Big Banks Expanding Services With Plans to Make up for Recent Losses
Big banks aren’t out of the woods yet and are facing new attention by regulatory agencies after weak first-quarter losses. The biggest, like Goldman Sachs, that once tailored to the rich and famous, are looking for more ‘mainstream’ customers.’ Offering instant access savings accounts could make up for recent losses. It may also be a good time to replace legacy systems with more modern management solutions.
In an attempt to revitalize weak revenues, Goldman Sachs has launched GSBank.com. As discussed in “Goldman Sachs opens to the masses,” posted by Ben McLannahan on Ft.com, while the new platform could be a good start, it may not be enough to counter losses. Analysts had many of the big banks in their sights and fired some tough questions, a few aimed at Goldman Sachs, about why they weren’t doing more to improve business operations and drive growth. Goldman Sachs new platform, GSBank.com, consists of a book of deposits that came from the GE Capital acquisition. The gain of retail depositors is a step in the right direction and provides the bank with a new avenue to pursue.
Take Another Step in the Right Direction With ERP for Banks
Another approach that Goldman Sachs, as well as other banks, should consider is adding a new level of transparency to go along with acquisitions, online platforms, and other strategic changes. An enterprise resource planning (ERP) solution can provide stronger accountability and transparency, while also providing insight into these new business changes. Integrated ERP offers a centralized location for core business data, including financial and accounting transactions, human capital and logistical support, and other key information. A strong ERP solution includes built-in business intelligence and reporting features that can highlight key data, including trending activities. You can monitor strategic metrics and keep an eye on new product offerings, such as online banking services, to determine whether these changes are contributing to your bottom line or drawing from it. In addition, with real time data at your fingertips, you can respond faster to regulatory questions or inquiries.
The first step to regain control over regulatory obligations and identify new ways to drive growth is to put the right tools in place. Contact AKA Enterprise Solutions for information on using ERP to expand insight into business practices, find more opportunities to improve profits and satisfy customers, and leverage the disruption in the financial services sector to your advantage.