ISSUES FACING FINANCIAL SERVICES INDUSTRY
Technology, economics, regulation, consolidation, globalization, harmonization across traditional product categories and consumer demand continue to change the financial services industry.
Banking companies face the following industry advancements:
- Banks strive to enhance the ‘self service’ experience both at ATMs and online
- Teleconferencing improves remote access for customers
- Products (account types) continue to proliferate as mobile evolves
- Seamless interaction across channels & products improves overall customer experience
- Compliance and regulatory requirements continuously evolve
Insurance will see challenges across the value chain:
- Underwriting/Front–Office: continued product innovation and consumer choice; better risk selection through predictive modeling
- Claims & Operations: evolving ‘science-based’ approaches to reduce fraud, leakage and total cost, but enhancing customer experience through ‘ease of use’
- Finance Back Office: continued regulatory scrutiny and convergence of accounting standards
These challenges are exacerbated for smaller institutions that do not have the budget, personnel, skillset or expertise to evolve quickly and compete.
HOW SAP SOFTWARE CAN HELP
SAP is committed to the financial services vertical, with flexible end-to-end software processes, including claims and policy management, deposit and loan management, reinsurance, billing and collections, sales management, financial management and analytics. More than 2,000 of the world's best-run financial services companies are relying on SAP to help them improve performance and customer service, better manage sales channels, reduce time to market for new products, improve customer loyalty, optimize decisions, streamline and standardized operational processes and manage compliance.
WHY DICKINSON + ASSOCIATES
The Dickinson + Associates Financial Services practice delivers management consulting, mobile application development and information technology services to help companies deliver higher quality, innovative solutions at the lowest cost. Our consultants have business acumen coupled with SAP expertise that provides an understanding of a complex financial service industry as well as real-word experience in tailoring SAP solutions to meet customer needs and specialized requirements. We’ve developed and deployed solutions in insurance-- tackling global, regulatory and language-- and heavy legacy integration requirements in a single, seamless solution.