Banking & Insurance
Y&L brings valuable knowledge gained through 20+ years of experience in delivering innovative technology solutions for banks, credit unions, insurance companies, and other financial service firms. Y&L’s financial professionals have an in-depth knowledge of the financial industry and the technology utilized.
Through its Business Intelligence practice, Y&L enables financial clients to identify customers by product/service usage and create targeted marketing lists for account growth initiatives. These lists can be merged with third-party demographic data for launching effective and targeted marketing campaigns.
Y&L delivers a variety of proven financial industry solutions, such as application development, application support, product customization and implementation (i.e. SAP), migration services (during mergers/acquisitions), major server and desktop software upgrades, business intelligence, cyber security, and IT help desk services. A few of our financial and insurance clients include SWBC, Frost Bank, Randolph Brooks FCU, IBC Bank, HSBC, Bank of America, Wells Fargo, AMEX, Houston Insurance Group, FLI, Harland Clarke, Argo Group, iLENDX, Credit Human Federal Credit Union, Deutsche Bank, BNYMellon, Ameriprise Financial, Bloomberg, UBS, RBS, DBS and Thomson Reuters.
Escalating customer expectations, ongoing advances in online banking technology to streamline and improve the customer experience, protecting customer data from identity theft and increasing regulatory requirements constantly impact the traditional banking and insurance sectors.
The banking industry will also be changed by the entrant of non-traditional competitors such as Apply Pay Cash (which allows customers to send and receive money), as well as coordinating with third-party companies to create APIs that require carefully opening up back-end customer data to others who can perform these activities better than their internal IT departments in order to achieve their objectives. Mobile banking alone brings with it its own challenges and opportunities around customer-to-business frictionless digital banking, consumer-to-consumer one-click payments, new cryptocurrency opportunities, password-free biometrics, locational services and offers and conversational interfaces.
As for the insurance sector, new markets offer an opportunity for technological innovations to capture market share. For example, Airbnb hosts who make income from their residences have a need for limited commercial coverage without the need of comprehensive commercial policies. Tech savvy insurance companies can create targeted insurance solutions and deliver them digitally to this market.
As for millennials, who are most likely to purchase insurance through an app on their smartphones, they drive less than previous generations which gives way to providing a lower cost “pay-per-mile” automobile insurance. And, although millennials might not have high home ownership, they do want insurance for their expensive belongings (bikes, jewelry, electronics, etc.). Lifestyle and experience markets continue to develop and so do digital insurance opportunities.
Market Specific Solutions
- Capital Markets – Custodial, Brokerage Services, Client Portfolio Management
- Retail Banking Loan Processing Applications – Home Loans, Construction Loans, Consumer Loans
- Internet Banking Website Design
- Branch-level CRM Dashboards and Performance Analytics
- Banking and Insurance Compliance Management
- Customer Profiling for Prospecting
- Share of Wallet Analytics
- Mobile App Development
- Data Governance
- Digital Branch Network Transformation
- Systems Integration Services for Acquisitions
Aligned to Banking Needs
Across the globe, banks continue to face challenging times. They continue to cut costs while being pragmatic with their investments to improve revenue and compete effectively. Digital maturity has become an existential need in today’s current environment.
|Industry Challenges||Banking Industry Strategy||Y&L Banking Services|
|Profit Margin Pressure||Simplify business and operating model, improve operational efficiencies.||Business Process Reengineering, Robotic Process Automation, Agile, DevOps consulting|
|Increased competition from Fintech and Niche players||Improve Digital Maturity, use data as a competitive advantage, adopt new business models / new products.||Digital Transformation Roadmap Big Data, Analytics and Visualization Innovation Lab – (Blockchain, IoT, AI/ML),|
|Change in Customer Demographics and Delivery Expectations||Customer centric focus, target marketing, and invest in innovation and talent.||Customer Experience Design, Mobility, Skilled Manpower, Predictive Analytics, Sentiment Analytics, Campaign Dashboards|
|Cyber Risk and Identity Theft||Invest in technology and security; Move away from legacy system to state of art.||Legacy Modernization COTS Center of Excellence Information Security Best Practices Establish information access hierarchy.|
|Ever-Changing Regulatory Requirement||Data Governance Processes and Reporting.||Reporting Framework, Consulting on GDPR, BASEL, Data Governance Best Practices Implementation|
Y&L Banking Industry Digital Transformation Offering
Our bank client uses a proprietary platform, to manage their sales, onboarding and account services. This allows our client to have an end-to-end flow of information on prospecting to customer onboarding and upselling. Through the consolidation of activities, their platform has enabled the bank to train branch representatives on one application. Their platform also ensures…
A large financial institution wanted to replace their SharePoint functionality in their Wire Transfer service with a .Net solution and complete a series of enhancements to the Wire Workflow application. Y&L was chosen to undertake this transition as well as make the following enhancements: Require double confirmation on Email Wire requests with New Beneficiaries and/or…
One of the largest banks in Texas had a pressing need of having an automated solution for Visa Resolve Online file (VROL) and Wire Settlement processes which were both being performed manually. The bank was looking for a solution that would address the following: High amount of manual work with complex processes that are prone…
Software upgrades are inevitable. In attempting this type of overhaul, it’s important to document the challenges and create a solid plan to ensure that you achieve your upgrade performance improvement objectives. Y&L Consulting recently helped the Argo Group with their SharePoint migration and performance optimization. Challenge: Argo used SharePoint as a file storage and collaboration…
INDUSTRYBACKGROUND Despite the desire to go paperless, Federal, State and regulatory requirements often mandate mailing paper correspondence in certain industries. The P&C Insurance industry is one such industry. Unlike the validation of phone numbers or email addresses, physical address validation is a protracted process, making it difficult to ascertain correctness. BUSINESS PROBLEM Apart from regulatory…
INDUSTRYBACKGROUND Just like mortgages, credit cards, and other type of financial transactions, that require underwriting; Credit Scores are a key determining factor within the auto insurance underwriting process as to whether a prospective customer is an acceptable risk. The Credit Score has a significant impact on determining the premium charged to an individual. People with…
A Texas-chartered bank with 134 branches was looking to provide a higher degree of visibility across their organization of loans being made to consumers and commercial clients. Y&L developed a centralized application to monitor loans and provide a dashboard view for branch executives. The new application improved process efficiencies and data quality since loan information…
An international underwriter of specialty insurance and reinsurance products in the property and casualty market wanted to perform a major SharePoint software upgrade after determining through an assessment of administrative and backend reporting that geographical distance was causing latency and reporting demand far exceeded capacity. Y&L developed a three-tier SharePoint server farm on three servers…
One of the largest Texas banks understands the value of IT and operational process assessments prior to execution. Thorough assessments conducted by individuals with deep technical and market-specific experience can result in a clear, detailed and relatively “surprise free” execution roadmap. IT assessments should go beyond simply understanding and recommending technical enhancements and include business…
INDUSTRYBACKGROUND The commoditization of Insurance and the high degree of regulation has made the insurance industry a target for fraudsters. There are numerous soft and hard fraud attempts against insurers. Some of the most common fraud examples are, filing claims for fictitious accidents, multiple small claim requests and the impersonation of a claimant in order…
INDUSTRYBACKGROUND “Salvage” is the insurer’s way to literally salvage what they can from an otherwise catastrophic loss. Most insurers outsource the entire salvage life cycle from towing to auctions to specialist vendors. As it is not a customer-facing transaction, salvage processing often gets very little attention. And while it does not really bring in any…
INDUSTRYBACKGROUND The speed at which a customer’s claim is processed has a direct impact on customer satisfaction and retention. A slow processing cycle can often be due to heavy manual processes and inherent inefficiencies that can have a very direct effect on operational costs. Apart from these internal challenges, a lag in claims processing also…