Finance & Insurance

The financial sector is going through profound transformation worldwide. Both regulation and new players (BigTech and FinTech) are considerably changing the landscape. Banks are still the primary players of financial services, a position that is an advantage in the race for the opportunities created by the new financial market landscape.

On the other hand, this privileged position is not enough to face new challenges, and a proactive response to recent pressures is key to ensure banks are still the central pillars around which financial activities gravitate.

Market Trends

Regulations such as PSD2 and Open Banking are promoting a shared marketplace, where new players can create innovative financial services that compete or complement traditional banking offers. A shared marketplace connects all participants, and an API economy is emerging that requires banks to modernize their current core IT systems into modern architectures and technologies.


  • Modernize legacy core IT systems to simplify the innovation of new products and services
  • Provide similar functions to different banking channels
  • Integrate solutions from other players into new offers of products and services
  • Develop a business model around an API economy, using modern monetization approaches

Millennials (and soon, Digital Native) generations are increasingly adept of digital experiences for day-to-day activities. The expectations in user experience set traditionally by retail applications, and more recently by the new financial players, is pushing Banks into reviewing their proposed physical and digital banking solutions.


  • Understand user pain points and improve current user experience in all user journeys
  • Improve current application portfolio according to a mobile-first approach
  • Develop an omnichannel experience financial customer activities
  • Create new applications that promote customer loyalty and reduce churn

Advances in Artificial Intelligence and techniques to process large sets of data, together with the increase in availability of customer-related data online, are opening opportunities to generate new and deep insights around the customer base. Being able to use this data effectively will be key to discover new revenue streams and differentiate current offers from the competition.


  • Integrate new sources of data and apply new algorithms on previously untapped data
  • Define new and more granular segments (“segments of one”) to enable hyper‑personalization of products and services, and better targeting of campaigns
  • Identify customer life events and opportunities for upselling and cross‑selling products and services (the right product, at the right time, for the right customer)
  • Improve decision and compliance with better insights for Know Your Customer (KYC) and Anti‑Money Laundering (AML) checks

The offers of new players are distinct in their simplicity and speed of usage, their personalized experience, and their competitive fees. Banks are looking into Artificial Intelligence (AI) and Machine Learning (ML) to bring intelligent automation into products and processes, hence not only improve their efficiency, but also reduce costs associated with currently allocated resources.


  • Develop modern Business Intelligence (BI) pipelines that combine traditional systems and data sets with modern big data tools and most recent AI/ML analytics techniques
  • Support internal experts in activities such as risk modelling, for the design of investment funds and portfolios
  • Improve efficiency and reduce costs of processes between different parties with intelligent automation (e.g. settlements, trade execution & routing, …) and new technologies (smart contracts)
  • Integrate intelligence in internal tools (robo-advisors supporting branch transformation) and customer applications (wizards to assist users during their interaction, financial assistants)

The transformation in Banks can only be effective and successful if supported by a structural modernization. The traditional organizational and delivery models are slowing down innovation and making difficult to deliver better products ahead of the competition. The run of the daily operational processes represent a significant part of the budget: reducing the costs of those activities will allow banks to invest in initiatives to gain the sought differentiation factor from the competition.


  • Use Agile methodology and frameworks to redefine delivery teams and accelerate the delivery products and services
  • Adopt Cloud and DevOps to reduce infrastructure costs and enhance autonomy of delivery teams
  • Implement a behaviour-driven development (BDD) approach to Quality Assurance to ensure a seamless interpretation of product features between all participants in the delivery
  • Reduce costs of running business processes through outsourcing (BPO) and Robotic Process Automation (RPA)


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