As a BFSI company, how do you best capture data? How do you best leverage data for competitive advantage? And how do you best monitor your business in the ever-evolving social landscape? These are some of the questions BFSI companies need to answer as the sector’s outlook has drastically changed throughout the course of multiple economic and security downturns.

April 30, 2020
FFIEC

The Federal Financial Institutions Examination Council (FFIEC) has expressed concern in addressing the implementation of cloud computing and security risk management in BFSI companies. The statement puts emphasis on risk management practices that ensure the security of the customer’s sensitive information in the cloud computing landscape.

December 15, 2020
FRB, OCC, FDIC

The Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) proposed a rule that entails BFSI companies to notify the chief federal regulator of any computer-security incident that escalates to the level “Notification Incident.”

SOURCE: Deloitte’s 2021 banking regulatory outlook: Understanding this year’s key US banking regulations

Informatic can help guide BFSI companies through these mission-critical challenges. The baking, financial services, and insurance sector is the most data-driven sector in the global economy. An enormous amount of customer data resides in banks — from deposits and withdrawals at ATMs to POS purchases and online profile creation and payments.

However, data silos can hinder the BFSI companies from utilizing these rich data sets to their advantage. Global markets have been under immense pressure and the financial industry has found itself struggling to cope with the scrutiny on its credibility and data security. The world is accelerating at a rapid pace, and the processes of data gathering, data management, and financial reporting must be able to keep up.

Banks and financial services institutions must embrace more advanced technologies and workflows, including automation, which means there is a need for higher quality data governance.

2.5
quintillion
bytes

of data is generated on a daily basis across the globe

91.6% of
companies

worldwide verify an increased rate in investment in Big Data

>2/3 of
enterprises

have seen a decrease in operational expenses with Big Data initiatives

Source: https://leftronic.com/blog/big-data-statistics/

Today’s rapidly evolving business and technology landscape is fueling the need for more sophisticated strategies and solutions in Big Data and Analytics. The proliferation of mobile devices combined with the continued rapid growth of online channels and social media will result in organizations having access to more business-related data than ever before.

With increasing customer expectations, banks and insurers can leverage the existing and new data sets to enhance their understanding of their customer behaviors and gain a competitive advantage as many market players today are using Big Data techniques and strategies to deliver compelling advantages.

Informatic Tech offers a range of services and solutions to help the BFSI sector harness the power of data.

Digital People Development

Informatic’s Digital People Development offers a contemporary digital solution leveraging the capability of mobiles to enable a digital footprint of all formats of learning in an organization.

The solution provides:

  • Single app covering the blended learning methods
  • Modular administrative backend followed by insightful real-time reports
  • Seamless learning pattern generated for any user

Consumer Experience Analytics

Informatic’s Consumer Experience Analytics solution, Canary enables healthcare to proactively engage patients across the continuum of care to improve health outcomes, develop meaningful relationships, and drive awareness.

Canary enables:

  • Decision support through intelligent signal management
  • Personalized priorities, alerts, and action pathways

Service Now

Informatic’s ServiceNow solution gives you the power to create better workflows—no matter the circumstances. It helps you enable your employees to be productive, wherever they are, and provide customers what they need when they need it.

ServiceNow enables digital workflows to:

  • Drive business growth
  • Increase resilience
  • Enhance employee productivity

AuditBOT

At Informatic Technologies, we provide AuditBOT SAP Risk Management suite equipped with tools that help companies spot and immediately counter risks, saving companies from large remediation expenses and audit cleanup fees.

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