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Financial services

We have a thorough understanding of the markets in which we operate. We develop the solutions our customers require to grow their business.

The financial services industry is at the cutting edge of globalisation. Retail and corporate banks pursue global strategies; securities exchanges and clearing houses are forging international links. This is matched by global sourcing strategies for technology and certain business processes at leading financial services institutions.

In the insurance industry, cross-border entities are becoming the norm, but the rapid consolidation of ownership across Europe has not yet been matched by globalisation of process and IT systems. This looks set to change. Market participants recognise that this can lower costs, while also reducing operational and legal risks. It can also help them to improve service and the clarity of their offering to customers.

Regulatory change is a key driver for IT spending. As new statutory requirements are introduced, financial institutions are being forced to update their systems to comply. This process often leads to more fundamental reviews and triggers business transformation initiatives.

The Markets in Financial Instruments Directive (MiFID) will introduce a single market and regulatory regime for investment services across the European Union. EU regulators are implementing the Payment Services Directive (PSD) and, within the eurozone, the Single Euro Payments Area (SEPA), to reduce the cost of cross-border transactions. These developments are encouraging banks to develop EU-wide compliance capabilities and payments infrastructures. During 2007, high-volume SEPA testing will be a significant, although one-off, need.

Strategically, there is a growing recognition among financial institutions of the need to drive out efficiencies by transforming their back office organisation, processes and systems. For many, the transformation and automation of the back office goes hand in hand with an increased emphasis on innovative customer service.

Retail banks and insurers are becoming more focused on individual customers. Customer data integration is gaining ground as they invest in technologies that help to build client loyalty and deliver targeted customer offerings.

There is growing interest in insurance automation to reduce administration costs, especially in life and pension businesses. As standardised solutions gain greater acceptance, major packaged solutions which deliver service-oriented architecture, such as SAP, are likely to gain traction.

The trend for outsourcing application development plays to our strengths as a financial services specialist with a leading global services delivery model. There is increased appetite in the banking industry for business process outsourcing (BPO) solutions, driven in part by the need to handle SEPA-related payments processing. In insurance, BPO services for routine administration are becoming more common.

Please visit our Corporate Financial Services site HERE.