This blog is third in the series of blogs on vendors specializing in BFSI verticals. You may recall the first two were on “Technology vendor selection in BFSI vertical is critical for business success” and “Why vendor selection in BFSI vertical is critical”.

By engaging a vendor specializing in BFSI vertical, Banks, Financial Services and Insurance companies can reap immense business benefits.

I have made an attempt to list out some of these business benefits below:

Technology perspective

- Grid computing

- Quick time to market

- Reuse of components

- Building blocks approach

- An easily integral solution

- Service Oriented Architecture

- Scalable and flexible platform

- Capability to handle complex products

- An adaptive seamless business workflow

- Provision of user documents and training

- Integration to get over duplication of work

- Automation of number of complex processes

- Strong authentication and authorization system

- Implementation of standard operating procedure

- Significant improvement due to real time process

- Common tools and utilities to leverage technology

- Functionally rich and technically superior offerings

- Ability to process multiple transactions in lesser time

- Alignment with market’s best practices and standards

- Support offline transactions during network down time

- Standardize service process with multiple check points.

Management perspective

- No external vendor dependencies

- Highly improved turnaround time

- Achieve better service management

- Ability to leverage on domain expertise

- Effective business mapping at all levels

- Year on year productivity improvement

- Enhanced customer relationship management

- Metrics to report productivity and performance

- Robust transition to ensure non disruptive moves

- Senior management connect, focus and commitment

- Expanding business horizon with the power of internet

- In built global best practices for better quality management

- Data integrity and automated processes to help prevent defects

- Flexibility and ease to change business rules and scoring logic

- Ability to aid in deciding the next stage in application processing

- Ability to view risk to enable higher control and risk management

- Plan transition to offshore, without impact to ongoing deliverables

- Enable rapid launch of new products for their new lines of business

- Ability to keep pace with dynamic business needs and requirements

- Business rule changes can be done by the business users themselves

- Configuration is only required for creation and maintenance of rules

- Enable tracking of global transactions for effective risk management

- A robust knowledge transition to ensure minimal disruption of service

- Centralized decentralized decision making resulting in business growth.

How these business benefits can be measured?

- No additional head count

- Low set up costs and time

- Enhanced visibility in the market place

- Lower response time to say YES to customer

- Customer ready team with requisite experience

- Significant operational efficiency improvement

- Cost benefits through the on shore / offshore model

- Maintenance, Management and inventory cost reduction

- Significant cost saving with no impact on delivery capacity

- Freeing up resources for development in business development.

One can now recognize that by engaging a vendor specializing in BFSI vertical, banking, financial services and insurance companies can reap immense business benefits.