We support financial services providers and insurance companies as sparring partners on equal footing in order to provide a future-compatible basis. Because the sector is facing radical changes: more and more bank and insurance processes will take place digitally in the future. Customer consultancy, payment processes and the conclusion of contracts are increasingly supported by Artificial Intelligence (AI) and solutions involving Robotic Process Automation (RPA) – in-part even fully managed by technology. More stringent regulation is an additional factor Climatic change and the trend to more sustainable finance and insurance products are on the agenda. Companies are well-advised to prepare the ground for digitalisation.
The finance and insurance sector is an important branch of the economy which secures its functionality. However, digitalisation changes the means by which financial services are offered and used. New players such as FinTechs or InsureTechs pose a challenge to the established industry giants. The newcomers’ advantages: They have a modern IT infrastructure and are therefore more agile when developing new offers.
In order to meet the challenges of the future, FERCHAU also supports the selection and implementation of future-compatible technologies, compensating missing know-how or staff bottlenecks in the following areas:
- AI is applied for a large number of tasks, including Risk Management, Customer Service and Compliance
- Block chains can be used to automate financial transactions, to improve transparency and for the safe, fully automated conclusion of contracts (Smart contracts)
- Cloud computing is suitable for modernising infrastructures as well as developing new financial products and services
- Cryptocurrencies provide new opportunities for financial services, e.g. payments and the transferral of money.
New technologies enable change to succeed in the world of banking and insurance and we support you in this with your diverse digitalisation projects.