What keeps you up at night?
The global financial crisis of 2008 caused a paradigm shift in three core areas of the financial services industry. Firstly, the Cost-to-income Ratio (CIR) for most financial companies continues to be higher than the industry benchmark, creating a need for structural adjustments to global operations and IT models to drive cost reduction strategies. Secondly, customer expectations have exponentially increased and there is a demand for “know me” customer experience which requires continuous innovation in customer experience management financial solutions for faster time-to-relationship. And thirdly, a slew of new, stringent regulatory and compliance guidelines is forcing these companies with a burden to comply. Judiciously adopting new age technologies and investing in continuous innovation is the only way to differentiation and sustainable competitive advantage.
HCL offers a unique and evolved financial IT services portfolio to address these imperatives and help financial companies stay ahead in the game. HCL’s IT solutions for financial services are targeted at rationalizing and converging IT and operations across regions and business divisions, to optimize cost, and bring agility with renewed focus on regulatory compliance and customer centricity. Our financial services technology consulting can help financial companies transform their business processes.
Why should you consider HCL?
- Growth through innovative approaches. Our clients — from Fortune 500 corporations to regional financial services companies that are a lifeline for their local communities — partner with us to discover innovative ways to adapt to shifting regulations, achieve continuous simplification of IT and operations, improve their customer experience, and gain access to new products and markets. HCL delivers these benefits with help of its financial IT solutions through a tailored combination of nine critical factors categorized across three mainstays of value creation.
- Leveraging the eco-system
- Co-innovation for technology: Identifying end-user insights and developing ideas for a joint go-to-market
- Co-development with partners: Best-in-class products and SI capabilities that reduce risk and accelerate time to market
- Co-creation for thought leadership: Engaging analysts, advisors, and influencers to create business value from IT
- Nurturing the value chain
- Fully served customer: Business-aligned IT to offer seamless integration of business processes, applications, and infrastructure
- Cost-structure transformation: Unlocking capital from best-in-class Run The Business (RTB) processes and reinvesting the savings into a transformational agenda of customers
- Front-office transformation: Helping banks and financial services companies address the evolving needs of the connected-customer community
- Expanding the business model
- Skin in the game: Joint ventures and special-purpose vehicles that deliver financial value beyond traditional finance and accounting outsourcing benchmarks
- Pricing constructs: Convenient models such as Day 1 Committed Cost Savings and Gain share models
- Collaborative sourcing: Customer-need-based commercial structuring, benchmarked predictable SLAs, continuous reportage, and process innovation
- HCL as a Valuable Partner. Traditional finance and accounting outsourcing models are beginning to disintegrate in the “new normal.” CIOs and vendor management offices now seek partners or financial services consulting companies who can assist them with financial services technology consulting, and software for financial services and strategies that help reduce supplier fragmentation, align with business objectives, leverage outcome-based models, and seek innovation and value addition beyond the contract. This model also provides global service delivery and delivery excellence, along with simplified engagement governance.View some of our unique engagements.
How can HCL help you?
- Streamlining/cost take out across operations and technology: HCL helps clients achieve this balance by enabling savings in ‘Run-the-Bank’ activities to be channelled into ‘Change-the-Bank’ initiatives, through: Front-to-back integration (Vertical Systems Integration); Creation of Shared Services and Utilities through proprietary frameworks, such as ALT ASM™ for application maintenance utility, and Enterprise Functions as a Service (EFaaS™) for shared services; and TCO reduction through carve outs and asset monetization.
- Engaging customers: HCL helps transform your customer interaction touch points and processes through a focused Customer Experience Management value proposition for financial services companies, which enables seamless integration across distribution channels. This helps you derive actionable business insights to chart a customer’s journey through up-sell/cross-sell opportunities and industrialized digital marketing.
- Innovating to stay ahead of competition: In today’s business economy, efficiency and innovation are big competitive advantages enabling higher margins and wider play for product prices. HCL helps clients innovate while leveraging technology to deliver business impact through Front-end transformation, Platform-led transformation, and Data and Analytics led- transformation. A lot of these initiatives are brought to life in HCL’s client specific Co-Innovation Labs as well as at HCL’s celebrated grassroots level value creation initiative – Value Portal.
- Finance and risk management:Effective data management and process discipline are the first steps toward risk control, monitoring and compliance. HCL enables this through a centralized risk governance framework. HCL helps leading financial services firms across the globe, comply with the changing regulations, efficiently manage data, and establish an overarching governance and risk framework through a dedicated Risk and Compliance management practice. HCL also offers integrated solutions for Financial Crime & Surveillance for retail and institutional clients.
- Partnerships: HCL unlocks value and synergies for customers through multiple alliance models backed by decades of strategic partnership experience with the top Global 500 firms. These alliance models have in-built variable pricing structures and can help rationalize a bank’s balance sheets to meet regulatory and end-client requirements.