Compliance, efficiency and cost control are essential to ensure your bank connectivity is fully optimized.
TOP 3 CHALLENGES FOR BANK CONNECTIVITY
Macro pressures on the insurance industry are making more work for finance. It’s your job to be bold and lead the way forward. But can you keep up with the growing demands of the world around you?
NO WONDER
In challenging times like these, there’s a lot for you to think about.
You want to focus on maximizing revenues and mitigating any risks that could impact business performance.
To achieve these objectives, you need foolproof technology and operations to ensure seamless bank connectivity. These are your priorities.
YOUR PRIORITIES, IN ORDER
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By empowering people and processes throughout the payments life cycle, you can improve both the customer experience and your margins.
YOUR BANK CONNECTIVITY, COVERED
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say the top reason to go digital is differentiation.**
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For enterprise technology finance leaders, the top 3 investment priorities are:
Modernized systems
invest in payments technology to improve the customer experience.***
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The mandatory shift towards ISO 20022 should be your top priority for regulatory purposes. Ensuring you migrate from SWIFT MT to ISO 20022-compliant XML message is essential. The adaptation of your processes can be especially challenging if managed internally.
Outsourcing your ISO 20022 migration alleviates the time, cost and pressure on internal resources and avoids the need to transform your proprietary infrastructure. By selecting the right partner, you’ll benefit from the reassurance of achieving compliance from the experts.
Managing risk and compliance
Meet compliance
Cost-effective migration
Streamlined connectivity
Process automation
Bank connectivity sounds simple; however, connecting to various banking partners is just one part. Transferring, tracking and auditing payments with varying requirements adds to the complexity. Such nuances need to be factored into your operating model to ensure you benefit from a seamless and efficient payments solution.
Serving these nuances requires significant development, elevating the costs and complications impacting your business. FIS® SWIFT Services normalizes and automates these processes, therefore alleviating the time, cost and resource required to build around the many diverse requirements in-house.
Low total cost of ownership
Inefficiencies in your internal processes lead to unnecessary costs. Your team could spend their time better, focusing on other tasks where automation isn’t an option.
According to Deloitte, on-premises installation can range from $65,000 to $85,000 for software, related hardware and integration with back-end applications. Annual recurring fees can reach 20-30%, and an estimated additional 0.25 to 1 FTE is needed to maintain, operate and monitor the infrastructure.
By outsourcing, you can reduce your total cost of ownership and benefit from streamlined, efficient processes, removing the need to invest in additional FTE.
By streamlining your operations and adding value to compliance, your firm can optimize costs, get more from investment in technology and maintain focus on growth.
There's a way forward.
DON’T WORRY. THERE’S A WAY FORWARD
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compete effectively
Reducing costs
Invest in value creation pursuits
Data and analytics
Cloud solutions
YOU’RE WORRYING ABOUT:
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of insurance companies plan to make digital enhancements.*
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Risk management and regulatory compliance
WHAT’S COSTING YOU?
A.
Lack of automation
B.
External, operational and IT costs
C.
Inefficient processes and operations
D.
Internally managed bank connectivity
E.
Lack of visibility
F.
Cost pressure/Need to reduce OpEx
G.
You're not alone
Leaders in bank connectivity are facing similar challenges across the board. They are prioritizing investment in:
Modernizing operations
Security and compliance
Streamlining processes
With the goals of: Maximizing efficiency, controlling costs and maintaining compliance.
Managing risk and compliance
How can you automate the insurance life cycle to drive growth?
As ESG climbs the board agenda, how do you keep regulatory costs down?
Driving efficiency and control
How do you deliver the fast, flexible and personalized digital services your customers demand?
Reducing costs
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Select your answer below...
Driving efficiency and control
*Capgemini – World Insurance Report 2021
**Forrester – Predictions 2022: Insurance
***FIS Readiness Report 2021
