Banking, Finance & Insurance

Continuous improvement of the digital journey

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As the backbone of global economies, the Banking, Finance & Insurance industries must continually adapt to their ever-evolving environment, whether it be: shifting global capital flows, financial risk regulation, the arrival of market disruptors or the transformative influence of new business models and cutting-edge technology.

What is at stake?

Rising interest rates, high inflation and geopolitical unrest, banks, insurers, and financial institutions are expected to be put to the test in the coming years. Fintechs, insurtechs, regtechs and financial institutions have proven capable of successfully adapting to an increasingly competitive environment.

The driving forces that are shaping the next wave of change within the industry are the enhancement of customer behaviour knowledge, the optimisation of compliance times and costs, the reconciliation of the banking institution’s profitability and resilience and the improvement of customer relations & risk management.

ALTEN, your key partner in navigating the complex terrains

ALTEN is here to navigate the complex financial terrains, offering cross-functional services, expertise, experience, and innovation, tailored to the specific needs of the banking, finance, and insurance industry.

ALTEN in the Banking, Finance & Insurance industries

390 K€

2022 turnover

4,230

consultants worldwide

countries

Solutions

Our top BFI solutions: Optimissa Capital Sales Consulting, Lincoln, Groupe Nexeo, Uniware Global Services

Market trends

Regulation

The various banking regulations (Basel, IFRS, MIF, FRTB, DSP2, AIFM…) that have been implemented for years continue to unfold in order to ensure the protection of clients’ assets and the supervision of the financial ecosystem.

Today, banks, like other businesses, must strengthen themselves against threats such as cybercrime. While different requirements already existed in historical texts, DORA in the European continent formalizes all the points on which the banking environment must comply to face various IT risks.

Beyond financial and IT risk management, the BFA sector must be an example of supporting the ecological transition. In Europe, actors must standardize all their non-financial indicators at the company level through the implementation of CSDR, as well as at the product level with the establishment of ISR & SFDR labels.

Challenges:

Artificial intelligence (AI) and Machine learning (ML) for anti-money laundering
Governance & implementation of IT Risk Supervision (DORA)
Data & Reporting for ESG process

Rising Customer Expectations

In a post-pandemic era, the quality of digital banking services has become a defining competitive advantage in the industry. Thanks to user-friendly platforms, customer-centric features & intelligent automation solutions powered by AI and machine learning— core customer demands, such as speed, accessibility, secure transactions, and customer rewards are being met.

Challenges:

Hyper-personalisation through contextual data and predictive AI
The window of opportunity for embedded banking implementation slowly closing
“Humanizing” digital solutions: chatbots, AI services…

Innovations

New technologies such as Big Data, Artificial Intelligence and Blockchain represent a major opportunity for banks: predictive marketing solutions that build customer loyalty, productivity gains with the implementation of robots, use of Blockchain to secure transactions…

More than 75 banks have joined the Interbank Information Network (IIN) developed by JP Morgan, to speed up international financial transactions thanks to blockchain.