The power of banking and investing in financial services has shifted to the customer – they can now conduct transactions on the move and invest in financial products without entering a branch. All they look for are safe and secure means of accessing their accounts over the Internet, on any device, any time during the day. The BFSI firms therefore need to cater to this need by creating responsive, flexible, competitive, and compliant apps and solutions that can improve their efficiency and productivity while serving the customers without any glitches.
Indium Software’s strength in Big Data as well as testing services make us highly desirable as partners for:
- Big Data solutions in financial services
- BFSI testing services for financial services
Big Data in Financial Services
The financial services sector, thanks to digitisation, has blurred the lines between different entities where banks are vying for space with financial institutions, which are in turn competing with fintech start ups who bring great tech insights but are still establishing their credibility with their customers. Collaborative as well as competitive business practices are emerging as the key models for the stakeholders as well as the industry players. Customer is the ultimate winner, and can be wooed only with the right package of solutions that is curated to suit his needs.
This requires a deeper understanding of markets and customer behaviour to develop strategies that meet these needs. From being products-driven, the market is slowly becoming customer-driven.
Data insights can facilitate the development of meaningful strategies, as well as dealing with fraud and security issues, to drive competitive advantage. But it needs an expert to be able to wade through, organise, retrieve and analyse data that is relevant and can aid the different departments in formulating products and services that meet customer requirements.
Indium Software helps financial services companies attract, manage and retain profitable customers by applying a wide range of advanced analytics capabilities tailored to each business need.
We have however found that the requirements of analytics and the availability of customer data are quite diverse across different types of financial institutions such as Banking, Mutual Funds & Insurance.
There are however a few common goals that they all share –:
Better acquisition & retention
Increasing lifetime value of customers
Running successful targeted campaigns
Optimizing marketing spends across various channels
Indium Software’s Solutions
Indium Software employs a mix of domain and technical experts to understand customer requirements and develop solutions for optimum results. Our solutions build on the following:
Marketing & Sales Analytics – Campaign management methods to diagnose popular channels and movement along the customer lifecycle. Sales analytics also covers branch and location intelligence for departmental/branch performance optimization.
Portfolio Analytics – Product profitability analytics followed by matching products to customer segments for targeting them more effectively. Portfolio analysis also provides standard metrics to measure product performance.
Customer Segmentation – Use all available customer data to create customer profiles. Segment customer based on activity data or profile data depending on the intended use of these segments. Keep summarized records of customer behavior and value scores.
Insurance Claims – Integrate claims workflow data to understand blockages in claims processing and attempt to reduce turnaround time by working on influential factors.
Insurance Fraud Analytics – Use customer behavioral and profile data to derive unusual patterns of activity or high-risk factors and use these in assessing fraudulent activity. Make use of statistical outliers and other analytical methods such as clusters and decision trees to mine for such patterns.
Loyalty Management – Help in creating customer loyalty programs from customer behavioral and profile data. Create customer tiers and segments to reward more valuable customers.
The success of any app or software solution is in its smooth functioning. Any glitches in performance, functionality, compatibility or security will not only affect customer experience but also lead to displeasure and loss of business.
Indium Software offers end-to-end managed test services to banks and financial institutions with domain expertise and enormous experience gained from testing different banking applications in areas including:
- Core Banking
- Trade Finance
- Internet Banking
- Cash Management
These solutions are delivered through our onsite/offshore Global Delivery Mode.
Indium Software provides comprehensive testing services in claims processing, end-to-end flow of policy life-cycle, understanding various classifications and related business workflows in insurance for life and non-life. We have extensive technical expertise to perform defect triage and root cause analysis.
Indium Software IP-based test automation suite, iSafe, provides shorter test cycles without compromising on quality to ensure quicker time to market. Some of the key advantages of our automated testing include:
- Ready-to-test repositories
- Jump-start-kit for various BFSI firms
- Reusable test scripts
- Comprehensive test result report with varied analytics
- Robust, scalable and easy to use
- Tool agnostic
- Vast coverage
This along with our unique methodology for accelerated test design gives our clients the edge over their competition.
- Our BFSI subject matter experts comprehend the requirements quickly and identify special, complex and integration scenarios in addition to regular use cases to ensure maximum coverage
- Our centralized test repository for BFSI domain specific test cases covers user and business workflows. This, in turn, can be customized to specific project needs
- Our QA assessment helps our clients to create a Test Roadmap with recommendations based on industry best practices, benchmarking against peers and Indium’s quality frameworks
Why Indium Software
Indium Software has decades of experience in development and testing of BFSI solutions. Some of the advantages Indium provides include:
- Diversified technologies to suit customer needs and budgets
- Immediate TAT to set-up test lab to meet client’s new development objectives
- Know-how of banking transformations across the globe
- Extensive UAT Experience: T24, Finacle, Flexcube, Verde, Fidessa, VisionPLUS, Misys, Life & Non-Life Insurance applications
- Optimized Test Design effort accessing reusable test repository by 60%
- 30% Reduced Manual Test Execution by automating Day 0 and Negative Scenarios
- Average Automation Coverage – 90%
- Increased QA Cost Savings by flexible ramp up and ramp down of fully trained resources onsite/offshore.
- Periodical BFSI training programs internally
We cater to the varying needs of BFSI organisations, including:
- Contact centers
- Bank Branches
We can service any/all aspects of financial services, be it:
Core Bank Testing Services
- Savings / Checking Accts
- Deposits / Overdrafts
- Retail / Auto Loans & Mortgages
- Payment / Treasury Cash Mgt
- Cards / Investments
- BG’s / EXIM Bills / Fwd Contracts
Other Interfacing Systems
- CREDIT BUREAUS
- PAYMENT GATEWAYS
- REGULATORY BODIES
- CLEARING HOUSE