Transforming financial services

Modern compliance functions contribute towards improved trust in industry players among investors, customers and financial markets. Innovative solutions allow for the effective and efficient management of compliance risks and regulatory requirements.

The compliance function of tomorrow will increasingly rely on self-service processes or the complete outsourcing of compliance-as-a-service (CaaS) arrangements. Modular and flexible solutions can be easily and quickly integrated into existing infrastructures.

Five core areas for digital applications in compliance functions:

• Legal standard monitoring
• Know your customer (KYC)
• Risk analysis
• Compliance workflows
• Monitoring & screening

Our experts actively support you throughout the entire, often complex transformation processes. We ensure that all tactical and strategic priorities are implemented on time.

Positive customer experiences foster trust and are decisive for successful relationships with customers over the long term. Customer-centric models and CRM solutions help you optimize the customer journey so that your focus on customers is strengthened even further.

Our multidisciplinary team of experts from the fields of strategy, sales, operational business and technology supports you in becoming more innovative and customer oriented. As part of a holistic strategy, the areas of customer management, digitalization and data management are integrated with each other.

Our areas of focus:

• CRM software selection, CRM implementation as well as the assessment of existing systems
• Customer experience (CX)
• Redesigning the customer interface

Our data intelligence initiative focuses on the intelligent use of data for improving business decisions. The objective here is to use state-of-the-art technologies in order to improve the quality of data-driven decisions, to accelerate and digitalize decision-making processes and to facilitate the use of new technologies within a secure environment.

In the area of data intelligence, we pursue a holistic approach that gives equal consideration to all the relevant aspects. The basis for doing so is provided by the collection and provision of high-quality data that can then be used for algorithms and models, e.g. through the use of artificial intelligence.

Further aspects include using results to provide key figures that are suited to specific audiences and modern visualization processes as well as assisting decision-makers in effectively and efficiently managing financial service providers.

Current areas of focus:

• Digital risk reporting: from analog reporting to a dynamic risk dashboard
• Responsible AI validation engine: assessing and optimizing AI services
• Responsible AI validation engine: assessing and optimizing AI services

Conventional finance functions are facing fundamental changes due to rising regulatory, economic and internal reporting requirements. Regulations, low interest rates and the rapid pace of digitalization mean that IT has to be agile so that your business model can be oriented towards the future and new customer preferences can be fulfilled.

PwC provides financial service providers with integrated solutions and a holistic strategic approach towards the transformation of all processes and technologies throughout their entire organization.

Cornerstone of a modern finance function:

• Development of a holistic integrated digital reporting system
• Introduction of modern reporting solutions that move away from retrospective and towards prospective reporting as well as real-time data analyses that are available at all times as the basis for strategic decisions
• Changes in controlling and modernization of planning and budgeting based on key performance indicators (KPIs)

With the standard operational software SAP S/4HANA in the area of enterprise resource planning (ERP), additional gains in efficiency can be achieved by harmonizing processes and structures.

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Future of risk provides answers, solutions and support for the transformation agendas of financial institutions. We provide services in the following three key areas:

• Risk strategy and operating model, e.g. benchmarking for the risk function
• Enterprise risk management, e.g. structuring and integrating non-financial or thematic risks
• Regulatory “hot topics”, e.g. operational resilience or crypto-assets

In times when the numbers of innovative competitors and established digital platforms are increasing and cost pressures are rising, banks, insurers and other financial service institutions face the challenge of continuously developing their value chains. In the Value Chain Innovation cluster, we cover a full spectrum ranging from the development of specific solutions for increasing efficiency and digitalization through to structural transformation so that, together with you, we can implement the business models of the future.

In strategic terms, we focus on the following topic areas:

• Digital solutions as a service
• Digital ecosystems
• Digitally assisted managed services

The EU Sustainable Finance Action Plan has put Sustainable Finance at the top of the financial industry's agenda. Demand for ESG (environmental/social/governance) investments is rising, and legislators and regulators are demanding compliance with new rules on corporate governance and for investments for accelerating the sustainable transformation of the real economy.

Whether business management or risk management, compliance or customer business is concerned, in almost all areas, financial service providers face challenges in fulfilling ESG criteria and reorienting themselves in a sustainable manner. Sustainable finance presents not only an immense opportunity for financial service providers to position themselves competitively for the long term, the transparency it necessitates also bolsters trust among customers, stakeholders and investors.

Our services:

• Assistance with positioning
• Impact analysis
• Roadmap and recommendations
• Implementation guidelines as well as resource and expenditure estimation
• Assuming and implementing project management tasks

With the help of our experts, you can take all aspects of sustainable finance within your entire organization into consideration and position yourself to be future-oriented.

As part of a group-wide initiative, we hold regular webcasts providing information on current developments in the area of sustainable finance and share ideas with our customers.