The ‘New Normal’ market research results focused on how banks are living with continuous regulatory change in the financial markets and how they are relying on tactical workarounds to fuel their change programmes. Thomson Reuters notes that “A recent report from GFT, which surveyed 31 Globally Systemically Important Banks (G-SIBs), and 27 Domestically Systemically Important Banks (D-SIBs) and eight central clearing counterparties, found that 86 percent of respondents admitted their organisations used such workarounds to meet regulatory requirements.”
In addition to this Thomson Reuters also highlighted the thoughts of Jeremy Taylor (Head of Business Consulting, UK, GFT). Jeremy stated that “We were surprised and slightly dismayed to see firms still approaching regulatory change programmes in a tactical way. Some of them acknowledge it is increasing their costs: what we call their technology debt. Over time technical workarounds are going to have a negative impact on banks’ ability to cut costs, improve processes so that businesses can be managed intraday and respond more efficiently to new regulatory requirements.”
Other leading publications including Bobsguide, Finextra, Automated Trader, Asset Servicing Times, FS Tech and the FTSE Global Markets have also covered the release of the ‘New Normal’ results which included launch events in London and Toronto.