Financial Services and Insurance

After several years of emphasis on cost containment, financial institutions and Insurance companies are refocusing their priorities around innovation and business growth. In order to retain or build market leadership and competitiveness, a financial institution requires a business model that enables it to anticipate and respond instantly to changing customer demands, competitive threats, risk requirements, and regulatory obligations as well as realign rapidly following a merger, acquisition, or divestiture. As financial institutions realign their businesses, embedding technology into everything they do in order to better address the changing needs of their businesses will be key to success.

Changing demographics, the consumerization of IT, and the explosion of social media will make transforming customer experience through innovation and excellence a business imperative. In order to do so, financial institutions will need to innovate across branch, telephone, Internet, and mobile banking channels, and embrace emerging technologies. Customers expect to be able to interact with their financial institution from anywhere and on a 24×7 basis, and reach the information they need or connect with a specialist via their preferred channel. Similarly, the changing workforce means that staff increasingly expects to utilize the latest technologies and social media to conduct day-to-day business and interact with customers. With everything and everyone connected, and customers expecting immediate results, financial institutions must focus on innovation and customer experience.

Financial institutions must carefully prioritize their capital investments, and many are increasingly trying to leverage existing investments, and turning to flexible sourcing strategies and usage-based pricing models. Financial Services institutions and insurance companies need to optimize the mix between in-house technology, outsourced operations, and cloud services, to ensure the right method of sourcing and pricing of technology-enabled services. Cloud computing provides quick and easy access to on-demand services, enabling a financial institution to grow rapidly by adding new resources as requirements change, reduce capital expenditure, and move to usage-based pricing models.
However, most financial services institutions and insurance companies are still constrained by inflexible, aging IT systems, which have become increasingly complicated as a result of mergers, acquisitions, and years of changing business requirements, and prevent them from quickly responding to changing business needs. Applications running in infrastructure silos make leveraging data assets for customer segmentation, regulatory compliance, risk analysis, and management reporting difficult and time-consuming. Changes in response to evolving customer needs and divestitures are also costly. Legacy systems are a primary reason why maintenance costs can consume up to 80 percent of IT budgets and are rarely aligned with enterprise-wide business needs, limiting innovation and growth.

A rethink of business and IT architecture and business processes is required to become an Real-Online IT Enterprise capable of adapting quickly to market opportunities as well as threats. End-to-end RealTek’s Financial Services and Insurance solutions can enable your organization to transform your cost base, improve process efficiency, mitigate risks, assist with regulatory compliance, enhance customer loyalty and implement sustainable business models for long-term competitive advantage.

The Real-Online IT Enterprise

Today, everything is mobile, connected, interactive, immediate, and fluid. To gain competitive or service advantage in the face of new customer and constituent behavior patterns requires technology be at the very forefront of enterprise innovation and growth. The Real-Online IT Enterprise serves customers, employees, partners, and citizens with whatever they want and need, instantly, at any point in time and through any channel. It uses technology to integrate and automate the value chain. It adapts easily and innovates rapidly. It manages risk and environmental responsibilities. Behind the scenes, the Real-Online IT Enterprise streamlines everything that is required to deliver a service.

Having successfully undergone its own IT transformation as well as being the strategic technology partner to many of the world’s leading financial institutions. RealTek, is well-placed to help your organization manage and transform its business model to one that flexes instantly. RealTek consultants helps financial services institutions insurance companies prioritize their capital investments and realign their business models through services-led and technology-enabled transformation.

RealTek has a set of fundamental solutions focused on helping financial institutions build their own Real-Online IT Enterprise:

Application Transformation: RealTek transforms core banking and payments applications enabling financial institutions to gain control over aging applications and inflexible processes that constrain enterprise growth, agility, and innovation.
Converged Infrastructure: RealTek breaks through rigid IT silos and IT sprawl with a Converged Infrastructure specifically engineered to drive out cost and provide the foundation for agile service delivery. It integrates servers, storage, networking, and management resources to deliver the data center of the future.
Enterprise Security: RealTek secures a financial institution’s entire IT infrastructure by addressing all aspects of security—people, processes, technology, and content —protecting assets without constricting the flow of information within the business or across customer channels.
Information Optimization: RealTek’s services manage growing legal and compliance requirements together with customer and management demands for quicker and better information to aid real-time decision-making.
Hybrid Delivery: RealTek can enable the right mix between in-house technology, outsourced services, and cloud services, integrating them into a financial institution’s environment without the associated complexity and cost of managing them separately.

RealTek’s Financial Services and Insurance Solutions

RealTek can help your organization become an Real Online IT Enterprises by helping you manage and transform your environments and business processes to optimize outcomes that matter, including:

Transforming the cost base using flexible sourcing and usage-based pricing models, freeing up capital for investment in innovation and growth.
Rebuilding customer trust and anticipating changing customer needs and preferences for emerging channels such as social networking, mobile devices, and the Internet.
Responding to changing business needs including risk, regulatory and security requirements, and competitive threats from non-traditional financial services companies as well as regional players.

RealTek’s experienced consultants helps financial institutions objectively to implement sustainable business models that flex as economic conditions and business needs change with end-to-end banking solutions. RealTek’s Hybrid Delivery ensures the right method of sourcing and pricing of technology-enabled services. It optimizes the mix between in-house technology, outsourced operations, and cloud services, integrating them into a financial institution’s environment without the associated complexity and cost of managing them separately.

Why RealTek?

Financial Services institutions and insurance companies increasingly expect their investments in technology to deliver positive and tangible business outcomes, not just IT benefits. RealTek’s partnership ecosystem and solutions portfolio will help you achieve your organizational goals by the following:

Enhance total customer experience to retain and acquire customers
Develop new revenue streams through innovation and expand share of wallet and profit per customer
Improve decision making while reducing enterprise-wide operating costs
Increase operational efficiency and productivity
Assist with regulatory compliance and reduce security threats

RealTek’s experienced consultants can help you achieve your organizational goals to implement business models that allow you anticipate and respond to changing customer demands, competitive threats, risk requirements, and regulatory obligations; transform your cost base with usage-based pricing models; and realign rapidly following a merger, acquisition, or divestiture. End-to-end solutions enable your organization to turn the information explosion into a competitive advantage using flexible sourcing strategies, including the cloud, to build a customer–centric business that merges traditional and emerging channels, such as social networks. A full range of financing and lifecycle management services, including usage-based pricing models, make it easy to deploy world-class solutions and manage them to the lowest total cost of ownership.