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The complexity of today's financial services industry cannot be overstated. Banking, securities and insurance companies operating in this whirlwind must cope with multiple dimensions of change involving regulation, technology, globalisation, new competitors & business models, capital market pressures, and constantly changing customer demands.
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Yet, most banks lack the management information they need. A recent Ernst and Young study revealed that only 24% of all banks can analyse profitability by customer, 32% by product, 37% by branch and 43% by line of business. Far fewer banks can determine the risk-adjusted profitability of their activities. It is difficult to see how management can make informed decisions about where to invest resources if they do not know where they are making money. Thus, too many banks fail to fully achieve their revenue-producing potential.
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As the banks expand and reach for new horizons, the role of information is increasingly becoming critical. Thus, Knowledge Management has become the key to information flow for gaining a competitive edge in the global business arena.
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Nihilent's MC3 framework for knowledge management helps financial services and banking companies to overhaul their business processes & technologies to give an extra edge to the employees while making intelligent and informed decisions.
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MC3 implementation will result in enhanced communication between marketing and sales force resulting in better teamwork & improved coordination, elimination of duplication efforts and rise in the introduction of new products & services to cater to the ever changing market needs.
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MC3 will help improve customer service resulting in the reduction of lost opportunities due to fragmented customer information; more personalised product development, the end result being products that are more adaptive to individual customer needs presented more quickly to market.
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MC3 will help in increased staff retention by providing associates with greater recognition of an individual's intellectual capital value as an organisational asset; new opportunities for continuous learning; enhanced ability to collaborate and interact with strategic planners; and more hands-on participation in meeting organisational challenges.
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