Financial Services

28 March 2023 by Maxime Poriel

YOUR CHALLENGES

Specialized Financial Services are evolving in a dynamic and competitive environment. Factoring, consumer credit, leasing, ..different services to provide and serve the financing of households and companies.

1. Innovation et Digitalisation

• Shift from a product-oriented model to a customer-oriented model
• Offer new services developed internally or via partnerships
• Exploitation and analysis of customer data (golden source development, data science)
• Digitalization of the customer journey
• Optimal and sustainable exploitation of the new technological situation

2. Operational efficiency and cost optimization

• Partnerships / acquisitions: pooling of know-how and assets
• Internationalization: consolidation / selection of markets & products
• Process optimization and cost reduction
• Performance measurement and management (formalization of SLAs)
• Outsourcing, implementation of Shared Services Centers or exploitation of Group synergies

3. Risks, Data and Compliance

• Security and confidentiality of customer data (GDPR…)
• Reduction of operational and credit risks (Anacredit…)
• Transparency towards the customer (VUC…)
• Reliability of controls and reporting (BCBS 239, IFRS…)

OUR EXPERTISE

Our consultants have a wide range of skills to assist you in meeting your objectives and managing your projects

• Offer and customer journey: optimization of customer journey, customer relationship transformation (acquisition, new services…), partnership and evolution of service offers
• Organization and process: definition of Target Operating Model, Process optimization, implementation of KPIs to monitor performance
• Change Management: structuring and implementation of the change management component of transformation projects, acculturation and mobilization of employees on the new working methods and organizational models
• Regulatory: regulatory watch, analysis of regulatory impacts, management of compliance projects (regulatory reporting, compliance with standards, etc.)
• IT, innovation and digitalization: digitization of Front to Back processes, APIsation and evolution of tools, controls and workflows automation
• Data: Data Office structuring (organization, roles and responsibilities), data dictionary set up, GDPR implementation (data register, data protection and use charter,…)

Retail Banking

by Maxime Poriel

YOUR CHALLENGES

Retail Banking faces new challenges with clients « churn », competition with neo banks, growing regulatory expectations to protect customers, and innovation opportunities. Clients expect their bank to be supportive of their key moments in life, implying a trustful relationship. Client experience and bank fees are also strategic to acquire and retain clients. Wealth Managers have to deal with a tough context of low rates, growing burden of regulations, fierce competition and clients requirements.

Listed below are some of your new challenges:

1. Customize services and advisory through a multi-channel CRM based on customer segmentation
2. Improve customer knowledge between the corporate, personal and private banking markets
3. Train, assist and provide tools to sales teams to have a better understanding of customers expectations
4. Optimize User experience with smart interfaces for client advisors and customer self-care
5. Understand, Analyse and use client data with big data technologies
6. Review distribution models (physical vs virtual)
7. Manage impact of regulations on business and operating models

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Support Distribution department with challenges such as segmentation, suitability of products and services, governance, communication; Design Digital opportunities and use cases fro enhanced business
2. Support/Manage platforms convergence
3. Process: Design new Target Operating Models, process reviews, Systems migration (Core Banking system), Change Management
4. Regulatory: MIFID2, DGPR, PRIIPS, IDD, etc.
5. Digital: Ai Fintechs to assist on Data intelligence and Client experience