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.
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