The Financial Services Industry in Australia and New Zealand comprises more than thirty percent of total private sector activity, and underpins the economic growth of the broader community. Thankfully the shocks which have been created by the Global Financial Crisis are abating and in our local markets we have a vibrant core comprising a number of large and well established players as well as some new and innovative entrants. Today there is significant opportunity to step out from the pack, and differentiate in terms of customer experience and value.
Whether you provide core retail banking services, wealth management or insurance offerings, or niche services like Investment banking, there are a significant opportunities to create additional shareholder value by providing the right services, delivered in the right way to the right customers. We call this our ‘Customer Centric” approach to Financial Services and this underpins everything Fujitsu does in Financial Services.
Fujitsu provides a comprehensive suite of services and solutions, build around Customer Centricity, from superior customer insight through segmentation, to channel management, sales force effectiveness solutions, and into the core business systems and processes. We also provide supporting applications and infrastructure services including secure desktop solutions, data centre processing, and a range of products and services to enable you to create and deliver more agile services and products to your customers. We also believe that environmental sustainability is an essential pre-requisite for success, and our solutions are of the highest environmental calibre.
Customer Centricity, the New Reality
If truth be told, many players in Financial Services have tended to build their business around designing and delivering a range of products and then “pushing” them into the market, to compete mainly on price. This ‘Broadcast” approach to financial services is now being replaced by a radically different mindset – building a business from the end customer perspective. This is a significant change in approach, and it requires quite different thinking. Our research demonstrates that Customer Centric businesses out perform again their peers by as much as 15% - on an ongoing basis.
As Financial Service players plan to reconfigure their business with the aim of providing more compelling products and services for their customers and delivered at lower cost; an imperative exists to design the operating model for the business, which can guide the path of migration and the transformation path of underlying systems and processes.
Fujitsu believes that Service Orientated Architectures offers an essential pathway to designing and building today’s Financial Services business. In essence a deployed SOA-based architecture will provide a loosely-integrated suite of services that can be used within multiple business domains and so provide an approach which enables players to design and deliver customer-facing services in a more flexible, cost effective and controlled manner.
Given that Financial Services players have to provide services through multiple, coordinated channels, tailor products to target customers, and design in flexibility for the future, Service Orientation offers many benefits to the industry. Download our White Paper here.
Fujitsu research has highlighted the fact that legacy IT systems are a major barrier to responding to these business challenges. Fujitsu has a proven approach to address the problem of legacy systems.
Whilst some have embarked on multi-year multi-million dollar programmes of system replacement, Fujitsu’s view is that there are more cost-effective and quicker alternatives. The root cause of the problem is that while older systems may provide appropriate business function, changes to the system are complex and slow to implement. The ideal solution would allow the migration of existing business functions onto a new modern platform that incorporates the components and design features of modern architecture and engineering technology. The result would be a new agile and flexible system built at a fraction of the cost of a complete rebuild. Fujitsu’s offering – Legacy System Modernisation – achieves this. Our white paper highlights some of the critical success factors, our approach, and provides some case studies.
These modernisation strategies lower your total cost of ownership, enhances reliability and provides a platform for more flexible systems. Download our white paper.
Whether in Retail Banking, Wealth Management or Insurance, today’s business leaders are demanding more in terms of customer responsive systems, tailored business processes, and product innovation. Players are heavily reliant on the ability to share information in many forms and from diverse channels across the business. Effective information transmission is the lifeblood of the business. But many wrestle with islands of data and the frustration of not being able to handle diverse formats in a consistent effective manner.
Our research highlights the fact that fragmented legacy communications systems are a barrier to responding to this business challenge and are costly to maintain and enhance. Our approach to enterprise-wide Unified Communications (UC) enables the convergence of voice, data, video and other content to be carried over a single flexible infrastructure. The result is a more agile system which is more responsive to customer needs and delivered at lower costs. Fujitsu has a proven approach to this challenge.
This white paper outlines our approach to UC, provides some case studies, and highlights some of the critical success factors.
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