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At PFPC, we believe in the fundamental importance
of openness. This belief drives both what we do and how we do it.
It derives from our perspective on the global market environment,
the ground rules for effective competition, and what it all means.
Ultimately, this belief is what underlies our unique approach to business.
The Global Market Environment
At PFPC, we believe that the level of
uncertainty for the global financial services sector has never been
higher:
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There is market volatility, accelerating
change, increased margin pressures and heightened risk.
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At the same time, new service
models, product innovations, distribution channels, markets
and technologies offer the promise of growth, but many also
include the potential for disintermediation.
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Faster information flows are giving
rise to a real-time, on-demand market and a whole new set of
opportunities.
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Yet realities like industry convergence,
straight-through processing, regulatory compliance requirements
and business continuity issues add to the daunting challenges
faced by financial service providers throughout the world.
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The Ground Rules for Effective Competition
We see four ground rules for competing
effectively in the complex global market environment:
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Technology is the enabler. While
technological change is one of the primary causes of discontinuity
and uncertainty, it also holds many of the answers.
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There is no universal “right
answer.” Every company has different risk tolerances,
cost structures and scale preferences. The right approach
will be the one that balances these factors in a way that is
true to the company’s culture.
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No company is an island. On its
own, no company can achieve best-in-class performance across
every function and process. More and more, success requires
the effective identification of what is central to the company,
and then complementing this core with best-in-class, third-party
services.
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More than any other quality, staying
ahead in today’s environment requires
agility –
a combination of flexibility and speed. Agility makes the difference
in capitalizing on opportunities and responding to threats in
a competitively advantaged way.
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What It All Means
At PFPC, we believe these four ground rules
add up to one overarching requirement for success: openness. Closed
systems and closed business models – with their corresponding
silos and one-size-fits-all, proprietary approaches – are inadequate
for today’s marketplace realities. In fact, their monolithic
rigidity provides a formula for obsolescence. |
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