Setting the Standard for Financial Innovation and Flexibility

The top 10 takeaways from the session at the SAPPHIRE NOW conference

Pave the Way for Banking TransformationThere’s an incredible opportunity for financial companies to transform the way they do business.

Use these insights to take a more strategic approach to redefining your processes.

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Keep Your Eye on the Prize

“Without a strong vision, we’re really not going to move forward.”

As Sean Lewis, director at New York Life Insurance Company, recommends, gain a strong understanding of the goal you are trying to achieve before making any change. Once the overall vision is set, create a compatible technology vision that connects to it.

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Move Silos into a Single AssetOnce you have a vision, take a streamlined approach to achieve it and combine your investment, insurance, and market data into a single business asset.

The result?

• A single version of the truth

• An expedited and automated financial closing process

• A single source for model point generation, including assumptions

• An optimized data model and ma-ture infrastructure and cutting-edge in-memory technology

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Integrated Finance and Risk ManagementLeverage common data across financial products and methodologies to create a comprehensive, accurate, and timely common data layer. This allows financial, treasury, and risk departments to use consistent data for:

• Profitability calculations

• Budgeting

• Liquidity optimization

• Daily Basel reporting

• Regulatory reporting, stratification

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Hide and SeekBankhawk Analytics estimates that more than $5 trillion in working capital is tied up in inefficient banking processes.

With data analytics solutions that run in real time, you can get the insights you need from your rapidly changing data to find and uncover hidden assets.

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Don’t Over- think It

True innovation simplifies processes and streamlines an efficient culture. As leaders at AIG, Allstate, and Visa share, the cloud gives enterprises the flexibility to:

• Deliver to business users across the globe an integrated, intuitive, easy-to-use interface

• Reduce operating costs• Implement new technology faster

and more easily

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Leverage New InnovationsLeveraging new innovations such as SAP Insurance Analyzer and SAP HANA hosted on the cloud can enable you to cover multiple key requirements and provide greater integration at a lower cost.

• Single version of truth across organization

• Single source for model point generation including assumptions

• Expedited and automated financial closing process

• Optimized data model and mature infrastructure with cutting-edge in-memory technology

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Achieving the agility needed to react to the growing landscape of regulations requires institutions to integrate data across departments. Once implemented, this can accelerate reporting cycles and remediate the need for in-flight regulatory directives.

Responding to Heightened Regulatory Environments

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A Team Effort

Transitioning to the cloud goes beyond the service-level agreement.

“ It’s about talking to your technology provider support, internal IT, on-premise partners and developing a collaborative team approach around delivering the solution. That shared accountability and responsibility has really been what has helped us succeed versus just looking at the vendor or the service provider and saying it’s their problem. It’s all of our problem.”

- Brett Winchell, HR director, workforce measurement and technology, Allstate Insurance

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Establishing Omnichannel Engagement Customer engagement is being completely redefined as consumers’ standards and expectations rapidly increase with technology. With a click of a button, consumers now expect that you know who they are, their preferences, and their purchase history. Respond to this new need and provide intuitive, graphical views of information so everyone wins.

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Check out our library of keynotes, sessions, and interviews from the SAPPHIRE NOW conference:

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