FINANCIAL SERVICES
THE CHANGING WAYS OF TRANSACTING
The Banking and Financial Services industry is evolving at an exponential rate. Shifting customer expectations, disruptive technology and increasing regulatory requirements are continuously reshaping the sector.
Major impacts on the finance industry from new technology, big data, regulations, and cyber-security issues, along with tough new competition from Internet payment processors Google, Amazon, Apple and PayPal are challenging older ways of transacting. Customer experience and social media are at the forefront while security concerns and related susceptibilities are at an all-time high.
DIGITAL TRANSFORMATION
The key to successfully navigating this landscape lies in making better choices in response to change. Banks and Financial institutions are today focusing on customer experience like never before. More than products and services, customer understanding gives the much needed competitive edge today. Furthermore, banks must simplify their decision-making processes so that they can operate with the agility that their shifting landscape requires. Technology – and Digital Transformation in particular – will have a central role to play in this.
SALESFORCE AND CUSTOMER EXPERIENCE
The Digital world has made it challenging for banks to understand customer behavior. A customer’s decision to bank or transact with a particular institution is triggered by his experience across different channels, as well as constant feedback he gets about other’s experiences. Salesforce makes it possible to integrate all available information about the customer in a structured way allowing better product marketing and customer experience.
Our Salesforce expertise allows you to focus on your customer experience by putting the customer at the center of all decision-making. Our holistic approach looks at challenges of legacy systems and siloed data, consolidates data, analyses customer behavior to provide a single view of your customer.
ENTERPRISE EFFICIENCIES WITH SAP HANA
Decision-making in Banking needs speed and agility, and a lot of efficiency. While technology aptly aids the decision-making process, over the years, a significant rise in the pervasiveness of technology in the enterprise has given rise to complexities. The abundance of data distracts the decision makers from the core data points threatening to decrease returns on your IT investments. SAP HANA seamlessly fits into your enterprise allowing simplicity and better decision-making process, while our proprietary methodologies offer optimum efficiencies in doing so.
Our Enterprise CoE works closely with your internal IT systems and processes to deliver efficiencies and value.
- Cost and revenue allocation for financial products powered by SAP HANA helps you streamline profitability for yourfinancial products.
- Increased power to process and analyze vast amounts of data, develop insight, make decisions, and be most adaptive
- Ability to process core data points quickly across the entire organization giving you the competitive edge and higher RoI
- SAP solution of Cost and Revenue Allocation connects risk and finance through technology while SAP HANA provides the real-time data analysis, improves business process efficiency, manages profitability and measures performance
STAFFING THE RIGHT TALENT
Digital Transformation can be possible only through human innovation. Today’s IT teams in Banks and Financial institutions need to be agile to accommodate the Digital workforce as well as legacy technology experts. Banks need to be prepared for business spikes, allowing for flexible IT and maintenance costs
Mastech’s award winning Staffing solutions helps you fill your IT teams with the right kind of Digital workforce as well as other technology experts on a contingent or permanent basis.
- Machine learning technologists
- Cyber-security experts
- User experience (UX) designers
- Data scientists