BANKS CAN TEACH INSURERS HOW TO TURN DATA INTO PROFITS

JEAN-FRANÇOIS GASC | April 9, 2020

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Open banking rules, particularly PSD2 regulations in Europe, have forced banks to share their customer information. Some progressive lenders have turned this threat to their businesses into a big opportunity. They’re using data-sharing ecosystems to reach more customers and launch new products. They’re also teaming up with promising business partners and expanding into fresh markets.

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Digital Transformation Of Finance Team - Get Better Agility While Doing Business In Tough Times

Article | September 14, 2021

Digital transformation had a huge impact on every sector, and this includes finance. Digital disruption in finance can be defined as an event where new technologies replace traditional methods for financial transactions. This article will discuss how technology for finance has changed over time, why it's vital to stay current with digital trends, and what you need to do to make your company ready for the future! Make plans for the coming age of Digital Transformation The finance team has traditionally used tools like spreadsheets, reports, and presentations to managing its processes. However, digital disruption in finance is creating new challenges for the finance department because of these changes - they need to learn how to use technology effectively or risk getting left behind! Here are some examples demonstrating why digital transformation of your company's financial processes can be beneficial. Digital transformation gives the finance team access to better systems to help them do their jobs more efficiently and effectively. Digital transformation gives the finance team access to better tools that will allow them to be more agile and deliver new services for their clients. Digital transformation saves money for the company because new technology is cheaper than old technology like spreadsheets and presentations. As such, if you want your company ready for the future, make sure your finance department is aware of digital trends and knows how it can integrate new technology into its workflows. Prepare for a transaction revolution as automation and blockchain infiltrate further into the financial process: While financial institutions have been working on transformation plans for many years, the recent cryptocurrency and blockchain revolution indicates that things are moving faster than ever before. As a result, banks are starting to understand that they need to be open to new technologies and ways of working to stay relevant in their industries and attract new clients. Financial institutions need to brainstorm new ideas and innovative ways of working that will allow them to be relevant in today's market while at the same time applying technology in ways that facilitate faster and safer processes. Financial Institution's role in Digital Transformation: Now that most finance processes are automated, the finance industry will provide more business insights and services. Of course, success is not a certainty, but digital marketing for financial services can get more focused and accurate. In essence, FinTech technology will improve financial management and help production. It can do this by rethinking procedures, breaking formats (finance is a chaotic environment), streamlining reporting, and endorsing transactions with a better data set. As a result, businesses may find themselves better placed to make long-term decisions and do not require immediate cash flows. The key question is whether financial technology can deliver on these promises in a way that provides real benefits for customers and shareholders while being price-insensitive enough to be affordable for all. The way for financial teams to be agile: Although digital transformation is a competency within finance, most bankers still focus on software development and hopping from platform to platform. One of the biggest problems in overcoming this difficulty is the lack of a common language. An effective digital transformation strategy requires the sharing of data - including between departments. Sharing information enables agility because it allows each team to understand their strengths and weaknesses more clearly. It also enables cross-functional teams that can reach out to business partners outside their core business functions when necessary or to solve problems outside their domain of specialty. The transformation can also help in creating compelling promotions and creating persuasive advertisements for your financial services. "As workplaces start to open, a hybrid model—seems to be a new norm that provides flexibility for people to operate both from their homes and offices, as we emerge out of the pandemic period." -Vishal Srivastava, Vice President (Model Validation) at Citi A more adaptable future in digital transformation for FinTech Several banks and financial institutions are making it a point to associate themselves with technological innovation. Recent data shows that nearly half of financial institutions worldwide have made some sort of digital transformation in the past five years – from transaction processing to customer relationship management. Increasingly, these institutions are looking to the future and thinking about using technology to transform how they do business. Digital transformation of finance is just one of the many buzzwords we're hearing from financial institutions right now. Financial institutions need to stay connected and relevant in an increasingly competitive marketplace by designing financial products and services that meet their changing demands. Cloud computing for a more agile future What's more, the shift means businesses can scale faster using the cloud--perhaps even more effectively--than before. The momentum behind the online collaboration, instant messaging, and Web browsing has only accelerated in the past few years -- threatening to upend the very foundations on which many large companies have built their business models. This shift means banks will need to find new ways to stay competitive and fast. Tech giants such as Amazon, Microsoft, and Google make significant inroads with cloud technology into innovative services and products into the bank space. We'll see if they also can help shake up the way work gets done -- either here or in offices around the world, as migrating infrastructure to the cloud enhances access, flexibility, and scalability for both FinTechs and banking giants. Conclusion The current financial crisis has led to a re-examination of traditional finance models and ways of working. One area that has gained particular attention is the digital transformation of finance teams. The potential impact of digital transformation on finance is intense. If well-timed, it may help finance organizations attract and retain talented employees while reducing operating costs and enhancing returns on investment in core operations. FAQs: What are the four main areas of digital transformation? Digital transformation is a broad term that generally refers to an increase in efficiency across many business functions using technologies such as software applications, data analysis techniques, networks, and infrastructure. To achieve digital transformation, the organization needs to rethink many core processes while integrating new technologies. In addition, there are challenges associated with changing from an existing model and overcoming internal resistance. What is the future of finance? The future of finance is in changing the way companies raise money for new ventures and how financiers themselves manage their portfolios. Fundamental changes include using technology that helps investors access data and choose more suitable investments, better deals, and structures for companies that now seek to raise money from multiple sources rather than just raising an individual round. What are the top technologies for finance? Technologies used in the financial services sector have become so integrated that it is difficult to understand their impact on a business or industry. Nevertheless, here are some of the emerging technologies that are in use right now: Hybrid Cloud Servers Blockchain Artificial Intelligence Robotic Process Automation Data Analytics Cybersecurity { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the four main areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation is a broad term that generally refers to an increase in efficiency across many business functions using technologies such as software applications, data analysis techniques, networks, and infrastructure. To achieve digital transformation, the organization needs to rethink many core processes while integrating new technologies. In addition, there are challenges associated with changing from an existing model and overcoming internal resistance" } },{ "@type": "Question", "name": "What is the future of finance?", "acceptedAnswer": { "@type": "Answer", "text": "The future of finance is in changing the way companies raise money for new ventures and how financiers themselves manage their portfolios. Fundamental changes include using technology that helps investors access data and choose more suitable investments, better deals, and structures for companies that now seek to raise money from multiple sources rather than just raising an individual round." } },{ "@type": "Question", "name": "What are the top technologies for finance?", "acceptedAnswer": { "@type": "Answer", "text": "Technologies used in the financial services sector have become so integrated that it is difficult to understand their impact on a business or industry. Nevertheless, here are some of the emerging technologies that are in use right now: Hybrid Cloud Servers Blockchain Artificial Intelligence Robotic Process Automation Data Analytics Cybersecurity" } }] }

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Ten steps to a maturity assessment-driven Data Strategy, for your Bank

Article | September 14, 2021

Here are ten steps to defining a data strategy based on a data capability maturity assessment, for a Financial Institution, Identify and Simplify Maturity models, and customize the yardstick as well as benchmarks based on local study and future organization strategy. Conduct workshop with leaders and grassroots to sensitize the assessment and questionnaires.

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FinTech in Post-Covid 19 World

Article | September 14, 2021

FinTech industry has 2008 crisis to thank for its tectonic rise. A number of ingredients (e.g. cheap funding, mistrust for banks, availability of ex banking talent, etc) came together that turned last recession into a platform for the launch of a wave of FinTech innovations. Since FinTech was almost born out of the last crisis, it is only natural to wonder how Corona Virus-induced crisis will reshape FinTech.

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Core finance - taking a strategic approach to cloud

Article | September 14, 2021

This post focuses on the benefits of a strategic cloud approach. The first blog post in the series titled, 'How a focus on the customer can help you fight for a digital finance transformation' can be read here and the follow up on laying the foundation for the future of finance can be read here. As organizations continue to plan and execute digital finance transformation strategies, CFOs are looking to reap the business benefits and the competitive advantages offered by cloud solutions.

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