Brexit Preparation for Financial Services ClientsStrategic Solutions to Minimize the Brexit Impact
The Brexit referendum is impacting businesses all across Europe, especially those in the UK. This has placed increased pressure on financial institutions to understand its business impacts and to create scenario and contingency plans for their most likely and intended business outcomes. This type of analysis requires a diverse skillset including regulatory, legal, data, financial, risk, compliance and business/corporate strategy expertise, especially to create economies of scale across any Change Management programs.
In response, Synechron assembled a team of financial professionals across Europe in key centers like London, Amsterdam, and Paris and has consulted several global Banks, FinTechs, Clearing Houses, and Investment Firms on their Brexit strategies. This has included qualitative and quantitative research through stakeholder interviews and questionnaires, impact analysis, scenario planning, critical path planning, and contingency planning across various outcomes. Synechron has conducted detailed analysis into relocation costs to estimate the financial impact of various decisions and has crafted relocation programs. Synechron also has worked with clients to prepare for both Hard and Soft Brexit scenarios and has tuned these strategies on an iterative basis based on constantly shifting guidance. The company’s expertise on regulation, risk, compliance, and change management were used to advise on legal entity transitions, member state license applications, domestic banking licenses and exemptions, and business model alterations for optimal efficiency and cost benefit. These analyses have been used to create detailed delivery roadmaps, make Steering Committee recommendations, provide feedback to Regulators, and ultimately, implement these strategies.
Adaptable Strategies for a Volatile Brexit
We provided the following services to deliver success
Target State Architecture
Legal Entity Transformation
A global team with a laser focus
How we've helped
A combination of consulting capabilities and partnering with technology to build an innovative capable digital solution.
Creation of a digital onboarding experience to open a new account
Omni-channel API Strategy using Microservices
Developing an end-to-end Cloud infrastructure
Data-driven ability to manage risk, inventory, and profitability
Migration of a legacy Business Management System Software