Finance

The world economy was hit by an unprecedented financial and economic crisis late 2007, tipped into recession by the subprime crisis in the US in August 2007.

The economy weakened and the banking system experienced a crisis in 2009, triggered by these global events. This crisis led to the collapse of many world renowned financial institutions and even caused an entire nation to be rendered bankrupt, thus led to a wave of new regulations.

To prosper in this new era, financial services institutions must be more receptive to customer requests, detect incremental sales prospects, get assets on-board faster, and comply with new regulations such as Anti-Money Laundering (AML), Know-Your-Customer (KYC) without over stretching staff and internal processes. All of these require better information technology systems.