Open Source for Banking, Financial Services and Insurance Sector


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CIGNEX presents the benefits of using Enterprise Ready Open Source Solution for BFSI Sector

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Open Source for Banking, Financial Services and Insurance Sector

  1. 1. Benefits of Enterprise-ready OpenSource solutions for the BFSI sector July 2011
  2. 2. Benefits of Open Source Clients that deployed Open Source saved an average of 93% in the first year alone over solutions from IBM and Oracle CIGNEX Confidential 2
  3. 3. Agenda • Open Source for BFSI • Client Success Stories • Open Source Integrated Content Management Portal (ICMP) • CIGNEX Introduction • Q&A CIGNEX Confidential 3
  4. 4. Typical Challenges faced by BFSI Clients • Shrinking IT Budgets • Lack of Flexibility • Inability to Innovate • Evolving Regulatory & Policy requirements CIGNEX Confidential 4
  5. 5. Open Source in BFSIRipe for adoption • Financial Portals – SME, Private Banks, Corporate & Institutions, Hedge Funds – Intranet Portals, Client Extranet Portals, Mobile Portals • Document, Contracts and Records Management • Procurement and Invoice Management • Business Process Automation • Business Intelligence • Enterprise Mobility CIGNEX Confidential 5
  6. 6. Leading Open Source Technologies for BFSI Open Source alternative to: The leading Open Source EMC Documentum Enterprise Content IBM FileNet Management (ECM) solution Oracle Web Center Content provider Microsoft SharePoint The only Open Source provider Open Source alternative to: of mailroom automation Kofax solutions, extracting data from EMC-Captiva documents in paper, fax and IBM electronic formats Readsoft Open Source alternative to: The leading provider of Oracle Weblogic Portal Open Source Enterprise IBM WebSphere Portal Portal and Social Microsoft SharePoint Collaboration solutions SAP Portal CIGNEX Confidential 6
  7. 7. Client Success StoriesHow the adoption of Enterprise Open Source has helped global financial sector clients reduce TCO CIGNEX Confidential 7
  8. 8. Representative Success Stories • Leading Integrated Financial Services company providing re- insurance solutions – Alfresco-based automated invoice approval system through intelligent business automation (workflow) – Reduced approval time from 1-3 weeks to 15-30 minutes • Leading Asian Financial Services Group – Alfresco-based online procurement & contract management solution improved operational efficiency, reduced cycle time – Integrated with PeopleSoft Accounts Payable system – Rolled out across 6 Countries – Hong Kong, Taiwan, Indonesia, Singapore, China and India – Over 70% reduction in cost over proprietary solutions • Leading US based Insurance Company – Alfresco & Drupal based public facing website, sophisticated workflow for training curriculum & schedule CIGNEX Confidential 8 8
  9. 9. Alfresco based Document & Records Management • Financial arm of a major Japanese industrial and financial conglomerate • Challenges faced – Inefficient semi-automated document management workflow to publish financial, research and intra-day reports to customers in English and Japanese – Increased legal risk due to lack of audit trail • CIGNEX Solution – Standardized 6-step workflow - Create, Edit, Supervisor Review, Legal Approval, Publish, Translate – to minimise compliance risk – Seamless integration with all in-house applications across analytics, authoring, coverage, distribution and MIS • The Benefits – Reduced report publishing time by 70% – TCO of the Alfresco based DM & RM solution over 70% lower than alternatives – Eliminated vendor lock-in CIGNEX Confidential 9
  10. 10. Representative Success Stories • Leading global financial institution – Feature rich collaborative portal with powerful CMS functionality including web 2.0 features, real time collaboration, personalization and Bankopedia – Speedy updates & Marketing team in charge of content • European leader in global banking and financial services – Client Portals across 4 segments - SME, Private Banks, Corporate & Institutions and Hedge Funds – Mobile Extension of Client Portal under execution • Leading Asian Financial Services Group – Next generation Liferay Intranet portal with Web 2.0 features to enable engagement and collaboration among 16,000 employees • Rich end-user experience through Events Calendar, Weekly Poll, Video, Stories, Documents, Visual Gallery • Faster dissemination of information through a portal that is seeing high adoption – CIGNEX solution 50% economical compare to other vendors CIGNEX Confidential 10 10
  11. 11. Liferay Portal for Innovation Management• Client overview – 3rd largest Financial Services company in USA with $98.6 billion revenue• Challenges faced – Improve Competitiveness by • Empowering employees • Driving innovation & ideas • Improving internal communication• CIGNEX Solution – Innovation Management System based on Web 2.0 principles – Allows 300,000 employees to contribute process improvement and innovation ideas – Liferay Portal 5.2 integrated with backend systems and advanced dashboards CIGNEX Confidential 11
  12. 12. Open Source ICMP SolutionIntegrated Content Management and Portal CIGNEX Confidential 12
  13. 13. Integrated Content Management Portal (ICMP) • Powerful unified solution – Create, manage, personalize & deliver enterprise content • Business operations • Documents and discussions • E-mail, Web pages, records and rich media – Common content platform and repository • One architecture, multiple choices – Flexible solution – Re-use of enterprise content across multiple delivery channels • Internet, Intranet, Mobile, Promotion channels, etc. CIGNEX Confidential 13
  14. 14. ICMP Architecture Internet Banking Mobile Banking E-Payments Social Networks Ephesoft Scanners, Fax, Doc Capture CIGNEX Confidential 14
  15. 15. Benefits of ICMP • Increased productivity – Improved communications with employees, partners, and customers – Business in control • Business users in charge of content • Scalability -easy to add sites • Lower TCO – Reduction in IT investments (Websites, ECM, AMC) through unified Open Source architecture CIGNEX Confidential 15
  16. 16. Success Story CIGNEX helped Posadas achieve their business and technology goals with an innovative Liferay Portal and Alfresco Web Content Management Solution & reduced TCO by over 40%. Increased RevPAR “Posadas selected CIGNEX to create a state-of-the-art hospitality portal for the Posadas brands to enable strong brand recognition. CIGNEX was instrumental in Reduced TCO Improved Guest architecting & delivering Phase 1 using Alfresco & Liferay, within a short span of six months. We are delighted with Experience the next generation architecture which reduces the TCO by over 40% of our previous solution.” — Leopoldo Toro Strategy & Innovation Director CIGNEX Confidential 16
  17. 17. CIGNEX Brief Overview CIGNEX Confidential 17
  18. 18. What We Do In the last 10 years, CIGNEX helped clients save over US$ 500 Million by adopting Commercial Open Source Software across 200+ implementations CIGNEX Confidential 18 18
  19. 19. the Vision To build a next generation technology services company that Makes Open Source Work for Enterprises CIGNEX Confidential 19
  20. 20. Where We Can Help You portals integration & ESB DAM intranets contract management extranets document management e-commerce records managementcontent management digital asset managementsocial collaboration business process/workflow mobile apps business intelligence ICMP SAP services and more … Integration Open Source Center of Excellence (CoE) CIGNEX Confidential 20
  21. 21. Why CIGNEX? • Aligned to Client Business Goals – Clients have saved over US$ 500 Million across 200+ implementations • 400+ consultants with access to internal knowledge base – Developed over 10 years – Accelerated deployments • Preferred relationship with Partners – Platinum Partner to Liferay & Alfresco – Global Partner to Ephesoft – Gold Partner to Magento Commerce, Acquia (Drupal), … • Thought Leaders – Proven approach for successful Open Source adoption evolved along with our clients CIGNEX Confidential 21
  22. 22. Are you ready to migrate? We make Open Source work, for you. Munwar Shariff CTO THANK YOU! CIGNEX Confidential 22
  23. 23. APPENDIX CIGNEX Confidential 23
  24. 24. How CIGNEX engages with Clients Educate Advise Manage(Benefits of Open (Adoption – Partial / (Transition & Source) Complete) Integration) CIGNEX Confidential 24
  25. 25. CIGNEX Global Footprint California | Colorado | New Jersey | Houston | UK | UAE | India | Singapore | Malaysia | Thailand CIGNEX Confidential 25
  26. 26. Our Enterprise Solutions Toolkit CIGNEX Confidential 26
  27. 27. 200+ Successful Implementations worldwideTelecom &Media Healthcare Banking, Financial Services & Insurance CIGNEX Confidential 27
  28. 28. 200+ Successful Implementations worldwide (Cont.) Education High Tech Others CIGNEX Confidential 28
  29. 29. Recognition of Excellence 2011, GESIA – Best Software & 2010, Alfresco North 2010, Alfresco Apac 2010, Liferay Highest Employment Generator America Partner of the Year Partner of the Year Partner of the Year 2009, Alfresco Credit Crunch 2008, Alfresco’s “WCM 2006, IDC recognizes Innovation Award Implementation of the Year – CIGNEX in the Open Activision” Source Services Report CIGNEX Confidential 29
  30. 30. Resources to help you! Dr. Jonas Yuan Senior Technical Analyst Munwar Shariff CTO …. to support the community and to perpetuate the adoption of enterprise class Open Source Solutions CIGNEX Confidential 30 30