Angela Fleming
Partner & Head of Financial Services Tax, BDO Dublin
Retail banking focuses on individual consumers, offering a spectrum of everyday financial products and services, from savings and current accounts to loans and credit cards designed for personal financial management.
Business banking extends its support to small and medium-sized enterprises (SMEs), addressing their specific financial requirements with customised solutions such as business loans, accounts, and financial solutions.
Corporate Banks provide comprehensive financial solutions for larger companies with more complex financial needs, offering services like treasury management and international trade finance.
BDO offers tailored solutions to help retail, business, and corporate banks navigate their unique challenges. From regulatory compliance to technology adoption, our expertise in banking and financial services enables us to provide strategic guidance and practical solutions. Whether it's regulatory compliance audits, technology implementation, or risk management advisory, BDO empowers banks to optimise operations, enhance customer satisfaction, and drive growth in today's dynamic banking landscape.
Alternative lenders and retail credit firms are financial institutions that provide lending services outside the traditional banking sector. These entities play a significant role in the financial ecosystem by offering various loan products to consumers and businesses. Unlike banks, alternative lenders may not accept deposits from the public and are not subject to the same regulatory requirements as traditional banks.
These institutions often utilise innovative technologies and alternative underwriting methods to assess creditworthiness and determine loan eligibility. They may leverage data analytics, machine learning algorithms, and alternative credit scoring models to make lending decisions efficiently and accurately.
Alternative lenders and retail credit firms face various challenges. While they offer valuable financial services to underserved markets, they must ensure responsible lending practices to mitigate financial risks and protect consumers. Intense competition from traditional financial institutions and fintech players underscores the importance of differentiation in what they bring to the market. Striking a balance between profitability and responsible lending practices remains a perpetual challenge in this dynamic financial landscape.
BDO provides specialised support to alternative lenders and retail credit firms, offering expertise in regulatory compliance, risk management, technology adoption, and strategic advisory services. Our tailored solutions help these institutions navigate regulatory complexities, optimise lending operations, and achieve sustainable growth in today's dynamic financial landscape.
Credit servicing firms are financial entities that manage and administer loan portfolios on behalf of lenders, investors, or owners of debt assets. These firms play a crucial role in the financial ecosystem by providing specialised services related to the administration and servicing of loans, including mortgage loans, consumer loans, commercial loans, and distressed debt.
Credit servicing firms face various challenges. They must adhere to stringent regulatory requirements governing loan servicing practices and consumer protection laws. Additionally, they must manage credit and operational risks associated with loan portfolios, including credit defaults, interest rate fluctuations, and economic downturns.
Intense competition highlights the need for differentiation, while balancing profitability with responsible servicing practices remains a strategic challenge. These firms must address data security concerns and navigate legal and compliance issues to ensure adherence to regulations in loan servicing activities. BDO offers specialised support to credit servicing firms, helping them navigate regulatory complexities, optimise operations, and achieve sustainable growth in a competitive landscape.
Credit unions are integral to the financial landscape, offering diverse financial services to members and contributing to community development. Whether public or private, these member-owned cooperatives face various challenges, including navigating regulatory complexities, adapting to economic fluctuations, and addressing cybersecurity risks. Additionally, they must contend with the need for continuous technological upgrades, competition from traditional banks and fintech, and the demand for skilled talent. Challenges also encompass membership growth for credit unions and ensuring financial sustainability for credit institutions in a dynamic financial environment.
BDO understands the unique challenges credit unions face in today's dynamic financial landscape. Our team provides tailored solutions that address the specific needs of each credit union, whether it's enhancing membership growth strategies or fostering financial sustainability. With our expertise in regulatory compliance, risk management, and strategic advisory services, we partner with credit unions to navigate industry challenges and seize opportunities for growth.
