Financial Services
Insight, speed, accuracy and integrated analytical processes
There’s no doubt that today’s economic conditions have sparked a range of challenges for financial services companies including:
- compromised cash flows
- difficulty managing risk
- compliance
- declining sales, revenues and profits.
The recent crisis has transformed the competitive landscape, how the industry operates and the way in which its clients behave.
With information pouring into the organisation, the financial services industry is constantly challenged to turn vast data stores into actionable insight.
Bottom line ... financial services organisations must respond to economic challenges by shoring up internal operations and streamlining the integration across important business functions to ensure that the organisation is running at peak efficiency.
Making a determination on how and when to respond, however, requires an in-depth understanding of how well the company is operating relative to historical trends, peer groups and the market. To do so you need insight, speed, accuracy and integrated analytical processes.
IBM® Business Analytics software provides a comprehensive portfolio of business intelligence, financial performance management and advanced analytics that helps companies unite this data and effectively plan, understand, manage and predict financial and operational performance.
By unlocking data captured in operational and financial systems and coupling it with the right capabilities, financial services organisations outperform in areas such as managing risk, customer care and insight and operational efficiencies.
Managing Risk
Risk and finance executives are under increasing pressure from governments and business units to improve the quality and speed of risk reporting, insight and decision-making. They need to reduce risk exposures and losses, while anticipating the next big area of concern and opportunity.
In order to fulfill this mandate, they need to evolve past lackluster solutions that attempt to address a single risk class. They require a platform that synthesizes disparate risk and finance data into an integrated, enterprise wide view of risk across divisions, geographies and risk classes.
IBM Business Analytics provides a holistic approach to managing financial risk, financial crimes, operational and IT risk, and compliance.
IBM Business Analytics can help you:
- integrate finance and risk data
- communicate risk insight to decision makers throughout the organisation
- deliver timely, accurate information to optimise risk processes and management
- use information to accurately identify and mitigate fraud and operational risk
- help you address regulatory requirements like scenario analysis, liquidity risk, Basel II
- predict risk and detect and prevent fraudulent activity.
Customer Care & Insight
Ask most financial services executives about their key strategies for growth, and the same answers tend to pop up:
- increase wallet share
- improve customer satisfaction and loyalty
- serve mass market customers more cost-effectively
- know customer needs so the institution can offer the right product at the right time.
This is amidst a customer base that is more savvy and price sensitive than ever before, and far less loyal.With IBM software, you can:
- derive insight about customer segments & behavior to fuel organic growth through improved retention and leveraging cross/ up-sell opportunities
- create a single view of the customer to provide a seamless and relevant cross-channel experience
- put trusted information in the hands of front-line employees to improve productivity and customer service
- employ information to enhance the experience across all channels
- transform your data into applied customer insight with real-time predictive analytics.
Operational Efficiency
Key to overall profitability is the need for financial services organisations to shore up internal operations to ensure that the entire organisation is running at peak efficiency. Every department, every branch, every function, and every employee directly affect your bottom line. But determining where is the most important areas are to improve operational efficiency has often been the illusive.
Making this determination requires an in-depth understanding of how well the company is operating relative to its historical trends, its peers and the overall market. To gain this insight, you need the ability to connect operational details to business drivers.
IBM Business Analytics helps you to modernize and renovate your legacy applications, unite relevant data and create a comprehensive view of the overall performance and profitability of the organisation.
IBM Business Analytics can help you:
- deliver trusted information to improve productivity, implement new processes and automate existing processes
- create trusted enterprise insight to drive business optimisation
- use analytics to understand and predict performance and drive strategies that improve operations and financial results
- optimise and truncate content-centric processes to reduce costs and improve customer experience.
IBM Business Analytics software is a proven solution—one that has been successfully implemented at thousands of financial services organisations worldwide, including:
- four of the top five banks in the world
- all of the top five banks in North America and Europe
- four of the top five global P&C insurers
- four of the top five North American insurance companies
- five of the top seven insurance companies in the world.
A wealth of experience in financial services
The cortell team brings a wealth of financial services experience to your IBM Cognos Business Analytics initiative.
From a Budgeting, Forecasting and Planning perspective, we will help you:
- develop long-range plans, forecasts and budgets across the enterprise for financial, cost center and headcount
- gain consensus, and consolidate top-down and bottom-up operational plans with financial plans
- increase accountability across the organisation through a high-participation planning process
- support timely updates of forecasts to address changing market influences, new initiatives and competitive factors
We will help you implement IBM Cognos dashboards and scorecards so that you can:
- aggregate operational data from multiple silos, diverse business lines, regions, and across the organisation
- measure performance against strategic company initiatives
- gain a high-level overview of performance across key areas of your business
- monitor operations by specific metrics
- track financial goals in terms of growth, profitability and expenses.
We will help you consolidate your data and turn it into meaningful information with IBM Cognos Reporting and analysis to:
- analyse sales, optimise staffing levels and enhance operations
- identify the processes and operations that generate unfavorable variances
- report on performance by business unit, department, employee, customer, supplier and operation
- reassess and optimise the product mix for a specific region.
We will introduce IBM SPSS Predictive Analytics to your business, giving you the ability to:
- discover policy and account termination patterns and profiles of customers who leave for a deeper understanding of why they left
- predict future customer value to determine if you want to retain an at-risk customer, and at what cost
- predict what offer or service would prevent a customer from switching insurers or banks
- resolve legitimate claims more quickly
- assign the right resources to the right claim at the right time
- automatically detect new forms of fraud through analytics that “learn” from data
- have an innovative early warning system that detects potential failures among your customers
- analyse text gathered from social media sources, including Twitter, Facebook, blogs, wikis and RSS feeds. The solution detects the context of the words used, understands emoticons, slang and other social media terminology, as well as terminology specific to your industry.
Sample areas where the Cortell team has helped financial services organisations:
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Financial Services White Papers
Banking, Investment & Financial Services: Costing and Profit Measurement
The objective of this document is to set out the philosophy for measuring costs and its consequent profitability in the banking environment. Costing in this context is done specifically to support a multi-dimensional view of the Bank’s profitability by business units, channels, products,etc.
Performance Management & Business Analytics:Creating Value Integration within Financial Services
The road to Value Integration lies in better decision-making—aligning all data within an organisation into new intelligence that people across the organisation can actually use, driving new insight.
Regulatory & Statutory Reporting: Your XBRL 2.1 Guide
The importance for reliable reported data has never more been the focus of local regulatory authorities than now. The production of reliable and auditable results is increasingly becoming the focus of CEO,CFO, Tax, Risk and other leaders within corporations as they strive to better understand their business and provide the information required to the regulatory bodies in the most time efficient manner possible.
Business analytics for insurance: Four ways insurers are winning with analytics
This white paper will explore the practical applications of business analytics for insurers. It highlights four key areas—including risk, operational efficiency, customer care and deep executive insight—where analytics are helping insurers win.
Business analytics for banking: Three ways to win
This white paper will explore the practical applications of business analytics for banks. It will highlight how analytics can help you increase customer profitability and satisfaction, manage risk and be more operationally efficient.
Zurich Australia Gains Deeper and More Accurate Insights into Business Performance
Challenge
Zurich had been using spreadsheets for the budgeting, forecasting and planning process across 380 cost centres. Up to 180 managers were involved in the process. Considerable amounts of data needed to be manually consolidated during and at the end of each budget process and review.
The company realised it had to standardise the budgeting processes and streamline financial modelling to reduce inefficiency and produce reports and scenarios within shorter timeframes and with much greater accuracy and collaboration.
In 2008, Zurich began looking for a scalable solution that would be easy to use and provide more precise numbers each month based on actual data.
IBM Banking: Breakaway Business Analytics and Optimization
First Tennessee Bank boosts profitability with IBM SPSS software
IBM Cognos Business Analytics software helps your organization better understand, anticipate and shape business outcomes. You can achieve breakthrough results and outperform your competition.
Cortell Australia will engage your team with senior business consultants who will help you assess which capabilities within IBM Cognos' Business Analytics derive the most business value.
We offer an inital high level assesment followed by a customised demo and quotation. We can also help you build your internal business case.
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