Financial Services

The sector comprises commercial banks, insurance companies, non-banking financial companies amongst others…

Globally, the financial services industry leads the world in terms of earnings and equity market capitalization. The FSI has gone through drastic technology-led changes over the past few years.

 

Financial Services

Globally, the financial services industry leads the world in terms of earnings and equity market capitalization. The FSI has gone through drastic technology-led changes over the past few years.

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The transformation of the financial industry

Banks, Insurers, Pension funds and Asset managers are faced by a new type of tech-competition that is positively supported by legislation, while the responsibility of financial fraud and risk is added to the core business.

The disruptive digital transformation of the customer experience requires the native institutes to adopt their legislative IT and processes to the new customer-centric economy. One of the challenges is that the highly predictable business of loyal customers has been replaced by unpredictable and empowered consumers who demand personalized and mobile services at a decreasing price in an internationally expanding market.

 

The new reality for the financial industry requires you to be in control of your current processes with adequately planned capabilities and accurately forecast to cost-efficiently differentiate in tomorrow’s market.

Experience

Below a selection of some interesting projects we did on the Financial Services Industry

Scenario forecasting model

A solution was developed used for actual reporting, forecasting and stress testing. Getting a good insight in the performance of the non-core department was key. Via change control on processes, non-core is able to generate reports on upcoming organizational changes before it is incorporated in other existing systems.

Budget forecasting model

At NLB Banka, Vena was implemented as the Planning and Forecasting solution, on-site, from the design phase until the UAT and training.

Reporting Model

Developing and implementing a client reporting model in HFM by which the customers receive a monthly update of their returns on their investments

Planning & forecasting model

The solution built in Vena Solution solved their unstable spreadsheets making the process easier, quicker and more auditable, in terms of the status of each department across the workflow.

Workforce planning

Sonum implemented a HR model that supports both the budgeting process and the monthly forecasting exercise. Being able to report both based on the organizational hierarchy as well as on the management and legal structures.

Questions regarding the FSI Industry? 
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