Financial Services Business Architecture
Guardian Life (NY USA), HD Vest (TX USA), the TD Bank (PA USA & ON Canada), TD Insurance (ON Canada), Thomson Reuters (WI USA) and Wells Fargo (MN USA) are now our customers. Others should be announced soon.
Enterprises in the Finance Industry seek distinctive benefits from the use of IRIS Business Architect. Here are a few common benefits:
- Better decision-making ability. The use of IRIS Business Architect helps enterprises comprehend the complete impacts of decisions before making them, therefore reducing risk for each decision.
- Driven and cohesive strategy. IRIS Business Architect can contribute in decoding strategy into action and focus investment.
- Agility in business and information technology execution. The use of IRIS Business Architect makes it easy to have repository of reusable business architecture content and defined processes that decodes strategies into execution significantly speeds up an enterprise’s ability to recognize and implement the necessary changes.
- Higher operational effectiveness and capacity for growth. IRIS Business Architect helps enterprises reconsider how it structures and rationalizes business operations for efficiency and scalability.
Here are some of the events and challenges facing the finance industry where IRIS Business Architect can be used with satisfaction to insure that corporate strategies are implemented with cohesion in all their business units:
- The need to acquire new competencies (like predictive analytics) to measure and act upon new and very valuable insights into consumer behavior from the clients that use social platforms (Facebook and Twitter mostly)
- Make better informed decisions knowing that social media activity of financial institutions exposes them to 3 significant risks: legal compliance risks, reputational risks, and operational risks.
- The increased need for better fraud prevention and authentication to secure customer accounts, since the rise of self-service channels, to improve the overall customer experience.
- Respond and adapt to new and competitive disruptive technologies arising from financial technology start-ups (peer-to-peer lending, fund transfers, electronic mobile payments, etc.)
- The need to have better systems in place to manage collateral and liquidity, since regulatory reforms require larger capital and liquidity buffers, decreasing the availability of collaterals.
- Compliance with the Volcker Rule, which begins in 2014, will require many financial institutions to change the way they do business – and with whom.
- Drive legacy modernization to insure that finance institutions have the capacity to adapt to all new delivery channels from social media and mobile applications.
- Integrate people, service operational processes, capabilities, technology and culture during a merger and acquisition.
- Transform a large financial institution operating in silo and minimal communication with head office and other service business units into a more agile customer centric business model.