Vertical Solutions Integration
Challenges you may be facing
Some of the most critical challenges that financial services firms are facing today were triggered in the early 90s. The explosive growth of Information Technology (IT), combined with deregulation and liberalization, permanently restructured the BFSI landscape. With a steep transformational curve, today it is imperative that FS CXO, and IT and other decision-makers reimagine their business trajectory to control costs, improve execution, and achieve operational efficiency, while coping with growing regulatory pressures. Business innovation, though continuous, must be strategically realigned keeping converging industry trends in mind, such as:
- The old hat definitions and approaches to competitive differentiation are disintegrating in the face of a disruptive and volatile business market environment.
- Fluctuating solvency, complexity of reporting, increased regulation, and costs of non-compliance are severely effecting the time-to-market.
- Internal and external stakeholders, like buyers and regulators, are better connected and more informed than ever before— consequently becoming more vocal about their diverse demands.
- The digitally aware customer demands immediate engagement across Omni-channel platforms, which must be met to survive in today’s competitive user-experience market.
What we can do for you
Vertical Solutions Integration (VSI) is HCL’s recognition of the fact that in the next twenty years, standardized and pre-packaged software solutions are going to transform the BFSI business landscape. Once implemented, such platforms will compel FS organizations to reevaluate their people competencies, IT infrastructure landscape, and business process blueprinting to meet standardized operational requirements.
At HCL, we believe that a VSI driven approach to “business transformation” in BFSI will boost operational economy, cost efficiency and risk reduction. We leverage our vast partnership ecosystem to bring you an end-to-end domain solution— propelled by modernized business platforms and solutions accelerators, coupled with advanced delivery and commercial models.
VSI Service Catalogue- Roadmap to value creation
With the VSI approach, HCL looks to improve clients’ operational efficiency and agility by creating “out of the box” software solutions, powered either by partners within its strategic alliance network or by external vendors, to meet industry-specific challenges. The key modules comprising our VSI solution for BFSI are:
- Risk and Compliance: Respond to the latency and disruption faced while meeting your business unit’s compliance levels, and keep up with the increasing urgency, complexity and volume associated with industry regulatory and reporting requirements.
- Core Systems Transformation- Insurance:
- Claims Transformation: Leverage claims analytics to respond to the bottom-line pressure created by legacy claims administration processes, while improving operational efficiency.
- Life Policy Administration Systems and Retirement Transformation: Leverage innovations in core systems technology, to gain the insight and operational agility required to build customer-centric strategies which address global changes.
- Core Systems Transformation- Capital Markets:
- Wealth and Investment Management: Meet the combined cost-revenue priority, by transforming client acquisition and servicing, via a platform revamp, coupled with specialist shared services for high-value customers.
- Trade Processing & Back Office Functions: Address rising cost per trade triggered by an expensive technology environment, with a balanced Straight Through Processing (STP) blueprint that integrates process, services and applications optimization.
- Core Systems Transformation- Banking: Effectively respond to the FinTech start-ups that are more agile and nimble by adapting to new payment mediums like bitcoin and blockchain. Adopt a ‘continuous innovation’ approach to boost operational efficiencies of retail and commercial banks.
HCL’s Vertical Solutions Integration encompasses these key business offerings:
- Business Value Articulation
- Process Blueprinting and Solution Architecture Design
- Product Development, Configuration, Testing
- Integration, Environment Management, Training
- Program Management, Change Advisory Services, Business Value Realization
Why should you consider HCL?
Demonstrating the power of ‘idea-preneurship’ across the business landscape, HCL is a preferred partner for over 40 Fortune-500 FS enterprises. Here is what sets us apart:
- Innovative Business Constructs: We take a platform-agnostic approach, with the client’s best interest as the end goal
- Best of breed services: We provide engineering services to platform providers to optimize costs across operations and technology
- Business Impact with our 'skin in the game' approach: Guaranteed upfront benefits with an approach that aligns our business interest to your own
- Customer delight and relationship beyond the contract: HCL believes that true value-add is realized from the customer-provider relationship, beyond the constraints of a pen-and-paper contract
Our existing partners include industry leaders such as:
What HCL has done for others?
Clients have successfully leveraged our VSI solution to make their organizations future-ready, in order to facilitate a transition into mobility, Cloud, and analytics-driven decision making models. This will ensure increased administrative efficiency and cost control, while implementing more streamlined operations. Our success stories include
- USD 44 million in value creation for a fortune 100 global bank, via an asset monetization cum investment research platform and a co-innovation lab, along with 40% reduction in TOC through an innovative pricing model
- Planned migration to a Basel II capable platform for a global financial services firm across 14 entities, management of Basel II reporting service for all EMEA operations, and achieving compliance with BASEL III norms and report publication since 2013