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Banking, Financial Services & Insurance

The adoption of new digital technologies in the financial services sector is fueling fierce competition, prompting changes to both internal infrastructure and consumer delivery models.

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Transformation in Banking, Financial Services, and Insurance

Industry players are experiencing pressure as a result of stringent regulations and policies, industry consolidation, and consumer desires for new platforms. Financial services are revamping their offerings and processes around digital banking and payments transformation, realizing a need for open platforms and APIs. Making decisions regarding technology, sourcing and transformation in a dynamic and complex environment is challenging and can produce misalignment with overall business strategy.

Avasant delivers strategic, long-term solutions for our clients to respond to technology shifts while remaining competitive and profitable. We blend our extensive industry experience with finely honed consulting expertise as our clients navigate the ever-changing economic and business landscape. Our recommendations are centered on transforming to digital platforms, managing regulatory compliance and risk, improving vendor management, and enhancing their customers’ user experience. Avasant believes innovation-drive approaches are imperative for financial services firms to ensure optimum ROI and stay ahead of the technology curve.

FEATURED RESEARCH

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Next Generation Financial Management Suites for the Intelligent Finance Function

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COVID Accelerates Digital Disruption and Innovative Business Models in the Insurance sector

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Service Providers Helping More Firms Cash In on Digital Finance Transformation

“We are a $90 billion dollar global enterprise. With our organizational complexity and size, Avasant has brought a valuable blend of sourcing expertise, industry insights, and execution excellence…and has helped us manage an application portfolio of 35+ vendors with over $54 M in license fees and US$ 12 M in annual maintenance spend. We’ve appreciated our long term partnership with Avasant and the strategic impact they’ve had.”

Chief Information Officer

Global Financial Services Company

Client Case Study

Making car loans more affordable means selling more cars. It’s with that simple philosophy that Avasant was charged with a cost reduction engagement for an automotive financial lender whose services span 30 countries and support 5.4 million customers. We developed a comprehensive, organization-wide strategy for vendor governance and improved license management. Our recommendations focused on cost-reducing methods to maintain more efficient operations across thousands of their licensed applications and third party contracts. With over $54 M in license fees and $12 M in annual maintenance spend, we provided a roadmap for our client to achieve more than 10% in savings.

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Anupam Govil

Partner, BFSI Practice Lead

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