In today’s competitive, digital world, leading banking and financial services organizations are continuously being challenged by rising business operating costs and increased customer expectations. They are continuously looking out for means to deepen customer relationships and improve operational efficiency, while controlling costs.
This had led them to realize the importance of effective data management and advanced analytics. They now see vast hidden opportunities in this ever-growing convergence of Big Data and Technology, which once demystified into meaningful insights, can empower every resource within their organization to make smarter, faster and even more accurate decisions.
The key challenges that the Banking and Financial services industry currently needs to address for its’ future growth are:
- Strategies that are highly data-driven, in order to identify new opportunities and enhance the customer-service experience. Predictive modeling is already playing a key-role here, as progressive institutions are using it proactively, for creating meaningful incentives to increase the usage of revenue-generating products. Sophisticated customer segmentation data is being used for planning various products or services that a financial institution should offer and in what manner.
- The phenomenal rise of digitization has opened up a pandora’s box of customer touch-points. Nowadays its’ become crucial for the banks to change their attitude towards digital platforms, as portal-based technologies that offer enhanced data analysis and reporting hold the key.
- The mobile-ecosystem has created new IT-challenges for banks, as they must develop a winning IT-strategy to effectively manage and meet their customers’ evolving needs.
- The rate at which things are growing in this industry, CIOs must provide the cutting-edge technology to win over the competition whilst providing relevant customer-experience. That customer experience is often lacking today, which can only be fueled by data. The importance of this data relies heavily on the speed at which the collected data is converted to insight, and finally from insight to action.
- These challenges are being even made complex by the strict compliance guidelines of various industry regulatory acts like Dodd-Frank Act, Consumer Financial Protection Bureau, Basel III, SOX Act, FATCA, Retail Distribution Review etc.
We at Annik, collaborate with world’s leading Banking and Financial services institutions to enable change through insights and technology. Our teams of experts are able to create Actionable Insights for the most-critical business issues in this space. We help companies attract, manage and retain profitable customers by applying a wide-range of Advanced Analytics offerings, intricately tailored for each business need.
Credit Management System – Client Life Cycle
- Credit Management System (CMS) from ANNIK is an end to end web based Credit Origination, Administration, and Monitoring system
- The workflows and functionalities starts from the front office for the credit request to Risk Management for underwriting of risk and Credit Mid-office for disbursement and monitoring
- The functionalities within CMS helps banks to automate the credit life cycle