While Financial Services Continue to Evolve, Ernst & Young’s Truncale Sees Opportunities to Grow

By Jim Pytell, Managing Editor On Mar 11, 2021

During a 28-year career at the global financial services firm Ernst & Young LLP (EY), Janet Truncale has been contributing to building a financial services industry that inspires trust in financial institutions, enabling them to flourish while also supporting customers in achieving their financial goals.

Truncale now serves as the vice chair and regional managing partner of EY’s Americas Financial Services Organization (FSO), which reported $4.9 billion in FY20 revenue. Her current role sees her focused on the goal of contributing to the health, growth and security of the overall global economy, which has taken on a new meaning during the COVID-19 pandemic. 

“It’s been a tough year. Taking care of the health and wellbeing of our 15,000 professionals across all of our service lines and sectors is the first thing that I think about every single day,” Truncale says. “I feel very fortunate that the financial services clients have been resilient during this time of COVID. They have been leaning in and investing through the challenges and have done a great job.” 

Truncale adds that despite its challenges, the pandemic has presented opportunities for many businesses to pivot from in order to address the ongoing evolution of financial services. 

“When you take care of your people and you are open to continuing to invest and transform during a challenging time, you will come out on the other side further ahead than you anticipated,” she says. 

The accelerated digitalization of the industry has presented companies with the opportunity to, for example, outsource various service lines, such as tax function and risk management, to add business value. 

“In a very profit-driven environment, we are seeing a lot of folks look at their business model and ask, ‘What can I outsource?’” Truncale says. “Many companies can’t invest the same in their back office functions as much as they do in their front office and client experience. We are looking at how EY’s front office can be our client’s back office. We can invest in technology, talent and training more so than one company can.” 

Truncale also serves as the board chair for the global nonprofit Women’s World Banking, which aims to provide low-income women in emerging markets, such as India, Bangladesh and Egypt, for example, access to financial tools and resources. 

Some of the work the organization does includes working with local financial institutions in developing countries to create women-centric products, using analytics and data to influence key stakeholders, investing through a gender lens, and leadership development. 

“In every visit that I’ve had to India, for example, I remember women coming up to me and telling me that we are changing their lives,” Truncale says. “It’s the little things such as having extra income or having their own job to contribute to the family. It has had a big impact culturally.”

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