Banking, Finance & Insurance
Continuous improvement of the digital journey
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As the backbone of global economies, the Banking, Finance & Insurance industries must continually adapt to their ever-evolving environment, whether it be: shifting global capital flows, financial risk regulation, the arrival of market disruptors or the transformative influence of new business models and cutting-edge technology.
What is at stake?
Rising interest rates, high inflation and geopolitical unrest, banks, insurers, and financial institutions are expected to be put to the test in the coming years. Fintechs, insurtechs, regtechs and financial institutions have proven capable of successfully adapting to an increasingly competitive environment.
The driving forces that are shaping the next wave of change within the industry are the enhancement of customer behaviour knowledge, the optimisation of compliance times and costs, the reconciliation of the banking institution’s profitability and resilience and the improvement of customer relations & risk management.
ALTEN, your key partner in navigating the complex terrains
ALTEN is here to navigate the complex financial terrains, offering cross-functional services, expertise, experience, and innovation, tailored to the specific needs of the banking, finance, and insurance industry.
ALTEN in the Banking, Finance & Insurance industries
Our top BFI solutions: Optimissa Capital Sales Consulting, Lincoln, Groupe Nexeo, Uniware Global Services
The various banking regulations (Basel, IFRS, MIF, FRTB, DSP2, AIFM…) that have been implemented for years continue to unfold in order to ensure the protection of clients’ assets and the supervision of the financial ecosystem.
Today, banks, like other businesses, must strengthen themselves against threats such as cybercrime. While different requirements already existed in historical texts, DORA in the European continent formalizes all the points on which the banking environment must comply to face various IT risks.
Beyond financial and IT risk management, the BFA sector must be an example of supporting the ecological transition. In Europe, actors must standardize all their non-financial indicators at the company level through the implementation of CSDR, as well as at the product level with the establishment of ISR & SFDR labels.
Challenges to address:
- Artificial intelligence (AI) and Machine learning (ML) for anti-money laundering
- Governance & implementation of IT Risk Supervision (DORA)
- Data & Reporting for ESG process
In a post-pandemic era, the quality of digital banking services has become a defining competitive advantage in the industry. Thanks to user-friendly platforms, customer-centric features & intelligent automation solutions powered by AI and machine learning— core customer demands, such as speed, accessibility, secure transactions, and customer rewards are being met. While most financial structures have managed to adapt to and satisfy these very demands, technological challenges to overcome remain:
- Hyper-personalisation through contextual data and predictive AI
- The window of opportunity for embedded banking implementation slowly closing
- “Humanizing” digital solutions: chatbots, AI services…
New technologies such as Big Data, Artificial Intelligence and Blockchain represent a major opportunity for banks: predictive marketing solutions that build customer loyalty, productivity gains with the implementation of robots, use of Blockchain to secure transactions…
More than 75 banks have joined the Interbank Information Network (IIN) developed by JP Morgan, to speed up international financial transactions thanks to blockchain.
- Providing the right infrastructure to implement innovation
- Successfully industrializing POCs (Proof of Concept) and lab innovations
- Collaborating with fintech companies on a long-term basis
ALTEN Value Proposition
ALTEN’S FUNCTIONAL SECTORS
- Account & asset aggregation platforms
- Mobile banking apps & self-service tools
- Integrated payment solutions
- Automation for treatment of incoming requests (e-mail, phone, chatbot, etc.)
- Customer data platforms (marketing, scoring, etc.)
- Financial product search engines, automated diagnostics, etc.
- Open banking development
- Tools for monitoring customer transactions & risk profile notification
- Development of credit risk analysis tools
Our Success Stories
Mobile and ultra-smart, the “Digital natives” generation is leading the banking sector in making deep-seated changes to customer relations and related services. ALTEN is the leading partner in Digital UX design for one of the main French banks for the development of new innovative functions.
The different health and financial crisis emphasized a certain number of shortfalls in the approaches of regulatory capital upon [DR1] internal rating-based models (IRB) of credit risk. ALTEN supports a global banking leader in the development of IRB analysis engines with a Big Data approach (on Hadoop platform), in accordance with the new Basel III agreements.
The fight against money laundering and the funding of terrorism, combined with regulatory pressure is forcing financial institutions to review their priorities. Their anti-money laundering system must be extremely effective in order to limit fraud, but also to avoid any sanctions from the competent authorities. One of the leading insurance companies has asked ALTEN to develop its risk analysis model.
Technology is revolutionising the insurance industry and customers are increasingly putting business process automation and User experience at the core of their digital expectations. ALTEN Italy is setting up a Test factory to support the digital transformation projects of a world leader in the insurance sector.
- BNP Paribas Group
- HSBC Group
- Banco Sabadell
- Crédit Agricole Group
- Société Générale Group
- BPCE Group
- AMF (Autorité des marchés financiers)
- AXA Investment Managers
- Crédit Agricole Corporate & Investment Bank
- Société Générale Corporate & Institutional Banking
- CNP assurances
- Crédit Agricole Assurances
- BNP Paribas CARDIF