Deregulation opened up a number of new businesses to banking, and intensified competition among banks and between banks and non-bank financial companies. Deregulation also accelerated the consolidation of the banking industry through mergers and acquisitions and set the stage for the establishment of huge banking organizations of unprecedented size and complexity.

Cost cutting continues to be a priority for banks including reduction of transaction costs, consolidation, and rationalization. Banks also are focusing on using technology to unlock differentiation, acquire new customers, and increase revenue. Large banks will continue to develop new technologies and adapt to legislative and regulatory changes, such as Basel II and Check 21.

Reducing costs and increasing operating efficiencies is a priority for insurers as well. For which insurers are simplifying internal operations, institutionalizing regulatory compliance and turning to external providers to outsource back office applications and expedite legacy transformation.

Marlabs understands these challenges and works with banks, insurers, and other financial services companies to build IT solutions that address their unique needs.