models. Within the GFT Group, GFT stands for intelligent consulting and reliable, customised IT solutions. The company is one of the world's leading IT solutions providers in the banking sector. Headquartered in Germany and founded in 1987, the GFT Group is represented in eleven countries with a global team spanning 3,400 employees. The GFT Group is listed on the Frankfurt Stock Exchange in the TecDAX. emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified specialists at its disposal. CODE_n, the GFT Group's innovation platform, offers international start-ups, technology pioneers and established companies' access to a global network. It's where ideas become business. About the research: Fieldwork conducted in April 2015 by Vanson Bourne. A total of 66 respondents were surveyed across the UK, mainland Europe, North America and Asia. Respondent breakdown: 31 G-SIBs (Global Systemically Important Bank); 27 D-SIBs (Domestic Systemically Important Bank); and 8 CCPs (Central Counterparties). The research is supplied in good faith, based on information made available to GFT at the date of submission. It contains confidential information that must not be disclosed to third parties. Please note that GFT does not warrant the correctness or completion of the information contained. Recipients are solely responsible for the usage of the information and any decisions based upon it.
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