New digital channels for financial services

Innovation means being flexible and responding to changing client requirements with real solutions.

Digital innovation

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.

 

Digital transformation solutions

Digital channels

Business goals

  • Home  Banking/Home Insurance
  • Smart Insurance
  • Mobile Banking
  • Mobile Payments
  • SelfService OnBoarding
  • Cross Selling
  • Smart Claims
  • Advanced Recommendation

Enabling propositions

UX Design, Mobility-enabling Responsive solutions, Apps, Chatbots / Virtual Assistants, Social Media

Distribution network efficiency

Business goals

  • SmartWorking
  • Mobility
  • Cost Reduction
  • Procedure Standardization
  • Monitoring and Efficiency

Enabling propositions

UX Design, responsive solutions, 360° customer view, cockpit / Alerts/ Next Best Action,Google-like search, commission calculation, needs-based selling

Operational efficiency

Business goals

  • BackOffice and Operational process structuring
  • Cost Reduction
  • Quality Assurance
  • Process standardization
  • SmartWorking
  • Lower Time to Market

Enabling propositions

RPA, BPM, Artificial Intelligence, Modelli di AMS, Test Factory / Test Automation, continuous deployment / continuous delivery processes

IT Modernization

Business goals

  • Cloudification
  • Cost Reduction
  • Capacity Optimization
  • QOS
  • Standardization
  • Flexibility

Enabling propositions

Integration architectures, ESB, Microservizi / API, Cloud / Containerization, Core System re-engineering, Mainframe decommissioning, Fast Data / Big Data

The Financial Services BU is the most developed in Fincons, representing over a third of revenues and growing over 20% annually

L'area Financial Services è la più sviluppata in Fincons, con oltre un terzo del fatturato, con una crescita annua media superiore al 20%

Oltre 30 clienti attivi tra cui primarie realtà internazionali del mondo assicurativo e bancario

Un team molto numeroso opera su clienti Financial Services, su attività sia di Business Consulting che di Delivery

Crediamo nella formazione come strumento per dare valore alle nostre risorse ed indirettamente anche ai clienti

Key sector skills
Insurance Insurance

Multichannel interaction with clients and consumers in the lead.

Banking Banking

New processes and interaction channels for banking.

Integrated Skills

We’ve been working with leading Banking and insurance businesses for years across all the key supply chain areas. We provide System Integration and Application Management services in addition to tailor-made innovation and re-engineering projects in various mission-critical areas. Our skills match existing needs and client business requirements such as:

 Functional skills

Thanks to vertical experts for all Financial Services business processes, whether these are traditional back end, or more innovative digital channel distribution components, we place User eXperience at the heart of what we do.

Tecnological skills

Full mastery of core technologies (Java, Microsoft, COBOL...), most common frameworks (Angular, React, Bootstrap...) and market products (from SAP to SalesForce, from BI to Content and Document Management tools...)

Delivery skills

The flexibility and cost effectiveness of our Smart Shore Delivery is provided by onsite or remote teams and can be entirely, or partially, carried out at our “Made in Italy” Delivery Center in Bari. We have a lengthy track record of successful, rapid and cost-efficient deployment.

Partners

To provide tailormade solutions and support our clients in their various business processes, over time we have developed an ecosystem of partnerships with major international vendors such as: SAP, Salesforce, Oracle, Avaloq, Appway.

Appway

Appway provides a platform for the low code development of applications based on a highly efficient and flexible BPM platform that enables speedier development of workflow-based front end applications integrated with external sources. Fincons Group is an Appway Gold Partner and supports clients with a dedicated Competence Centre and certified resources. 

Avaloq

Avaloq provides a complete solution for banks which includes both core banking modules (from demographics to current accounts, securities, credit, payments, accounting, output management…) and direct access systems for clients. Fincons Group is an Avaloq Implementation Partner and supports clients with a dedicated Competence Centre with certified resources. 

Datastax

DataStax is a leader in the provision of hybrid cloud databases built on Apache Cassandra™. A platform for real-time, customisable large-scale applications, DataStax Enterprise simplifies hybrid and multi-cloud environment use for businesses via a data layer that eliminates the obstacles that typically derive from the implementation of applications on various local data centres and/or public cloud. 

Flowable

Flowable is a digital platform for business process and case management solutions, which - based on established open source engines - connects worldwide companies with their customers and automates processes. Through consulting, support and training in areas of competence that include Conversational Banking, Case Management, Appointment Management and Intelligent Automation, Flowable designs future-oriented applications for customers in various industries.

Oracle

Oracle is an IT multinational offering a complete and integrated stack with cloud applications and Platform Services. Oracle’s offering, more and more cloud oriented, is based on emerging tecnologies adopted in both intelligent business applications and infrastructure. Fincons Group is an Oracle Value Added Reseller and Gold Partner. 

Salesforce

Salesforce is a leading cloud computing company whose solutions allow companies to connect with their customers in a completely new way and to collect information by integrating sales, customer service, marketing, community, analytical data, l'IoT and cloud applications. Fincons Group is Salesforce Consulting Partner for the implementation of the Salesforce Customer Success Platform. 

Sap

SAP is a European multinational organisation producing management software. It is one the major ERP and IT solutions providers globally. Fincons Group is "SAP Service Partner" for SAP Italy and SAP Schweiz and supports clients in the analysis, implementation and performance improvement phases of the different SAP solutions thanks to a trained and accredited team with experience in different industries. 

UiPath

Ui Path is the leading RPA (Robotic Process Automation) provider. RPA is the technology that allows anyone to configure computer software, or a robot to emulate and integrate the actions of a human interacting within digital systems to execute a business process. The UiPath platform accelerates digital transformation and introduces greater process efficiency enabling fast automation while reducing impact on applications. 

Solutions
FiscalOne
FiscalOne

FiscalOne optimises and standardises taxation processes and guarantees fiscal data handling. The solution measures, manages, traces and monitors all the information required for fiscal processes from a single access point.

AMPPER
AMPPER

AMPPER measures and manages business partners both in terms of sales (agents, networks, intermediaries…), and in terms of operations (management outsourcing, installation, maintenance…) guaranteeing the highest configuration speed.

Fincons Fast Data Lake
Fincons Fast Data Lake

Fincons Fast Data Lake offers the opportunity to build APIs reading data fed by legacy systems in near real-time from a High Performance Data Store.

The solution is the result of Fincons’ experience in technology and its investment in scouting of market components.