The business of wealth management is gradually growing more complex. A typical player today is challenged by multiple client requirements, business locations, booking centers, operating models and platforms.
Especially in the scenario of tightened cost controls, and higher scrutiny for value, there is a need for a focus on operational excellence and business excellence in the field of wealth management – i.e. for banking, financial services and insurance (BFSI).
The key challenges of this new business environment are:
- Increased complexity of the IT environment emanating from the business environment
- Need for speed in the transactional, decision-making and product/service/channel arenas
- Increasing need of demonstration of accountability from IT
- To provide business value
- Demonstration of the compliance to the various statutory and regulatory requirements
To meet up with these challenges, organizations are making more and more efforts mainly focused on:
- Introduce new and resilient technology
- Create processes that can be used to address various areas of concerns
- Use tools to monitor, fix, report, deploy, measure, track technologies, process performance issues.
- Use partners in the “non- core competency” areas of the organization.
- Business oriented reporting
- Greater emphasis on internal controls and audits
AI Global Services has worked extensively with large BFSI players across the world, and provides a customized set of offerings for the industry.
QAI has facilitated the CMMI® journeys for the IT functions and software development centers of various banks across the world.
QAI has trained over 1200 Six Sigma Black Belts and Green Belts across industry sectors, and led / mentored over 1500 successful Six Sigma projects at leading organizations – most of these are from the BFSI domain.
QAI Global Services conducts Process and Performance Assessments and diagnostic studies for the service centers of BFSI’s on their Business Process Management Systems (BPMS) for key customer related processes and key support processes.
Some of the projects QAI facilitates for BFSIs include:
- Benchmarking on performance and process: To effectively measure operational productivity, overtime across geographical regions and to match the operational performance against the industry benchmarks and thereby improve client’s own processes.
- Productivity gains through reduction in turn-around-time (TAT)
- Process re-engineering To reduce Processing costs and overhead expenses, thereby reducing the resource requirement, say by 40%.
- Identifying repetitive inquiries from a single entity/ customer and reducing them
- Increase bill payment revenue percentage.
- To improve forecast accuracy for Volume, AHT, Shrinkage
Some of Our Clients
American Express, Global Financial Technologies, India
QAI has provided American Express with end-to-end CMM® services which included CMM® consulting, training, CMM® Based Abridged Assessment (Gap Analysis) and Pre Assessment across CMM® Level 2 and Level 3
Fidelity Business Services, India
QAI has worked with the IT services division of Fidelity Information and Systems Company (FISC) & Fidelity International Limited (FIL), provided the services spanning till date end to end services towards deployment of the CMMI® Level 3 and 5 services and Performance Improvement Trainings
HSBC, India & China
HSBC is one of the largest banking and financial services organizations in the world. HSBC’s international network comprises over 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. QAI has provided CMMI® Level 5 assessment services including Pre Assessment and SCAMPI assessment for its India center. In addition, QAI China has also provided CMMI® Appraisal services for the Guangzhou IT center.