Financial Services

The primary drivers of digital transformation in the Financial Services sector - improving customer experience and maximising operational efficiency - are not fundamentally different to the priorities of other business sectors. But three factors combine to make the Financial Services sector different to the rest.

One is the degree of urgency. The competitive landscape in this sector is changing rapidly as new entrants - born digital, lean and unencumbered by legacy systems and deeply embedded “analogue” processes - shake up the market and win customers at the expense of the established players.

Another is the ever-increasing scope and complexity of the regulatory environment, within this sector. As new technologies and processes are implemented, they must be aligned with the constantly changing compliance regimes.

The third is the attitudinal shifts in today’s customers towards this sector. Whilst previous generations put a premium on trust and longstanding personal relationships with their financial service providers, Gen X, Y and Z have a different perspective. Service delivery “on demand and on my terms” is paramount, and there are no hesitations about switching service providers if their expectations are not met.

We have strong experience in this sector and understand these challenges. In particular, we understand the pressures faced by the smaller and mid-tier players across the various sub-sectors of the industry - Private Equity firms, Asset Management businesses, Building Societies /Credit Unions and Tier 2 and 3 banks.

Here are a few examples of how we can help you on your digital transformation journey: ",

Customer Experience: There are multiple aspects that contribute to overall customer experience in this sector including onboarding, account management, customer service and the ability to introduce new products rapidly to cater to emerging customer requirements. Technology is the underlying enabler. Intelligent business process automation can inject speed and agility into standard procedures such as onboarding and account management a smart combination of integrated data orchestration, data analytics and AI can transform customer service; and migrating your systems to the cloud provides the basis for rapid roll out of innovative new products.

Operational Efficiency: A lot of Financial Services businesses are still driven by systems that are many generations old in IT terms, with serious limitations when it comes to integration and scalability. Charting the best course to move from the current status quo to an open digital architecture that enables full integration between back office and front office functions, automated workflows spanning many different parts of the organisation, and which is sufficiently agile to support the operational roll out of new products whilst ensuring ongoing compliance with regulatory requirements needs both a deep understanding of the technology options and real familiarity with the business operations of Financial Services companies. And that is what we bring to the table.

AI to Drive Compliance: AI has matured greatly in recent years, and is now increasingly gaining traction across the Financial Services sector. However, take up is still comparatively low in a significant number of organisations due to concerns that employees could see it as a threat and that it is inconsistent with the highly personalised approach to services that many traditional Financial Services organisations have been built on. One area where it can have a major impact in increasing efficiency and saving costs - whilst also posing no threat to staff or customer relationships - is to deploy it to do the “heavy lifting” in analysing large volumes of transactions to identify anomalies that could indicate fraud or money laundering. We’d be delighted to talk to you in detail about this.

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