Banking, financial services and insurance companies are under pressure to adopt digital technology to better meet customer needs – being fully aware that better customer engagement leads to richer customer experience and stronger customer loyalty. Although adopting newer and more agile financial services software and IT solutions is on the rise, the major trend of migrating from legacy applications still remains, compelling these financial services organizations to manage their new IT investments from shrinking IT budgets.
Why should you consider HCL?
- HCL’s ALT ASM™ Framework for the BFSI sector. Maintaining your existing IT systems even while investing in new solutions can be quite challenging, requiring well planned processes. Our ALT ASM™ framework – our alternative view on ASM - has been instrumental in substantially reducing our customers’ cost of operations and increasing their productivity. The framework adopts what we call - a “proactive obsolescence” approach - which provides incremental value beyond the traditional ASM contract and unlocks a large amount of working capital from our clients’ ASM spend. This unlocked capital can then be re-invested in migrating from legacy applications to modern ones, thereby embracing digitalization more quickly. HCL’s ALT ASM™ is helping banking, insurance and financial services companies achieve their target of maximizing revenues and minimizing spends.
Growth through innovative approaches. Our clients – from Fortune 500 corporations to 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.
- One: 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
- Two: 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
- Three: 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
- One: Leveraging the eco-system
Valuable partner. Traditional finance and accounting outsourcing models are beginning to disintegrate in the “new normal.” CIOs and vendor management offices now seek partners who can assist them with financial services consulting , financial services software and strategies that help reduce supplier fragmentation, align with business objectives, leverage outcome-based models, seek innovation and value addition beyond the contrac. This model also provides global service delivery and delivery excellence,along with simplified engagement governance. To know more to view some of our unique engagements.
How can HCL help you?
We provide services to the banking, capital markets, and insurance industries across applications, IT infrastructure management, and business operations. (To know more to view our services across micro-verticals). Customers engage with us for gaining business-outcome-based solutions, by selecting a la carte from the list of interventions below, or both:
- Customer experience management: Balance your customer experience and operational efficiency by making each interaction with customers easy, fulfilling, relevant, and transparent
- Risk and compliance: Match compliance levels with regulatory and reporting requirements
- Alternate application support and maintenance (ASM): Convert a cost-driven ASM service into a business-aligned, proactive, problem-solving function that delivers user satisfaction and lean resourcing
- Claims management: Improve the operational efficiency and effectiveness of the claims administration process through claims analytics
- Policy administration systems: Leverage core systems technology that provides insurers with the insight and operational agility to build resilient customer-centric strategies
- Wealth and investment management: Increase revenue and lower costs by transforming client acquisition and servicing through platform revamps and specialist shared services when addressing high-touch, high-value customers
- Trade processing and back-office functions: Develop a balanced straight-through processing (STP) blueprint, integrating processes and services while optimizing applications
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