Sub Industry: Asset Finance
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Who will win in the brave new world of financial services?
Jamie Dimon, Chairman and CEO of JPMorgan Chase, recently told analysts he was “scared sh*tless” of the threat fintech and big tech pose to his industry. This hugely respected banker at one of the most highly valued banks in the world is clear that his competitive set has changed. He
3 steps to enhance invoice processing efficiency through Intelligent Automation
71% of finance professionals still cite manual data entry and inefficient, error-prone, time-consuming processes as their key pain points. Processing an invoice, takes anywhere between 4.1 to 16.3 days per invoice – from receipt to payment approval. Ardent Partners’ Accounts Payable Metrics That Matter in 2020 report reveals that while
Why it makes sense to standardize processes before deploying RPA
Many companies design RPA implementations to support their ‘as-is’ processes, without evaluating or standardizing the existing process map. As a result, they achieve modest savings at best, and in most cases forego the opportunity to dramatically improve process outcomes, quality, costs and turn times. If you’re considering an RPA implementation
Challenger vs established banks: Mobilizing AI, machine learning and data analytics
Few industries in the UK have been as quick as the financial services sector to embrace AI, machine learning, Robotic Process Automation (RPA) and data analytics. Highlighting progress in machine learning alone, a recent Bank of England report found that two-thirds of UK financial services firms are already using it
PE-owned auto-finance lender reduces transformation risk with guaranteed $4.3M cost saving
The challenge: Transform CX with severe legacy system constraints and no budget for investment The client is a private equity-owned auto-finance lender and car dealer with around 150 outlets in the US, mostly franchise-owned. It specializes in serving people with poor credit histories, including bankruptcy or vehicle repossession and provides
£130M reduction in risk exposure at UK bank’s invoice finance division
The challenge: To make it less costly and risky to serve clients well One of the UK’s largest banks provides invoice finance solutions to thousands of clients, servicing 30,000 lending transactions a day. The bank’s invoice factoring and discounting operations ran on inflexible, legacy platforms and mainframes. The client-service team had to
Firstsource delivers cost savings of $3 million for top UK Bank
Background The client is one of the largest banks in the UK and provides commercial financing solutions to businesses, including factoring, invoice discounting, asset-based lending, asset financing and more. As a market leader in the commercial finance segment, the client has a 16% market share that translates to £3.7 billion.
