The financial volatility unleashed by the
pandemic has opened the doors of opportunity
for Banking and Financial Services (BFS)
companies. Technology-driven digital
transformation is expected to drive further shifts
in this new normal.
The industry will witness the adoption of
innovative technologies driven by emerging
trends. BFS organizations will increasingly
undertake digital transformation to broaden
their capabilities, and maturing FinTechs will
forge partnerships that drive disruptive growth
and customer-focused innovation.
Here, we explore some trends that will shape
the future of the BFS industry
How do you plan the digital transformation in your company? Speech of Mirco Cervi CDO @ Italian Design Brands, during the NetComm Lugano E-nnovation Summit in Design on 2019/06/18.
Topic covered:
- What is the digital transformation
- Layers of Digital Transformation
- Customer Experience and Customer Journey
- The role of Culture in Digital Transformation
- How the digital Transformation affect all business models
- From linear organization to Exponential Organizations
- Infrastructure to facilitate the transformation
Governments have made good progress in delivering digital services, but many are still overwhelmed by complexity and slowed by bureaucratic skepticism and lack of skills. Users – accustomed to innovation in such sectors as retailing, media, and financial services – wish their governments would get on with it: http://on.bcg.com/1jESqYx.
To assess the current state of digital process automation within the federal government, Accenture engaged Market Connections to survey 200 federal government executives across both defense and civilian agencies. The survey was fielded in February-March 2018. These were program leaders with mission, business or operational responsibilities for business processes and service delivery within their agency. Read more https://accntu.re/2D9Kj3B
Keynote: The User Experience Strategy behind one of Europe’s largest Digital ...Stefan F. Dieffenbacher
The User Experience Strategy behind one of Europe’s largest Digital Transformations is a presentation that summarizes the digital strategy approach taken for a key bank in Europe.
It takes the reader through three stages:
1. Why was a digital strategy required to start with? Why could the bank no more operate as-is?
2. What was the overall solution and design approach? At this point in time, the Digital Leadership strategy framework is being introduced.
3. How was the actual solution developed across both phases? In the first phase, the presentation talks through the key steps, namely:
3a. customer segmentation
3b. persona development
3c. understanding of user needs
3d. understanding of business needs
3e. developing an overarching vision based on business goals and user needs
3f. Deriving the functional scope - termed at Digital Leadership a Scope Landscape
The second phase then goes on to detail out the solution approach which was basically about detailing out the strategy from phase 1 and validating it in details.
How do you plan the digital transformation in your company? Speech of Mirco Cervi CDO @ Italian Design Brands, during the NetComm Lugano E-nnovation Summit in Design on 2019/06/18.
Topic covered:
- What is the digital transformation
- Layers of Digital Transformation
- Customer Experience and Customer Journey
- The role of Culture in Digital Transformation
- How the digital Transformation affect all business models
- From linear organization to Exponential Organizations
- Infrastructure to facilitate the transformation
Governments have made good progress in delivering digital services, but many are still overwhelmed by complexity and slowed by bureaucratic skepticism and lack of skills. Users – accustomed to innovation in such sectors as retailing, media, and financial services – wish their governments would get on with it: http://on.bcg.com/1jESqYx.
To assess the current state of digital process automation within the federal government, Accenture engaged Market Connections to survey 200 federal government executives across both defense and civilian agencies. The survey was fielded in February-March 2018. These were program leaders with mission, business or operational responsibilities for business processes and service delivery within their agency. Read more https://accntu.re/2D9Kj3B
Keynote: The User Experience Strategy behind one of Europe’s largest Digital ...Stefan F. Dieffenbacher
The User Experience Strategy behind one of Europe’s largest Digital Transformations is a presentation that summarizes the digital strategy approach taken for a key bank in Europe.
It takes the reader through three stages:
1. Why was a digital strategy required to start with? Why could the bank no more operate as-is?
2. What was the overall solution and design approach? At this point in time, the Digital Leadership strategy framework is being introduced.
3. How was the actual solution developed across both phases? In the first phase, the presentation talks through the key steps, namely:
3a. customer segmentation
3b. persona development
3c. understanding of user needs
3d. understanding of business needs
3e. developing an overarching vision based on business goals and user needs
3f. Deriving the functional scope - termed at Digital Leadership a Scope Landscape
The second phase then goes on to detail out the solution approach which was basically about detailing out the strategy from phase 1 and validating it in details.
McKinsey Global Institute Report - A labor market that works: Connecting tale...McKinsey & Company
This presentation offers highlights from a new report by the McKinsey Global Institute, "A labor market that works: Connecting talent with opportunity in the digital age".
From shopping to social media, online platforms have transformed major segments of the global economy. They now are about to do the same for labor markets around the world. MGI examines the stubborn disconnect between people and jobs and the potential for online talent platforms to unlock real economic value over the next decade by creating better, faster matching between workers and available work opportunities.
Read the report in full:
http://mckinsey.com/Insights/Employment_and_growth/Connecting_talent_with_opportunity_in_the_digital_age
presentation give you idea about the the recent trends in financial sector services from different financial tool which are being used by investment institution
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
CX Measurement: How Customer-Obsessed Companies Embrace Journey-Based MetricsPointillist
Customer-obsessed companies are achieving a competitive advantage by taking a journey-based approach to CX measurement. Success requires companies to not only fuse data across the customer journey, but also pick the right metrics, organizational structure, culture, processes and technology.
In this presentation featuring guest speaker and Forrester Principal Analyst, Joana van den Brink-Quintanilha, you'll learn how journey analytics can help you:
-Define and track the right CX metrics for individual touchpoints & entire journeys
-Test journey hypotheses and prioritize resources across journeys
-Link CX metrics to your organization's overall KPIs
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
In partnership with IDG, our 2022 Insight Intelligent Technology™ Report examines how companies are making progress on long-term IT strategies to meet the changing, post-pandemic expectations of their businesses, their employees, and the market more broadly.
Here are a few of the disruptions we have picked up in the finance sector and how you can take your future into your own hands by transforming your company.
http://www.dearmedia.be/digital-transformation/
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Accenture's six-country survey among 180 C-level health executives says adoption of AI is measured, but real.
The survey assessed beliefs about market maturity, practical and clinical challenges to the adoption of AI in healthcare.
Enthusiasm for AI (artificial intelligence) is high among health executives, with people skills the most important implementation success factor.
Sufficient staff training/ expertise is rated the most important success factors for AI implementation (ranked in top three by 73 percent of execs).
Visit https://accntu.re/2T4KuXb to learn more.
Cambridge Analytica Ltd was a British political consulting firm which combined data mining, data brokerage, and data analysis with strategic communication during the electoral processes.
This Altimeter Group webinar explores the findings of our latest research report on digital transformation. Attendees will learn what digital transformation is, how companies are embracing change, the challenges and opportunities that emerge throughout the process, and how to refocus and reorganize teams to modernize, optimize, and integrate digital touchpoints.
Watch the webinar: https://www.slideshare.net/Altimeter/webinar-digital-transformation-with-brian-solis
Download the related report: altimetergroup.com/digitaltransformation/
The fifth annual MIT Sloan and Deloitte study of digital business reveals digitally mature organizations don't just innovate more, they innovate differently—leveraging ecosystems and cross-functional teams that play critical roles.
A PowerPoint overview of New York No-Fault Law, including the background of the law and regulation, an explanation of the scope of coverage, exclusions and benefits, and exploration of several issues, including notice and claims handling.
Digital Quality Assurance: Insights and Trends Shaping Banking and Financial ...Cognizant
In the face of surging digital disruption, banks and financial institutions need to hone a critical focus on digital quality assurance to ensure and enhance the end-user experience. We explore the testing issues relating to the cloud, mobility, big data analytics, Agile and DevOps, and suggest a quality assurance strategy.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
McKinsey Global Institute Report - A labor market that works: Connecting tale...McKinsey & Company
This presentation offers highlights from a new report by the McKinsey Global Institute, "A labor market that works: Connecting talent with opportunity in the digital age".
From shopping to social media, online platforms have transformed major segments of the global economy. They now are about to do the same for labor markets around the world. MGI examines the stubborn disconnect between people and jobs and the potential for online talent platforms to unlock real economic value over the next decade by creating better, faster matching between workers and available work opportunities.
Read the report in full:
http://mckinsey.com/Insights/Employment_and_growth/Connecting_talent_with_opportunity_in_the_digital_age
presentation give you idea about the the recent trends in financial sector services from different financial tool which are being used by investment institution
"Digital Banking" by Nikolay Spasov
The presentation was part of the 2016 Digital Marketing Masterclass organized by Interactive Advertising Bureau (IAB) Bulgaria and New Bulgarian University (NBU). The scope of the lecture is to present the current trends in banking and the available technologies that are supporting the industry.
CX Measurement: How Customer-Obsessed Companies Embrace Journey-Based MetricsPointillist
Customer-obsessed companies are achieving a competitive advantage by taking a journey-based approach to CX measurement. Success requires companies to not only fuse data across the customer journey, but also pick the right metrics, organizational structure, culture, processes and technology.
In this presentation featuring guest speaker and Forrester Principal Analyst, Joana van den Brink-Quintanilha, you'll learn how journey analytics can help you:
-Define and track the right CX metrics for individual touchpoints & entire journeys
-Test journey hypotheses and prioritize resources across journeys
-Link CX metrics to your organization's overall KPIs
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
In partnership with IDG, our 2022 Insight Intelligent Technology™ Report examines how companies are making progress on long-term IT strategies to meet the changing, post-pandemic expectations of their businesses, their employees, and the market more broadly.
Here are a few of the disruptions we have picked up in the finance sector and how you can take your future into your own hands by transforming your company.
http://www.dearmedia.be/digital-transformation/
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Accenture's six-country survey among 180 C-level health executives says adoption of AI is measured, but real.
The survey assessed beliefs about market maturity, practical and clinical challenges to the adoption of AI in healthcare.
Enthusiasm for AI (artificial intelligence) is high among health executives, with people skills the most important implementation success factor.
Sufficient staff training/ expertise is rated the most important success factors for AI implementation (ranked in top three by 73 percent of execs).
Visit https://accntu.re/2T4KuXb to learn more.
Cambridge Analytica Ltd was a British political consulting firm which combined data mining, data brokerage, and data analysis with strategic communication during the electoral processes.
This Altimeter Group webinar explores the findings of our latest research report on digital transformation. Attendees will learn what digital transformation is, how companies are embracing change, the challenges and opportunities that emerge throughout the process, and how to refocus and reorganize teams to modernize, optimize, and integrate digital touchpoints.
Watch the webinar: https://www.slideshare.net/Altimeter/webinar-digital-transformation-with-brian-solis
Download the related report: altimetergroup.com/digitaltransformation/
The fifth annual MIT Sloan and Deloitte study of digital business reveals digitally mature organizations don't just innovate more, they innovate differently—leveraging ecosystems and cross-functional teams that play critical roles.
A PowerPoint overview of New York No-Fault Law, including the background of the law and regulation, an explanation of the scope of coverage, exclusions and benefits, and exploration of several issues, including notice and claims handling.
Digital Quality Assurance: Insights and Trends Shaping Banking and Financial ...Cognizant
In the face of surging digital disruption, banks and financial institutions need to hone a critical focus on digital quality assurance to ensure and enhance the end-user experience. We explore the testing issues relating to the cloud, mobility, big data analytics, Agile and DevOps, and suggest a quality assurance strategy.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
At Alpha, we have following business priorities that our executives are trying to solve:
1. Can Alpha be the Transformation Pioneer in modernising Digital Banking?
Disruptions in the business landscape and the impact of technology are compelling banks to shift to innovative business models, while delivering superior experience with agility. Banks are challenged majorly on two fronts. On one hand, the changing customer expectations and the entry of innovative players in the market are driving them to be highly competitive to stay relevant. On the other hand, new regulations are striving for changes that promote more competition and collaboration in the ecosystem. They have created an undeniable need for the payment architecture and banking services to be highly flexible and efficient.
The team at Alpha constantly innovates and works towards shaping the future in payments, digital channels, credit services, digital core, and commercial and corporate banking. How can the team ensure growth and market leadership in the sector?
2. How can Alpha foray into consulting industry and become amongst the top 10 consulting companies in the next 5-10 years?
The pandemic has forced several sectors to adopt new ways of working. Even the primarily client-driven consulting sector has had to adapt to new methods of service, structure, technology and operation.The upcoming years will be all about going digital. Artificial Intelligence would be used to process, handle and analyse huge amounts of data efficiently and faster.
The task for Consulting firms therefore, would be to add value to their clients by using analytical tools and offer quantifiable results, combining the domain knowledge of SMEs with technology to provide products and solutions.
The team at Alpha wants to leverage its long drawn domain expertise and serve its client to become the most sought after consulting firms in the world.
Digital intervention is a reality in today’s banking business and banks need to adapt and respond to this change to stay ahead of competition. The digital foreground has presented banks with a huge opportunity to attract new customers, lower costs, develop new propositions and business models, as also explore customer value to its maximum. To create a digital environment is now a priority for all banks and they need to undergo considerable investment for complete transformation.
The CII-PwC report titled, Banks taking a quantum leap through digital, released at CII National BANKing TECH Summit by Mr H R Khan Dy Governor RBI, Mr A P Hota MD& CEO National Payments Corporation of India and M S RaghavanChairman & MD, IDBI Bank.
Given the divergence of scenarios that the economy could chart, technology is likely to be the single most important factor to help organisations sail through the chaos swiftly. Although most technologies required to drive innovation are widely available and quite mature, banks and nbfcs will need to find creative ways to use these technologies to overcome the challenges posed by the pandemic. See More: https://www2.deloitte.com/in/en/pages/financial-services/articles/in-fs-digital-innovations-for-retail-and-sme-banking.html
Predictions 2017: Pioneering Financial Providers Will Partner With Fintech To...eraser Juan José Calderón
Predictions 2017: Pioneering Financial Providers Will Partner With Fintech To Build Ecosystems
Leading Firms Will Focus On Improving Customer Journeys, While Laggards Get Distracted By
Bright And Shiny Technologies
by Peter Wannemacher, Jacob Morgan, Martha Bennett, Oliwia Berdak, and Jost Hoppermann
with Benjamin Ensor, Ellen Carney, Alyson Clarke, Aurelie L’Hostis, Davis Janowski, Brendan Miller,
Zhi Ying Ng, Joana van den Brink-Quintanilha, Xiaofeng Wang, and Michael Chirokas
November 2, 2016
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
Insurance Cloud: From Tactical to Strategic Investment for European InsurersAccenture Insurance
Insurance companies have been relatively cautious about cloud adoption. However, the conversation among insurers has changed in the last few years, moving to “when and how” rather than “why.” Several factors are driving today’s insurance companies to move their applications and data into the cloud as they reassess their business opportunities. Learn more:
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
Servicios financieros BT: un mercado que crece en Colombia y LatinoaméricaBT Let´s Talk Latam
En un mercado global, es necesario estar preparado para enfrentar constantemente las amenazas locales y para reaccionar inmediatamente ante las necesidades
The most prevalent trend in today’s
financial services industry is the shift to
digital, specifically mobile and online
banking. In the era of unprecedented
convenience and speed, consumers don’t
want to trek to a physical bank branch to
handle their transactions. While on the one
hand, banks are releasing new features to
attract more customers and retain the
existing ones, on the other hand, startups
and neo banks with disruptive banking
technologies are breaking into the scene.
The use of Artificial Intelligence (AI) in the
banking industry can revolutionize the way
banks operate and provide services to
their customers, improving eciency,
productivity, and customer experience.
In the age of disruption, manufacturers need to
constantly find innovative ways to overcome challenges
like data sitting in silos, downtime (which could be
prevented), rigid production and labor shortage issues.
Companies need to listen to their operators and
technicians and enable them to have a say in the
day-to-day processes. Issues like being unable to find a
product/part on the floor lead to unnecessary delays,
miscommunication, and dissatisfaction among workers
The banking, financial services, and insurance (BFSI)
sector has been at the forefront of adopting AI and
machine learning technologies. AI has enabled these
industries to automate processes, reduce costs, and
improve the customer experience. With the advent of
digitization and the increasing amount of data available,
banking, financial services, and insurance companies have
been leaders in using AI and machine learning.
Metaverse has become ae buzzword in the tech industry. Not a single day goes by without a mention of it
in the media, especially around investments, startups building components, new platforms being
announced and large companies entering this world of digital engagement. There is undeniably a huge momentum of an almost real 3D virtual world, and the clarion call was perhaps Facebook rebranding itself
as Meta which will perhaps be remembered as a red letter moment in the evolution of the Metaverse.
Content is one of the most commonly consumed resources in online marketplace. Still,
most organizations struggle to effectively monetize it. Inability to implement viable
and scalable monetization methods not only keeps organizations from discovering
growth opportunities, but can also lead to poor customer experiences.
Digitalization has transformed the way business’s function. With the evolution of technologies, attackers are also evolving. They are finding innovative and more invasive ways to attack organizations. Due to this, the organization's security operations center (SOC) is expected to be
more agile and dynamic in detecting and responding to attacks. Most organizations' security operations and incident response teams are overworked due to high volumes of security threats and alerts that they need to manage every day.
Cloud technology is no longer a new player in the market,
but it’s a mature and integral part of the IT landscape and a
key parameter in driving business growth. It is an
indispensable topic among CXOs. A research by Fraedon has
found that almost half of the banks find their legacy
systems to be the biggest hindrance in their growth.
Client is the leader in work orchestration and observability. Software platform helps enterprises more effectively plan, orchestrate and audit the human and automated activities that drive critical events, such as technology releases, resilience testing, operational readiness and major incident recovery.
A Robust Privileged Access Management (PAM) forms the
cornerstone of an enterprise cybersecurity strategy, providing greater visibility and audibility of an organization's
overall credentials and privileges.
The global disruption due to the pandemic has massively impacted organizations and the way they function.
Organizations are shifting towards a virtual environment by adopting cloud and automation to support,
monitor, and deploy exceptional service to their end-users. But how to keep the end-users connected to the
digital workplace securely during disruption is a big challenge
Let us understand some of the infrastructural and
security challenges that every organization faces today
before delving into the concept of securing the cloud
data lake platform. Though Data lakes provide scalability,
agility, and cost-effective features, it possesses a unique
infrastructure and security challenges.
European government in 2016 adopted General Data Protection Regulation (GDPR) and was
put into effect on May 25, 2018, replacing the 1995’s Data Protection Directive to protect the
personal information of EU citizens. GDPR aims to govern personal data processing and ensure
processing is fair and lawful. It is also designed to emphasize the fundamental right to privacy.
Aure Bastion is a PaaS solution for your remote desktop which is more secure than the
jump server. It comes with web-based login, and never expose VM public IP to the
internet. This service will work seamlessly on your environment using VM’s private IP
address within your Vnet. Highly secure and trustable.
The Retail industry today is dealing with the concerning challenge of rising costs of transportation,
driven by a shortage of trucks and truck drivers, availability of raw material and unprecedented
demand spikes across categories. Retailers like Bed Bath & Beyond have recently warned investors
about the impact of rising freight costs on earnings. As overall freight costs can constitute up to
10% of total expenditure, efficiency in freight invoice management is critical to managing
transportation budgets
The freight ecosystem is vast and complex with many interconnected functions starting from sourcing, manufacturing to bringing products to the consumer. Any organization dealing with
movement or purchase of freight (goods) needs a control mechanism to ensure accuracy of dealing with freight invoices received from carriers.
Tool Integration is an effective technique of integrating tools of the same or different classes to build a robust tool framework to support various business operations.
The Retail industry today is dealing with the concerning challenge of rising costs of transportation,
driven by a shortage of trucks and truck drivers, availability of raw material and unprecedented
demand spikes across categories. Retailers like Bed Bath & Beyond have recently warned investors
about the impact of rising freight costs on earnings. As overall freight costs can constitute up to
10% of total expenditure, efficiency in freight invoice management is critical to managing
transportation budgets.
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
"Impact of front-end architecture on development cost", Viktor TurskyiFwdays
I have heard many times that architecture is not important for the front-end. Also, many times I have seen how developers implement features on the front-end just following the standard rules for a framework and think that this is enough to successfully launch the project, and then the project fails. How to prevent this and what approach to choose? I have launched dozens of complex projects and during the talk we will analyze which approaches have worked for me and which have not.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
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JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
2. BANKING &
FINANCIAL
SERVICES
INTRODUCTION
The financial volatility unleashed by the
pandemic has opened the doors of opportunity
for Banking and Financial Services (BFS)
companies. Technology-driven digital
transformation is expected to drive further shifts
in this new normal.
The industry will witness the adoption of
innovative technologies driven by emerging
trends. BFS organizations will increasingly
undertake digital transformation to broaden
their capabilities, and maturing FinTechs will
forge partnerships that drive disruptive growth
and customer-focused innovation.
Here, we explore some trends that will shape
the future of the BFS industry.
3. BFS
INDUSTRY
TRENDS
ARTIFICIAL
INTELLIGENCE
AI in BFS market is
projected to reach $64.3
billion by 2030
ESG
A recent Mckinsey study
concluded that a better
ESG score translated to
about a 10% lower cost
of capital
CYBERSECURITY
According to Gartner, by
2024, organizations with a
robust cybersecurity mesh
architecture will witness a
90% reduction on
average, in the financial
impact of individual security
incidents
HYPER-
PERSONALIZATION
Over 70% of consumers
across all age
demographics say
personalization is important
to their banking experience
LOW-CODE
Low-code tools will be
responsible for 65% of
application
development by 2024
CLOUD
PLATFORMS
Migrating to cloud
platforms not only helps
save cost, but also takes
away the burden of have
on-premises infrastructure
OPEN
BANKING
The number of open
banking users worldwide is
expected to grow at an
average annual rate of
nearly 50% between 2020
and 2024
4. TREND 1
ARTIFICIAL
INTELLIGENCE
Opportunities
Opportunities
In the future, AI will be increasingly
used to create seamlessly responsive
services. From analytical platforms that
pre-empt customer behavior to
robo-advisors that provide AI-led
investment services, AI-enabled BFS
platforms are going to drive the next
phase of the transformational evolution
of the BFS industry. AI would help
reduce operational costs and help
organizations tap into unexplored
opportunities and revenue streams.
Happiest Minds will leverage its capabilities developed in areas like Augmented BI; AI & Data
consulting; DataOps /MLOps; Modern Data Stack and Marketing Analytics to open up the
revenue stream for the BFS sub-Industry Group in the AI space.
TREND 2
ESG
ESG accountability has exploded in recent years. Financial firms are facing expectations from
investors to become better stewards of the planet. Banks and financial institutions are choosing
to redirect credit away from carbon-heavy companies toward sustainable energy. Financial
regulators are also hardening their ESG stance and introducing independent verification
methods to ensure that banks are living up to their net zero pledges. In 2021, total sustainable
debt issuance reached a record high of about $960 billion, representing a 61% increase in just
one year. A recent Mckinsey study concluded that a better ESG score translated to about a 10%
lower cost of capital. It is, therefore, highly imperative that organizations embrace ESG
obligations to build highly sustainable business models in the future.
Happiest Minds' “Sustainable
Investment Research & Risk
Analytics Platform” will help
the banks to integrate ESG
concerns & factors into core
business; help in assessment
of ESG data carbon footprint,
GHG emission and align ESG
Framework with TCFD, SASB,
EU regulations; help in
reporting ESG risks across
enterprise and will give
transparency in reporting to
investor community.
ESG Global AUM by Country
Total
AUM
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2014 2016 2018 2020 2020 2022 2024 2026
2014 - 2018
Actuals ESG Assets
2020
Actuals vs. Projected
2022 - 2026
Projected ESG Assets
Europe United States Japan Canada Australia/New Zealand
Source: Bloomberg
The global artificial
intelligence market is
expected to reach
$641.3 billion by
2028
The overall CAGR from
the AI market from
2022 to 2028 is
expected to be more
than 35%
5. TREND 3
LOW-CODE Opportunities
Opportunities
Happiest Minds' strong capabilities in LCAP platforms like Appian; OutSystems and Microsoft
Power apps will help its BFS customers to achieve superior CX; allow banks to configure,
extend, customize, or compose certain parts of their core application portfolio in turn
reducing/optimizing time which would offer more evolved provider-client engagement; will
reduce IT Backlog and cut dependency on niche skills and its built-in connectors will reduce
the application development cost, improving time-to-market, and enhancing return on
Investment (RoI).
TREND 4
CLOUD PLATFORMS
Banks and financial institutions will double
down on their efforts on migrating their
offering platforms to the cloud.
While the concept of hybrid cloud is already in
vogue, businesses in future will increasingly
appreciate the advantages of diversifying
their services across multiple cloud providers.
This strategy, known as taking a multi-cloud
approach, offers several advantages,
including improved flexibility and security.
Migrating to cloud platforms not only helps
save cost but also takes away the burden of
having on-premises infrastructure, thereby
enabling businesses to focus on their core
competencies instead.
Happiest Minds' strong partnerships with Horizontal &
Vertical SaaS players within BFS domains, specially in
lending and leasing space will help the BFS customers to
shift towards cloud-first strategy in order to keep up with
the ever-changing business environment and regulations.
The global low-code market
is slated to reach around $65
billion U.S. by 2027 and $187
billion by 2030 with a CAGR
of 31.1%
With a CAGR of 17.5
percent, the cloud
computing market would
reach $832.1 billion by
2025
Pre-existing code can be used to build applications using a
low-code development platform, sometimes using a UI with
drag-and-drop functionality. The COVID-19 pandemic
situation saw a huge surge in remote development which in
turn gave a significant boost to low-code adoption. In
Banking, the adoption of Low Code in Lending/
Underwriting is gaining traction, whereas in Capital Markets
side, the adoption is more on Reg reporting and
compliance side.
6. TREND 5
CYBERSECURITY
The rapid advent of digitization in Banking
and Capital Markets firms has exposed
organizations to a series of new security
vulnerabilities. These threats are now being
addressed more proactively than ever before.
To this end, organizations are leveraging
advanced analytics to track critical activities in
real time, detect potential threats and respond
to security incidents promptly. Moreover,
urgency in Shift from Legacy to Cloud; Cyber
& Ransomware attacks on the rise and
evolving Regulatory compliance like GDPR;
CCPA and more laws for identifying and
reporting data breaches puts Cybersecurity as
the most sought-after trends amongst BFS
players.
Opportunities
Happiest Minds is strengthening its
cybersecurity services in advance threat
management; digital risk & data security,
identity & access management, and next
gen SOC to overcome the security
management challenges in the BFS sub
industry group.
According to Gartner, by 2024,
organizations with a robust cybersecurity
mesh architecture will witness a 90%
reduction, on average, in the financial
impact of individual security incidents.
As per Gartner reports, by 2024, 30% of
enterprises would deploy cloud-based
Secure Web Gateway (SWG), Cloud
Access Security Brokers (CASB), Zero
Trust Network Access (ZTNA) and
Firewall-as-a-service (FWaaS), sourced
from the same vendor.
7. TREND 6
HYPER-PERSONALIZATION
Opportunities
Happiest Minds framework for hyper personalization consists of big data-led approach
for an enriched view of the customer; Context weighted personalization algorithms and
effective multichannel, multidevice content will combat against the aforesaid challenges.
To offer hyper-personalization, banks and
financial institutions need to acquire a
360-degree view of their customer. This can
be achieved by assimilating customer
information from various sources, analyzing
and correlating the data and using predictive
models for offerings across channels. Over
70% of consumers across all age
demographics say personalization is
important to their banking experience. The
three key elements to providing a
hyper-personalized experience are customer
engagement, product relevance and trust.
Hyper-personalization helps businesses gain
an upper hand in a competitive market
through product/service differentiation that
goes a long way in forging long-term,
profitable customer relationships.
Revenue growth with
improved product and
service positioning,
providing relevant
offerings at the right point
in time before a customer
Cost reduction not only
due to reduction in
customer retention and
acquisition costs but also
because of automation
throughout the sales
process
Better customer
experience because of
real-time adjustment of
presented offerings and
better fit to customer
needs at a specific point in
time
The common challenges faced by the Banking and Financial Institutions in their
personalization journey are as follows:
No single view of the
customer across digital
touch points
Conventional
personalization
approaches have failed
to deliver genuine
relevance to customer
context
Expertise to structure and
deliver an end-to-end
personalization program
across multiple tools,
technologies, channels,
and devices
8. The global low-code market
is slated to reach around $65
billion U.S. by 2027 and $187
billion by 2030 with a CAGR
of 31.1%
TREND 7
OPEN BANKING
Opportunities
Open banking makes it possible for banks to share information gathered with the customer’s
consent, to third-party service providers (TTPs) to facilitate access to a wider range of next-gen
financial services. The open banking ecosystem is a departure from the traditional structure
where banks had control over customers’ financial data; now it allows banks to share the data
with other financial service providers or third-party providers for the benefit of the customer.
COVID-19 induced changes to the BFS landscape
are here to stay. Current geo-political and
macroeconomic uncertainties and emerging threats
will require businesses to quickly adapt to the
evolving situation by building new capabilities. They
must be future-ready by developing resilient
hyperconnected ecosystems, adopting digital
transformation, embedding AI to enhance customer
experiences and balancing profit with purpose.
Happiest Minds will beachhead in this space through its partner ecosystem
By doing away with
centralization, open
banking helps financial
institutions or banks to
share their data with other
financial institutions.
Open banking makes it very
easy for customers to
switch service providers.
This ensures healthy
competition in the market
based on a level playing
field for service providers.
Using advanced analytics,
fintech firms can identify
specific patterns in
customer behavior. They
are this able to offer
financial products and
services that are best suited
for their customers.
Open banking platforms
create a win-win situation
by creating
revenue-sharing
ecosystems by letting
incumbents provide
access to third-party
service providers through
a subscription model.
Another area where open
banking scores big is in
offering personalized
experiences to customers.
Open banking platforms
eliminate transaction costs
prevalent in card schemes.
CONCLUSION
9. INSURANCE
INTRODUCTION
The return of the Corona virus, the threat of a
global recession, ongoing consequences of
Russia's invasion of Ukraine are a few
macroeconomic and geopolitical challenges that
insurers face which possess great challenge to
growth and profitability. For Insurance carriers,
2023 will be the year to build robust,
sustainable, customer-centric, easy-to-scale and
maintainable businesses that are ready to take
advantage of emerging business opportunities.
Another key area of focus is to shorten
application development cycles and increase
go-to-market flexibility leveraging
low-code/nocode open platforms. Insurers are
increasingly turning to intelligent automation to
improve process efficiency through virtual
operations.
10. Offers a customer-first business approach,
services online without the help of
middlemen or agents, claims, risk
assessment and pricing are handled solely
on modern and software platforms
INSURANCE
INDUSTRY TRENDS
FOR FY23 AND BEYOND
ESG
Sustainable insurance aims to reduce
risks, with inclusion of the ESG criteria
(Environmental, Social and Governance)
OPEN/EMBEDDED
INSURANCE
Integrate innovative insurance products
into its customers’ purchase journeys
seamlessly
3 Trillion by 2030
70-80% Enterprise Adopters
LOW-CODE ADVANCED DATA
ANALYTICS
Advanced AI can be used to detect fraud
claims, loss assessment, claims triaging,
underwriting, rating
INNOVATIVE
PERSONALIZATION
EXPEREINCE
NASCENT
TECHNOLOGIES
Blockchain/smart contracts, Quantum
computing, self-powering sensors,
Metaverse, Augmented reality
39.5 B by 2030
80% of insurance customers are
looking for personalized offers
Low-code application development
framework elevates coding from textual to
visual
11. TREND 1
ESG
Opportunities
Financial firms are facing expectations from investors to become better stewards of the planet.
Financial regulators are hardening their ESG stance and are introducing independent
verification methods to ensure that banks are living up to their net zero pledges. In 2021, total
sustainable debt issuance reached a record high of about $960 billion, representing a 61%
increase in just one year.
Happiest Minds “Sustainable Investment Research & Risk Analytics Platform” will help the
Insurance player to identify, access, and integrate the ESG risk factors into the underwriting
decisions. In product design, it will render services to develop products with a positive
impact on ESG and in claims management it will adopt fair practices ( use of environment
friendly or recycled materials) when responding to the Client’s claim.
Insurers to embed environmental,
social and governance issues
relevant to insurance business in
decision-making
Insurers to work together with clients
and business partners to raise
awareness of environmental, social
and governance issues, manage risk
and develop solutions.
Insurers to work together with
governments, regulators, and other
key stakeholders to promote
widespread action across society on
environmental, social and
governance issues.
Insurers to demonstrate
accountability and transparency in
regularly disclosing publicly our
progress in implementing the
principles publicly.
SUSTAINABLE
INSURANCE
PRODUCTS
Exclusive products
promoting hybrid and
electric vehicles, eco-friendly
buildings, commercial
institutions with certified
devices/machines
SUSTAINABLE CLAIMS
MANAGEMENT
Use of environmental
friendly or recycled materials
Promote digital
correspondence
communication over printed
documents, repair/reuse
instead of replacement
SUSTAINABLE
UNDERWRITING
Exclusion of certain activities
controversial weapons,
tobacco, coal, arctic drilling
22 leading insurers and reinsurers from across the globe worked with the United Nations
Environment Program Finance Initiative (UNEPFI) to develop the first comprehensive
guidance, The Principles for Sustainable Insurance (PSI) for the insurance industry to help chart
insurance sustainability risks. The purpose of the PSI Initiative is to better understand, prevent
and reduce environmental, social and governance risks, and better manage opportunities to
provide quality and reliable risk protection.
The PSI guide covers four key principles:
1 2
3 4
12. Opportunities
Embedded insurance veteran Simon
Torrance quotes this to be a 3 Trillion
USD market opportunity
TREND 2
EMBEDDED INSURANCE
To adopt embedded insurance, insurance
carriers should embrace open insurance
and take an API’s first approach.
Happiest Minds is working on multiple
API-first solution offerings leveraging its
InsurTech low code partner ecosystem
(Appian, ServiceNow and OutSystems)
which co-exist with core insurance products.
Embedded insurances are motivated by
changing client demands, which are prompted
by a tech-savvy user. As the number of clients
adjusting to new technologies grows across
all industries, the need for a point-based and
tailored offering has grown. As online goods
sales evolve, so do sales of integrated
insurance products.
Arriving at the right product for the right
market requires understanding the digital
touchpoints, which plays the key role in
understanding customer behavior.
Technology, data, and AI are the key drivers
in the value chain which help in the right
positioning of the product, personalization,
increase in customer satisfaction and
reduction in operational cost.
13. TREND 3
LOW-CODE
Opportunities
Given the above challenges, Low-code platforms come to the rescue. Famous Low-code
platforms such as Appian, Service now, OutSystems offer robust integration framework which
can seamlessly communicate with the underlying core products. These platforms also come
with an ecosystem of inbuilt tools and accelerators, which helps insurers handle both
functional and non-functional requirements at ease. Example: Appian has an inbuilt Intelligent
Document Processing (module), which can be used more for most of the inbound document
automation. Low-code platforms democratize access to development tools to a great extent,
thereby enabling non-technical and business users to be part of the software development
and maintenance at a reduced cost.
Forrester Research says the total spending on low code is forecasted to hit USD 21.2 billion by
2022. Gartner forecasts that low-code application platforms will account for 65% of all app
development by 2024. McKinsey claims that digital collaboration and integration have the
potential to unlock more than $100 billion in value. By 2024, 75% of large enterprises will be
using at least four low-code development tools for both IT application development and citizen
development initiatives - Gartner.
Happiest Minds has developed B2B and B2C straight through claim processing solutions
leveraging the LCAP platform to tap the aforesaid opportunities
Insufficient
Budget
Limited IT
Resources
Extensive
Customizations
Multiple disparate systems
and data silos
Inability to react swiftly to
changing market needs
In the last decade, insurance carriers fared
well in migrating away from age-old legacy
system to sophisticated insurance products.
But the average time taken for the
transformation was in years and by the time
they migrated, what was once considered
advanced systems has now started to
become legacy. Even with some of the
modern insurance products, building
custom APIs can be complicated,
time-intensive, and expensive. Ever
increasing expectations from the customers,
brokers, and MGAs, warrant an agile and
effective solution by carriers.
Given that a considerable investment has
already been made on the core insurance
product, scrapping, or replacing systems
with a new, off-the-shelf solution probably
isn’t an option. In one of the recent
webinars conducted by our partner Appian,
insurers listed below the challenges while
modernizing the core system, which they
wanted to do away with.
14. TREND 4
ADVANCED DATA ANALYTICS
Happiest Minds will leverage its Advanced AI offerings to detect fraud claims, loss
assessment, claims triaging and in the underwriting space.
A McKinsey research shows that accelerating investments in digital and advanced data
analytics will be the “difference between slowly declining and flourishing” businesses in the
insurance sector. The strategic importance of data and advanced analytics is well received
lately in the insurance industry. Renowned insurance products like Guidewire and Duck Creek
offer inbuilt analytics solutions which can be easily incorporated to derive insights from the
underlying data.
There are other 3rd party solution partners offering niche, prebuilt analytics solutions. Given
the plethora of choices, insurers can now focus on the use cases and strategy and let the
solution partners take care of the technical challenges.
Opportunities
Policy Management
• Usage based insurance with
connected devices
• Improved real-time risk
management and
underwriting
• New products matching
customer behavior
Claims Intake
• Intelligent Document
processing for automated
claim intake
• Analytical claim triage,
scoring & segmentation
Payment
• Straight through invoice
processing for small loss
• Predictive analytics for
subrogation detection
Claims Processing
• Detection of fraudulent
claims
• Automated
appraisal-damage
evaluation & estimation
15. TREND 5
INNOVATIVE PERSONALIZATION
EXPERIENCE
Offering a customer-first business approach services online without the help of middlemen or
agents is one of the key-focus area insurance carries post pandemic. From end customer, the
attitude towards sharing personal data in return for a cost-effective insurance product has
greatly improved in the recent past. Open Banking and Open Insurance has resulted in certain
standards such as GDPR, which boosts customer confidence in data sharing.
From an insurance product front, most of the modern insurance products are built with the
target of improving the insurance business process. The target audience for these products is
primarily policy underwriters, adjusters, claim handlers and supervisors. In the personalization
journey, thorough thought should be put into reusing as much existing product features as
possible and seamlessly add additional personalization features.
Opportunities
Usage based
premium for auto
insurance with
connected devices
360° customer
view with
omnichannel
interface
AI and chatbots to
personalize
communications
Personalized
insurance product
offerings and
coverages based on
spending patterns and
life events
Solution offerings
that co-exist with
core insurance
products
Insurance carriers have
go-to-market systems that rely
on broker/dealers, agents,
general agents, and back-office
personnel to underwrite a policy
with vast amounts of data
(structured, unstructured, and
semi-structured). Contacts rolled
up through a hierarchy and a
data model that can be
visualized. Happiest Minds with
its 360-customer view can easily
navigate the relationship.
16. TREND 6
NASCENT TECHNOLOGIES
Some technologies which are on paper look like a great value add but are not prioritized either
due to other demanding customer needs or lack of funding or lack of infrastructure. In one of
the recent press releases, the CEO of Europe’s Zurich insurance said, “As cyberattacks grow,
they will become “uninsurable,”. The problem landscape for the insurance industry is evolving
rapidly and some of the technologies covered which are in nascent stage can be a game
changer in the days to come.
Edge
Computing
Decentralized
Digital
Identity
Distributed open IT architecture. Data processed locally
rather than being transmitted to central server.
Lower data processing costs for insurance solutions
leveraging IoT/wearables
Trusted digital identity that can be securely shared
between identities
Could play a key role in fraudulent claim/payment
because of sophisticated means to verify one’s identity
Self-powering
Sensors
Self-powering sensors are wireless, energy efficient
disposable sensors
Low-cost sensors can be deployed to monitor and track
the state of insured perils
Blockchain
Smart
Contracts
Smart contracts records transactions in a peer-peer
building blocks
Claim intake or payment based on predetermined
events could be initiated from smart contracts
5G
Wireless
Technology
Offers peak data speed, low latency more uniform user
experience
Faster data speed key in collecting data from
autonomous devices and wearables for better insurance
process insights
Happiest Minds building capability in Smart Contracts using blockchain technology and
also developing solutions in IOT space in the areas of Vehicle Insurance and smart
building insurance.
Opportunities
17. In the past, insurance carriers that
were dependent on heavy legacy
architecture are in the process of
streamlining these systems. In
parallel, they want to position
themselves more digitally forward
and have already started their
modernization journey by adopting
emerging technologies from
Insurtechs/IT service providers into
the offering mix.
SUBHASIS BANDYOPADHYAY
VP, Domain Head - BFSI
CONCLUSION
Subhasis Bandyopadhyay is the DBS Domain and Industry
Group Head - BFSI. He is instrumental in cross-functional
collaboration with Technical/Delivery team to improve the
service offerings of Happiest Minds to the clients and build
larger customer and partner ecosystem. He is responsible
to build the domain capabilities and expand the digital
business footprint of Happiest Minds.
Subhasis comes with a rich industry experience of 30
years in Banking, Payments, Risk & Compliance and
Capital Markets. In his previous roles, he has provided
leadership and strategic direction for Banking & Capital
Market solutions, domain consulting, alliance
management, domain competence building.
During his career, Subhasis has been responsible for
Presales, Pursuit Management, Product Alliance, Solutions
and win strategy for previous employers. He has played a
pivotal role in developing BFS solutions in Blockchain,
ESG, Al/ML, ARVR in Banking and Capital Market space.
About Happiest Minds
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and
technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by
leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet
of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital . Born Agile’, our capabilities span
digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as
automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail and travel/
transportation/ hospitality.
A Great Place to Work-CertifiedTM company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., UK,
Canada, Australia and Middle East.
www.happiestminds.com
Please connect with Happiest Minds
BFSI team to know more.
Write to us: business@happiestminds.com