Shared Services in European FS Market; what has not yet been achieved?

The Financial Services industry is facing drastic changes: 

Current situation:

• Business models are being challenged
• Increase regulation
• Decreased customer loyalty
• Margin erosion
• Further consolidation

Challenges:

• Improve efficiency
• Improve operation readiness

Shared Services initiatives to bring:

• Efficiencies of scale
• Synergy realisations
• Improved quality of services

BearingPoint Consulting examined what has been attained in the field of Shared Services and what has not yet been achieved!

Summarizing the conclusions:

1. Implementation of Shared Services within the FS industry, compared to other industries, is still at the beginning of the journey of reaching a higher degree of efficiency and integration; 
2. The FS industry concentrated so far on “the low hanging fruit”; extending the focus of SSC’s will add more value;
3. There is significant potential in bringing the Financial Accounting processes into a Shared Services environment;
4. A Shared Services organization enables the implementing of new regulation.

Check full deck via: http://slidesha.re/i98fFd