Today, both Banks and Insurers need to evolve their business models. On the one hand they need to provide products and services that improve customer experience and stand out from the competition, on the other they need to improve operational efficiency to reduce costs and increase profitability. All this within an evolving legal framework.
The trajectory for this evolution is enabled, but also to a degree dictated, by digital innovation. The latter helps manage today’s obstacles efficiently while facing and mastering tomorrow’s challenges and new business opportunities flexibly.
There is a new way of doing business, where technology becomes a key ally for growth alongside the client.
Where innovation generates value, simplifies and frees up financial resources.
This is the direction we are helping clients take.
Direct channels, in all their forms (from web portals to apps and chatbots), are becoming critical to enabling Bank and Insurers to deliver services faster and at a lower cost as also required by evolving legislation.
Intermediaries, whether they are insurance agents, brokers, financial advisors or private bankers, need to be able to interact with systems on the move. This is demanded by new User eXperience standards which require them to carry out their duties rapidly and accurately, expressing their unique value, but also adhering to the commercial standards set out by senior management.
Thanks to BPM and RPA tools that help reap rapid benefits, operations can become more efficient through the structuring and automatization of processes wherever possible.
Technology is the cornerstone of digital evolution and mastering it means designing systems that bring lasting value. At the same time, the evolution thus described needs to be part of a larger company-wide eco-system of application that also includes legacy systems. Today’s solutions need to be able to extract maximum value out of these legacy systems wherever it is not possible to replace them with more modern solutions. This can be achieved by regenerating them through APIs, microservices and integration architecture. Fincons Fast Data Lake plays a key role in this sector as it enables businesses to grasp the benefits of modern performance standards and a reduction in load and peaks of requests on legacy systems, while at the same time reducing overall costs.
When big data
benefits the back end
Fincons helps banking and insurance industries in this evolution using its knowledge and experience while developing solutions that are designed to generate both short and long-term value. Agile methodologies also contribute to achieving these objectives.
The lock-down caused by the Covid-19 pandemic has exposed lacunae in digital preparedness of FSI businesses and digital transformation has made it to the top of the agenda. This paper analyses the issues at play in determining existing gaps, grouping them under four key categories: obsolete systems, fragmented systems, resistance to change and lack of in-house skills, and suggests a series of solutions to effect change rapidly and easily without completely overhauling legacy systems.
Download the whitepaper by Giuliano Altamura, Global Financial Services Business Unit General Manager at Fincons Group, to find out how to achieve your digital transformation business and process goals improving engagement, sales team efficiency and overall productivity. Use the pull-out Q&A guide at the end to develop a roadmap for hitting your targets with vertical solutions we have successfully tried and tested over the years.
How can Financial Services companies deliver better user experience and faster, omnichannel solutions without overhauling their legacy systems? Our new whitepaper explores the value of datai ntegration hubs: a fast, effective and compliant solution to speed up the digital transformation journey.