Financial institutions are in a tough spot. In addition to a tough economic environment, the subprime mortgage crisis and resulting credit crunch are leading to increased regulatory scrutiny and enforcement in the banking industry. As new regulations continue to bring stricter government oversight, banks must spend more time, money and resources ensuring they are following compliance guidelines.
All of these outside pressures are forcing banks to re-evaluate their business processes to pinpoint the areas of opportunity that will keep them operating competitively in an ever-changing market. However, banks are being stretched as they struggle to stay up-to-date on compliance issues while trying to grow their businesses, increase product and service offerings and improve customer service.