BFSI (Banking, Financial Services & Insurance) sector globally has seen a transformation and has grown many folds in the last decade. Companies in the BFSI sector are constantly increasing their investments in IT as part of their strategy to increase profits, improve time-to-market of new products and services, cope with regulatory changes and meet rising customer demands.
The combined markets of Banking, Financial Services and Insurance create a complex mix of operational challenges. Dynamic regulatory norms, a high rate of employee churn, a vast range of products and services, increasingly demanding customers, as well as a rapidly expanding workforce spread across multiple regions are just a few of the hurdles which come in the way of implementing quality training initiatives in the BFSI sector. Add to this the fact that technological advancements, changing policies and new markets have made it critical for the BFSI workforce to develop specialized skills, stay abreast with the latest developments, and be customer-friendly.
NEXT being a significant player in IT services domain, having rich resource of skills, expertise and infrastructure has got an edge to provide round the clock proactive monitoring and management of your Business Communication Systems.
NEXT has subject matter experts and consultants with depth and breadth of knowledge in Banking, Financial services and Insurance domains.
Our solution: Banking Consulting and Training
BFSI sector face challenges in understanding of their organization, intermediation and risk management in an active market characterized by rapid economic and organizational change. The crisis and its severity were neither unpredictable nor unavoidable since some of the corporations, by institutionalizing Domain knowledge and history of past crisis, successfully avoided the pitfalls experienced by the failing organizations.
Information systems have a long history in BFSI sector. Typically, the initial core infrastructure was based on mainframe systems with terminal-based access. New technology concepts, such as client-server computing and relational database systems, enabled the creation of new applications extending the core infrastructure. The result of those continuous investments was a heterogeneous landscape: Core banking applications such as payment transactions still run on the mainframe, whereas more specific applications such as investment and lending solutions are based on newer technologies. These complex IT landscapes result in Data Flexibilitynegative effects on the business. First, there is a lack of flexibility and scalability from a foundational point of view. Second, costs for managing the complex IT landscapes are exploding. Third, the heterogeneous landscapes do not provide a good foundation for introducing innovative IT solutions in the front office as mentioned above.
Our solution: Solution Architecture
NEXT A-Lab’s Solution architect team will guide the architecture, design and implementation of “behind-the-scenes” technology systems. Our skilled solution architect team understands the big picture, business functions and the strategic goals that the new solution must address also how to re-engineer the existing solutions for Maximum flexibility and Scalability. Our A-Lab’s solution architect knows when to apply creativity, business acumen and industry best practices, depending on the situation and the client.
Expanding data volumes and regulatory changes are putting more and more pressure on core processing systems. The BFSI industry has made significant investments over the past 25 years in new delivery channels, such as ATMs, call centers and the Internet, and banks have had to create new functionality around existing systems. Some corporations even created separate platforms to support the information delivery of these channels. Consumers rely on new delivery channels more and more, the levels of data moving through the pipeline also are increasing. Nested solutions are creating information silos, making it difficult to comply with reporting rules. Companies are seeking tighter integration with new open architectures, enabling them to extend the life of existing core systems while keeping operating costs low, upholding customer service and complying with regulations.
Our solution: System Integration Services
System intemanaged services. Leveraging project management, program management, and solution implementation to infrastructure acquisition. Then methodologies and tools for positive business outcome, strong teams of proven experts drive services ranging frogration from NEXT is based on an integrated approach to building responsive IT infrastructure and meeting the critical needs of the banking business. The technology expertise spans across application architecture, hardware refresh, middleware, third party solution implementations and these services can add immense value, right from conceptualization to implementation, for banks taking on the challenge of executing large scale turnkey projects.
NEXT‘s services focus on collaborating with the core business and IT organizations, to help create an integrated, organization wide IT platform.to suit specific pre-defined business needs. Leveraging these services, the BSFI companies can chart a visionary course for itself and then build a pragmatic business and technology framework to make that vision a tangible reality.
BFSI are challenged to institute security measures that satisfy users who are demanding both stronger security and ease of use and control – often competing priorities. With a growing population of internal and external users accessing an increasing number of applications, the need has grown exponentially for corporations to develop a new generation of security tools that can help them better comply with regulations, control access to confidential data and limit identity theft.
Our solution: Security Audit
NEXT team understand that an unscheduled halt to a banking or finance infrastructure caused by a security breach or virus could have significant negative effects on customer relations and the bottom line.
Assessing the vulnerabilities of web applications and internal and external networks and responding with plans to mitigate the risks uncovered can help financial institution avoid compliance issues and other serious problems.
Our Information Security consultants will assess the safety of servers, storage devices, and workstations. Externally, they assess your firewalls, routers, remote access, and war dialing. We will provide substantive proof of your vulnerabilities and rank them according to the level of risk. This rankings can help the Banks prioritize the remediation efforts.
The focus on the people ultimately trickles down to the customers – a happy employee creates a happy customer. To achieve this, organization needs to provide their Employees and Human Resources staff the right tools for the job.
Our solution: Human Capital Management System
NEXT Human Capital Management System is a web-based software that automates business-critical HR administrative and strategic processes. It is a tool for identifying and recruiting talent, and helps managers to retain, develop and motivate their people. It helps build cohesive teams and aligns them to a single corporate mission.
NEXT Human Capital Management System we offer has significant modules from basic HR Management to advanced Talent Management, Succession Planning, Personnel Information Management System (PIMS), Goal setting, Performance Management, Training Management, e-Recruitment, Leave & Attendance Management, Claims & Reimbursements, Travel Management, Asset Tracking, Payroll, and many more.