Financial Services Enterprise and Business Architecture
More and more financial institutions use IRIS Business Architect for their enterprise architecture and business architecture to deliver their client-driven strategies and optimize their client-journeys successfully using value streams, like the one mentioned in the above diagram, and their enabling capabilities. Within only 6 months, IRIS Business Architect allows Enterprise and Business Architecture teams to deliver their first successes with relevant artifacts useful both for business and IT agile stakeholders, as shown in this schedule below.
Guardian Life (NY USA), HD Vest (TX USA), Independence Blue Cross (PA USA), the Luminor Group (Estonia, Latvia and Lithuania), the TD Bank (PA USA & ON Canada), TD Insurance (ON Canada), Thomson Reuters (WI USA), and USAA (TX USA) are now our customers. Other financial services organizations should be announced soon.
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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 and 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 large capital and liquidity buffers, decreasing the availability of collaterals.
- 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 with minimal communication between head office and other service business units into a more agile customer centric business model.