Financial Services

28 March 2023 by Maxime Poriel

YOUR CHALLENGES

Specialized Financial Services are evolving in a dynamic and competitive environment. Factoring, consumer credit, leasing, ..different services to provide and serve the financing of households and companies.

1. Innovation et Digitalisation

• Shift from a product-oriented model to a customer-oriented model
• Offer new services developed internally or via partnerships
• Exploitation and analysis of customer data (golden source development, data science)
• Digitalization of the customer journey
• Optimal and sustainable exploitation of the new technological situation

2. Operational efficiency and cost optimization

• Partnerships / acquisitions: pooling of know-how and assets
• Internationalization: consolidation / selection of markets & products
• Process optimization and cost reduction
• Performance measurement and management (formalization of SLAs)
• Outsourcing, implementation of Shared Services Centers or exploitation of Group synergies

3. Risks, Data and Compliance

• Security and confidentiality of customer data (GDPR…)
• Reduction of operational and credit risks (Anacredit…)
• Transparency towards the customer (VUC…)
• Reliability of controls and reporting (BCBS 239, IFRS…)

OUR EXPERTISE

Our consultants have a wide range of skills to assist you in meeting your objectives and managing your projects

• Offer and customer journey: optimization of customer journey, customer relationship transformation (acquisition, new services…), partnership and evolution of service offers
• Organization and process: definition of Target Operating Model, Process optimization, implementation of KPIs to monitor performance
• Change Management: structuring and implementation of the change management component of transformation projects, acculturation and mobilization of employees on the new working methods and organizational models
• Regulatory: regulatory watch, analysis of regulatory impacts, management of compliance projects (regulatory reporting, compliance with standards, etc.)
• IT, innovation and digitalization: digitization of Front to Back processes, APIsation and evolution of tools, controls and workflows automation
• Data: Data Office structuring (organization, roles and responsibilities), data dictionary set up, GDPR implementation (data register, data protection and use charter,…)

Retail Banking

by Maxime Poriel

YOUR CHALLENGES

Retail Banking faces new challenges with clients « churn », competition with neo banks, growing regulatory expectations to protect customers, and innovation opportunities. Clients expect their bank to be supportive of their key moments in life, implying a trustful relationship. Client experience and bank fees are also strategic to acquire and retain clients. Wealth Managers have to deal with a tough context of low rates, growing burden of regulations, fierce competition and clients requirements.

Listed below are some of your new challenges:

1. Customize services and advisory through a multi-channel CRM based on customer segmentation
2. Improve customer knowledge between the corporate, personal and private banking markets
3. Train, assist and provide tools to sales teams to have a better understanding of customers expectations
4. Optimize User experience with smart interfaces for client advisors and customer self-care
5. Understand, Analyse and use client data with big data technologies
6. Review distribution models (physical vs virtual)
7. Manage impact of regulations on business and operating models

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Support Distribution department with challenges such as segmentation, suitability of products and services, governance, communication; Design Digital opportunities and use cases fro enhanced business
2. Support/Manage platforms convergence
3. Process: Design new Target Operating Models, process reviews, Systems migration (Core Banking system), Change Management
4. Regulatory: MIFID2, DGPR, PRIIPS, IDD, etc.
5. Digital: Ai Fintechs to assist on Data intelligence and Client experience

Capital Market

21 January 2019 by Maxime Poriel

YOUR CHALLENGES

Global Markets have suffered in the recent years from conduct issues and from the cost of regulations.  Basel requirements have brought banks upon a more selective strategy in the capital and liquidity consumption. High risk business is being left to hedge funds and CIB institutions now compete on solutions-oriented business and value-added services to the client. New partnerships grow with Securities Services, Corporate Banking and Financing.

Listed below are some of your new challenges:

1. Strengthen Prime Services and mutualize Risk management infrastructure
2. Invest in Client Management services to make the difference
3. Collect data to detect business opportunities within and without the bank
4. Conduct-oriented regulatory set-up with industry best practices
5. Continuous improvement of processes through RPA and offshoring
6. Select and drive smart Digital initiatives with business focus and added value

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Design new products and services, Assist in settling up in new territories, Client Servicing opportunities
2. Process: process reviews, RPA use cases, Collateral services, KYC and Client onboarding, offshoring, booking transfers
3. Regulatory: Conduct framework, Client suitability, Operational risks monitoring & prevention
4. Digital: RPA automation opportunities, Data collection and structuration (even unstructured data) for business purposes, artificial intelligence to help detect business leads and understand sentiment of the client

Global Transaction Banking

by Maxime Poriel

YOUR CHALLENGES

Transaction Banking, as part of the Corporate Banking, is a regular source of revenues for Banks. Streamlining cash management processes, and reducing costs for Trade Finance, while extending the geographical coverage of large corporates remain the major challenges here. Counterparty risks still to be under control.

Listed below are some of your new challenges:

1. Optimize the Target operating Model (TOM) for GTB activities
2. Industrialize platforms
3. Improve Client experience with the bank
4. Create innovative products
5. Adapt GTB governance between business lines
6. Secure the business services with BCP/resolution plans
7. Stay compliant

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Define 3-5 strategic plan for Trade Finance, Supply chain and Cash Management, Design new products and services, Segmentation strategy (VIP / Standards clients)
2. Process: process reviews, RPA use cases, Target Operating Modelling, Systems migration
3. Regulatory: AML, KYC, BRR Directive, Operational risks monitoring & prevention, Sanctions screening
4. Digital : RPA automation opportunities, Data collection and structuration (even unstructured data) for business purposes, Ai Smart algorithms to manage false alerts with efficiency, E-banking as a smart client journey

Insurance

by Maxime Poriel

YOUR CHALLENGES

Insurance and Re-insurance companies are facing new business challenges, new risks, new clients behaviours and new regulations, on all the scope of business lines: life insurance, property and casualty, health, reinsurance.

Listed below are some of your new challenges:

1. Adapt distribution channels to better meet customer expectations (automated and reactive subscription and claims processing)
2. Improve customer loyalty with client journey approach, new products (such as cyber-risk insurance, mutual referred funds…), digital marketing
3. Create partnerships and growth strategies
4. Enhance Data Management (both internal and external) for business (decision making) and regulatory purposes
5. Support insurance compliance and risks officers to integrate complex regulations

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Design strategic plans, Support Distribution department, Design Digital opportunities and use cases for enhanced business
2. Process: Data Management (governance, dictionary, architecture, etc.) for business and regulatory purposes, Change management, Process reviews
3. Regulatory: GDPR, PRIIPS, IDD, etc.
4. Digital : RPA automation, Ai Fintechs to assist on Data intelligence and Client experience, DataViz, Design Thinking, UX Design, open innovation

Securities Services

by Maxime Poriel

YOUR CHALLENGES

Asset Servicers go on streamlining their core processes while investing in building up added value services (Middle-office outsourcing) and in digital opportunities. They also turn up regulations into business opportunities to better serve their clients. Custody business shows low profitability but high source of liquidity for all the bank. Clearing services extend its scope to OTC markets (and listed derivatives) Fund administration requires large volumes of business and market data. Fund distribution gets along with cross border business and global reach.

Listed below are some of your new challenges:

1. Constantly extend the scope of products & services
2. Manage the cost of regulatory burden and turn up into business opportunities
3. Industrialize platforms
4. Keep high liquidity standards in low rate context
5. Adapt and custom to clients needs while streamlining processes
6. Use RPA and Blockchain to improve processes, and Fintech partnerships for providing new services

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Migrate new clients on Custody and Asset servicing, Design new products and services (Middle-office BPO, New collateral services, Structured cash deposits…)
2. Process: process reviews, RPA use cases, Target Operating Modelling, Improve quality of servicing for clients to make the difference
3. Regulatory: AML, KYC, EMIR, MIFID2, SFTR, UCITS V, etc.
4. Digital: RPA automation opportunities, Blockchain (Private and Public) on funds distribution, Ai Fintech partnerships

Finance & Risks

by Maxime Poriel

YOUR CHALLENGES

The challenges for Finance, Risks and ALM departments today are strongly interconnected :

The development of massive, heterogenous and fast-moving data sets, to enhance more robust business and operational models; The availability and maturity of data processing technologies necessary to manage this integration; A regulatory matrix that is increasingly complex.

Listed below are some of your new challenges:

1. Partner with the business, with client and business profitability monitoring, and with predictive innovation tools
2. Design a roadmap to operational excellence
3. Creating the capacity to integrate and adapt innovation to business line requirements: RPA, DataViz, Data Intelligence, Predictive analysis…
4. Implement transverse and disruptive regulations (BCBS239, IFRS9, FRTB,  IRRBB …) and other initiatives such as the Targeted Review of Internal Model (TRIM)
5. Prevent operational risks, through data cross analysis (internal/external)

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Improve client profitability monitoring process and ensure client revenue collection, Design of Client Risk Early Warning processes
2. Process: Design Offshoring/Nearshoring strategy, Data Management (governance, dictionary, architecture, etc.), Process reviews
3. Regulatory: , Manage program to comply with new regulatory reportings (IFRS9/AnaCredit/NPL/Liquidity reporting…), data-centric Target Operating Model, in the frame of FRTB requirements, Data Management Tool in the context of BCBS 239 requirements
4. Digital : RPA screening processes of Finance function, POC design & implementation, Automatic dashboarding framing, design and implementation of a CIB Central scoring and reporting tool to monitor G-SIB indicator – including a predictive module – based on advanced analytics and data-visualisation systems

Asset Management

by Maxime Poriel

YOUR CHALLENGES

Asset managers look forward to grow their Assets Under Management (AuM) through acquisition strategy and marketing/distribution efforts. To cope with the regulatory tide, they need to focus on their Management business and thus, to accelerate the outsourcing of their Middle-office functions. Mutualizing their platforms with Tier2/3 players could also be part of their strategy.

Listed below are some of your new challenges:

1. Merge or acquire to grow the AuM
2. Reshape distribution modalities, considering innovation opportunities and cross-border solutions
3. Crunching clients data and funds assets through Ai-powered solutions and Big data technologies
4. Focus on Asset Management business by outsourcing Systems and Middle office platforms to BPO players
5. Use RPA to automate processes and Blockchain for post trade processes and for better knowledge of investors
6. Develop a regulatory watch to anticipate impacts and opportunities of regulations on your business

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Support/Manage mergers and platforms convergence, Design new outsourcing offer to mutualize FO and MO platforms, Distribution strategy, Study of cross-border opportunities
2. Process: process reviews, Systems migration (Portfolio Management System), Migration towards a new BPO platform (Blackrock ’s Aladdin solution for example), Market data management tools
3. Regulatory: MIFID2, UCITS V, PRIIPS, etc.
4. Digital : RPA automation opportunities, Blockchain (Private and Public) on funds distribution, Ai Fintechs to assist Managers on investment solutions and client needs

Compliance

by Maxime Poriel

YOUR CHALLENGES

Compliance departments are extremely busy implementing remediation plans and upgrading their Financial Security schemes. To respond to this, the function must accelerate its transformation and the integration of technology with a dual objective: the first is to reduce growing costs in response to waves of sanctions or threats of sanctions issued by regulators (ACPR, BCE and DoJ for instance) and the second is to significantly improve the management of available data to better understand and anticipate patterns of financial crime. Compliance has become a key function in the financial industry, but one that is costly to manage, often because of tools and processes that are supposed to do the job largely but are not calibrated well enough to really meet business challenges. While remediation plans continue, Compliance departments are beginning to take a step back and question the effectiveness of their business model.

Aurexia is a partner in this new trajectory:

1. Optimization of the Compliance operating model with Smart Shoring type initiatives,
2. Rationalization and optimization of control libraries,
3. Automation of controls based on Machine Learning, NLP, OCR and Artificial Intelligence technologies.
4. Benchmarking and implementation of Regtechs-type solutions for fraud risk prevention and financial security (KYC, AML, Sanctions & Embargoes in particular).
5. Diagnosis and implementation of new regulations and regulatory guidelines DAC6, AMLD5 more specifically
6. Increase in the skills  of Line of Defense 1 in its management of non-compliance risk

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Design new Operating Models to lower the cost of Compliance processes, Change Management on Conduct projects with regard to market benchmark standards
2. Process: Setup Regulatory Watch organization, Provision of Benchmarks for Compliance functions across institutions
3. Regulatory: Remediation plans, Analyse impacts and manage regulatory programmes (MIFID2, IDD, PRIIPS, DGPR, DSP2, AML, KYC, Tax regs, BMR…)
4. Digital : Advise and implement Ai powered RegTech solutions to reduce the number of false positive alerts, Negative news screening through Data intelligence tools, RPA for KYC workflow processing, Design and implement a Smart Automation Lab at Compliance group level

Wealth Management

by Maxime Poriel

YOUR CHALLENGES

Wealth Managers have to deal with a tough context of low rates, growing burden of regulations, fierce competition and clients requirements. Revenues models have been shifting from inducements to transparent fees. The knowledge of client is crucial with high level of performance for relationship managers, and smart innovative solutions. Growing the AuM and Mutualizing the cost of platforms with mergers and/or outsourced process are also strong challenges for private bankers.

Listed below are some of your new challenges:

1. Customize products and services to clients (dedicated Luxembourg funds creation, client experience with smartphones and tablets, enhanced reporting quality, explore robots-advisor solutions…)
2. Reshape Business model to cope with MIFID2 constraints on discretionary portfolio management and prohibition to collect inducement fees
3. Develop synergies between WM and contractor banks
4. Smoothen KYC Onboarding processes
5. Adapt systems to comply with new regulations
6. Develop digital approach to better know your clients (speech to text, sentiment analysis, smart data) and improve client journey

OUR EXPERTISE

Our consultants have been working at the heart of these transformations and can help you take on these new challenges. Listed below are some of the many expertise Aurexia consultants have to offer but are not limited to:

1. Business: Support Commercial department with challenges such as segmentation, pricing, sales plans, governance, communication; Support/Manage mergers and platforms convergence,
2. Process: Design new Target Operating Models, process reviews (transfers, life insurance & securities orders, static data, investment client performance), Systems migration (Portfolio Management System & Core Banking system), Migration towards a new BPO platform
3.  Regulatory: MIFID2, AML, PRIIPS, IDD, etc.
4. Digital : RPA automation opportunities, Ai Fintechs to assist Managers on investment solutions and client needs, DataViz and Data intelligence