Modcomp has a long history of working for the Financial Services industry. We have clients in Investment and Retail Banking, Insurance, the Loans Industry and Fund Management industry.
The integration challenges faced by the finance industry are among the most complex and complicated. Modcomp today offers solutions which assist with the integration of applications to applications, and applications to the web.
An Integration solution starts with a business issue. Business issues in Financial Services which can benefit from our solutions include improving customer service, Know Your Customer (KYC), regulatory compliance, Straight Through Processing (STP), Basel II, as well as the requirements to implement specialist packages to support business processes and integrate these with existing back office systems.
Described below are some of the solutions we offer organisations in the Financial Services sector.
Improving Customer Service
One of the keys to improved customer service is making sure that those employees who are in a customer-facing role have the right information to enable them to inform customers, make decisions, or understand where issues might occur. Modcomp Integration solutions help by linking the systems used by customer-facing employees with those back office systems where data is stored. Modcomp, for example, helped one insurance company reduce the potential level of fraud by linking its call centre systems with back office systems to improve on-line, real time claims verification. Most importantly for the customer, it meant less waiting time for a response.
Know Your Customer
Financial services organisations have been working together to review and tighten security. Organisations like the Financial Services Authority (FSA) are encouraging the introduction of new standards and procedures to combat terrorist and criminal activity. Banks and other financial institutions are being required to collect more information and to collate and check this for possible money laundering. Modcomp's Integration technologies, and Management Information solutions, can help organisations reduce the cost of complying with these new requirements, by providing the software and solutions for collecting and storing customer information effectively and efficiently.
Straight Through Processing
To reduce operational risk, reduce the cost of cross organisation and cross border trading, and to reduce the level of trade failures, financial institutions are implementing so called Straight Through Processing (STP) solutions. Such solutions are intended to reduce the level of manual intervention, integrate intra-organisation and cross-organisation systems even though there may be differences in protocols, and automate the process of reporting, and possibly fixing, any failures that occur during the settlement process. Modcomp offers robust and cost effective solutions based on our own Modcomp middleware or software from our partners such as Microsoft, to improve connectivity between systems.
Basel II
The new Basel Capital Accord – usually just referred to as Basel II – requires that Banking organisations meet new, more stringent requirements for capital adequacy. The new accord consists of three elements – minimum capital requirements, supervisory review of capital adequacy and public disclosure. The IT challenge for banks is centred on the need to develop systems and integration solutions which provide the information about their liquidity positions. This requires both an understanding of where such data is held, and the challenge of producing a cross-bank view of the liquidity position at any one time. Modcomp’s integration experience coupled with our reporting solutions can support the challenges of complying with new adequacy rules.