- A cloud-based business transformation platform optimized for financial services and designed for fast results
- Anti-aging technology architecture with rapid deployment capabilities to meet the evolving needs of the industry
- Benefit from the knowledge of 60,000 EY technicians, a deep understanding of the regulatory landscape, and decades of experience across the industry
EY announced today that it has expanded its technology ecosystem with the launch of its business transformation platform, EY Nexus, which is optimized for financial services and designed for the rapid deployment of new products and solutions.
The launch of the EY Nexus marks an important milestone, as EY recently announced consolidated global revenue of $45.4 billion for the fiscal year ending June 2022. It comes as the organization continues to invest in technology, with EY Nexus playing a critical role in solving problems complex client quickly.
The demand for systems and applications that adhere to modern architecture and use micro-services is being driven by stagnation of progress due to cumbersome legacy systems, increased regulatory pressure and changing customer expectations.
This requirement causes an operational quandary for many organizations as they reconcile competing priorities.
With technicians located worldwide in eight regional technology centers, EY Nexus is part of a mature ecosystem of more than 60 products and 55 industry alliances serving 180 countries. The launch of EY Nexus paves the way for banks, insurance companies, wealth and asset managers to build in order to grow and deliver results quickly, integrating with existing legacy systems technology using undefined services of the provider.
Backed by extensive knowledge of the financial services industry and broad technological capabilities from across the EY organisation, EY Nexus is now present in six countries, already operating more than 40 financial services companies, and represents the growing desire of banks, insurance companies, and wealth and asset managers to self-disrupt in an era when The data shows a drastic change outside the industry.
A recent EY Tapestry Network report highlighted that 70% of investments in data over the past decade are not reusable and do not address broader transformative capabilities.
David Connolly, global insurance technology leader at EY says:
“Disruption from competitors FinTech and InsurTech is not the primary threat to incumbent companies – while they remain on the radar, the emerging risk is providers who acknowledge the power of their data. With thousands of data points at their disposal in real time, they have realized the art of What is possible, this gives them a distinct opportunity and a competitive advantage.
“The industry has reached an inflection point, with embedded finance leading the way. EY Nexus is a solution that can tap into every corner of the industry, with the ability to build a new bank or insurance company out of the organization’s legacy systems incredibly quickly. Furthermore, This can be achieved with existing systems, providing frictionless integration without disrupting the operating model.
“These are revolutionary feats, and EY teams are beating the drum for customers who understand that the sheer volume of data collected from every touch point in our lives is reshaping the way we do business.”
Designed for highly regulated industries
In addition to regional technology hubs, EY Nexus is supported by 14 global delivery centers for highly regulated industries, and five cloud innovation laboratories – two vital components in developing modular and scalable solutions for financial services players.
With 1 trillion lines of financial data analyzed annually by EY technology products, this represents the remarkable evolution of data and how it can be used to iterate and expand products, services and experiences.
While using data looks attractive, analyzing and activating it is a major challenge for organizations with cumbersome technology stacks, multiple applications, diverse needs, and restricted access to capital. While existing banks still maintain their edge in their markets, new ones are gaining cross-generational gains. The EY 2021 Next Wave Global Consumer Banking Survey highlighted that 27% of all global consumers have a relationship with a new bank, with the 25-34 age group leading the way.
David Deane, Digital Leader of Consulting at EY Americas says:
“Financial services organizations struggle with diverse strategic priorities – their net zero goals; increasing customer expectations, especially after the global pandemic; how they respond to new market entrants; and emerging technology.
“Responding to the immediate needs of the customer is not enough in today’s rapidly changing environment – organizations must be prepared for iteration and experiment, to outsmart their customers and have a solid understanding of what is upsetting their industry.
“The risk is real – failure to engage with the future can be business catastrophic; customers – and the next generation of tech-savvy talent aspire to a frictionless experience that integrates seamlessly into their lives. It must be intuitive, anticipating each step. As the trust gap between consumers widens Financial institutions, banks, insurance companies, wealth and asset managers play a vital role, and this starts with human-first technology.”
Data is the future
Wealth and asset managers are equally challenged by big data, with more harnessing technology to provide advice. A recent EY report indicated that 57% of customers say digital tools have improved investment decision-making.
Sandeep Kumar, Head of Wealth and Asset Management Technology at EY Americas says:
“Old technology slows everything down – product development, innovation, decision making, bold new services – the list is endless. Customers expect an exceptional experience in this age of instant gratification and instant gratification; they want comprehensive, integrated services, and if you can’t provide that, they will someone else so.
Today, financial advisors spend 60-70% of their time entering data into systems, most of the time adding the same data to multiple systems. Technology needs to change that equation and give consultants more time to spend with their clients and grow their business.”
-is over-
About EY
EY exists to build a better world of work, helping to create long-term value for customers, people and society and building trust in capital markets.
With data and technology, EY’s diverse teams in more than 150 countries provide trust through assurance and help customers grow, transform, and operate.
Working across assurance, advisory, law, strategy, tax and transaction, EY teams ask better questions to find new answers to the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a British company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available at ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This press release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
About EY Nexus.
Originally published at San Jose News Bulletin
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