The global financial crisis has led to tightened regulations and consumer backlash for financial institutions in recent years. Financial entities must seek innovative strategies to stabilize and realize an upward growth trend.
Financial institutions have been acutely affected by the economic downturn ignited by the crisis in sub-prime mortgage lending that began in 2007. Many have either collapsed or been bought out, and governments worldwide have been forced to rescue banks and investment houses to prop up their countries’ economies. These events have led to layoffs and severe cost-cutting industry-wide, as well as a pronounced decrease in consumer loyalty and an increase in government regulation.
To handle these obstacles to growth, the industry must reevaluate their business models: find new sources of fee income, cut costs and attrition, and increase cross-selling. They also must upgrade their technology to meet consumer demand and increase efficiency, such as rolling out online and mobile banking.
HRSS has expertise in all types of banking segments, from banks and credit unions to insurance firms and investment brokers. Our experience in this sector gives our clients a distinct advantage as the global economy continues to falter. Small to middle market businesses as well as financial institutions are struggling due to restrictions and extra scrutiny on business loans. We help our clients seize new opportunities while staying abreast of confusing regulations and legislation.