Financial services

Financial Services

In this section we cover...

BUSINESS PROCESSING

We offer banking and financial services organisations the opportunity to remove complexity across a full range of business processes. Customers in this sector already trust us with securities processing, funds administration and investment account administration. In addition, we can also process payroll, learning and development, recruitment, and HR administration as well as providing offshoring services. By unburdening themselves of back office functions like these which support their operation but are essentially peripheral to their vision and mission, we give our customers time and efficiency to focus on what they do best. The result is more flexibility and greater efficiency in the face of formidable challenges.

TECHNOLOGY

We offer extensive technology capabilities across a variety of industry sectors. In banking and financial services specifically, our solutions include a platform for processing equity exchanges in India together with a proprietary middleware solution that links legacy systems and the SWIFT gateway for over ninety banks across the sub-continent.

We deliver high-availability transactional processing systems that support trillions of annual global non-ferrous metal trading. Furthermore the partnership has delivered a tenfold increase in electronic trading volumes and enabled the customer to move into new markets.

On the wider stage, our infrastructure team supports customers’ growth with cost-effective, scalable and rapidly-deployed solutions. We also design, build and run the software that supports a range of business processing solutions. We embed our intellectual property (IP) to create a solution faster and more cost-effectively than our customers can themselves. We can also provide customers with Total IT Outsourcing (ITO) solutions – a single point of supply for an end-to-end managed service.

PROCUREMENT

We are experts in supporting procurement professionals with services including sourcing, spend management, procure to pay (P2P), system management and software solutions. In this industry, we already provide sourcing and category management across Europe for a French banking group, a source-to-pay service for a bank in the UK and strategic sourcing for a customer in North America.

Business Issues

These are unprecedented times for the banking and financial services organisations.

The global financial crisis and subsequent economic recession may indeed be only one of the most dramatic manifestations of a paradigm shift that is taking place across the industry.

Even before the headline-grabbing collapse of two Bear Stearns hedge funds in July 2007 and the failure of Lehman Brothers in September 2008, many banks and financial services providers faced severe structural and market pressures:

MARKET DEVELOPMENTS: The banking and financial services industry has increased in complexity as new participants have entered the market, more organisations have chosen to provide solutions rather than products, and consolidation has taken place amongst suppliers and across platforms. Post-recession, heavier state involvement is likely to complicate this scene even further.

REGULATION: From the Financial Services Act through to Sarbanes-Oxley and Basel II, regulation and compliance represented an increasing burden for the financial sector well before the crash of 20081. Post-recession, this process is only intensifying with the advent of new legislation and regulation ranging from Basel III, the Dodd-Frank Act in the US and the ringfencing of UK high street banking operations scheduled in the conclusions of the Vickers report2.

TECHNOLOGY: Legacy systems, new access channels and automation were just some of the complex IT requirements which banks and financial services organisations faced before the recession. Many still face them now – but with less money to spend and more urgent challenges to face.

COST PRESSURES: Pre-recession, organisations in this industry encountered decreasing margins, increasing complexity and unpredictable project costs. Post-recession, these cost pressures may be further exacerbated by higher equity ratios leading to slower growth and lower profits.

How should these organisations respond?

Outsourcing has been a feature of the banking and financial services landscape for many years – certainly of IT functions and often of business processes too.

There is a very good reason why:

Banks with a high degree of outsourcing have on average a 5% better cost-income ratio.

What we may see in the months and years ahead is an increasing use of transformational outsourcing by these institutions.

A viable way forward may include offshoring more strategically significant roles to deliver cost-efficiency and ensure compliance through the standardisation of business processes.

1 http://on.ft.com/mTI5OD
 

Case studies

RFIB - Flexibility and configurability to stay ahead of the game
Insurance Software
Click to view Case Study
of
Close

RFIB - Flexibility and configurability to stay ahead of the game

Insurance Software

CHALLENGE

RFIB operates in a highly complex environment that requires a seamless and integrated broking solution with multi-national capabilities.

RFIB needs watertight systems and processes to meet the stringent compliance requirements of a heavily regulated insurance market.

 

SOLUTION

  • RFIB uses the feature-rich capabilities of Brokasure to manage its entire wholesale insurance services business, including claims and policy administration for underwriting and broking.
  • Brokasure offers the automation and management of intricate end-to processing of quotes, policies, transactions and claims, often in multi-currency environments.

RESULTS

  • Enabling compliance – Brokasure enables RFIB to stay at the forefront of insurance regulations.
  • Configurability – RFIB has direct input into Brokasure enhancements through the Brokasure User Group.
  • Proactive partnership – Xuber’s continual process of review maintains efficiencies and to ensures standards of delivery.

“Xuber has a deep understanding of the challenges we face and the solutions we need to run our business,”

Mark Kinsella, Head of It, RFIB.

Lockton - Delivering agility in a dynamic market
Insurance Software
Click to view Case Study
of
Close

Lockton - Delivering agility in a dynamic market

Insurance Software

CHALLENGE

Help a leading provider of ancillary medical services focus on strategic business growth without having to endure the pain of managing non-core back-end processes.

 

SOLUTION

01 Xchanging worked with client to identify opportunity areas for process transformation to drive efficiencies and business value creation

02 Leveraging a combination of process re-engineering and a balanced global delivery model, Xchanging was able to deliver significant cost savings to the client

 

RESULTS

1 From a non-standardised operation to a process with defined timelines

2 Cost-per-invoice reduction from UK£2.5 to UK£1.2

3 Productivity gains of 116%

Delivered productivity gains of
116%

Global Personal Technology Company - Perfect Product Testing
Technology Services
Click to view Case Study
of
Close

Global Personal Technology Company - Perfect Product Testing

Technology Services

CHALLENGE

To help a renowned manufacturer of laptop PCs optimise its product testing resource

SOLUTION

01 Offer immediate and attractive cost savings from our testing laboratory in Singapore

02 Demonstrate world-class credentials in Product Assurance (PA)

03 Provide the required resources for qualifying new systems, sub-systems and applications for the customer

RESULTS

1 The customer can now rely on support from over 40 technically certified professionals spread between Japan, Singapore, Malaysia and India

2 We have consistently achieved customer satisfaction levels of more than 90% in PA services

Customer satisfaction levels of more than
90%

We use cookies to ensure we give you the best experience on our website. If you continue, we'll assume that you are happy to receive all cookies on this website. To find out more about the cookies we use and how to delete them, see our Privacy policy.