Case Study
Financial Services
Enhance compliance, reporting, and efficiency in financial services
Overview
With over 200 proven touchpoints involving some of the world’s largest financial services organizations FlexSystem has highly functional and secure solution sets for the Office of the CFO including Receivables, Payables and General Ledger contained within a single system. Our sophisticated Financial Management system provides deep analysis capability allowing financial staff and where appropriate non-financial staff to gain valuable insights into their business operations through easy to use tools. Additionally purchasing that can be extended to Supplier Relationship Management supported by statistics to understand who buy’s what from whom and how often.
Workflows can support finance and non-financial staff for compliance, BPO or simply as a means to provide operational personnel with up to date and meaningful statistics to improve both the customer experience and operational revenues and profitability. Supported by the expanded solutions sets of Financial, Business Intelligence, Trading, Workflow, and Human Resources information can be analyzed and detailed operational statistics produced to support other operational metrics.
Below is a small sampling of FlexSystem solution for Financial Service industry:
International Life Insurer
Background and Key Issues
A global financial institution offering investments, banking, and life insurance, with over 200,000 employees and US$60 billion in global revenue, currently faces key issues as below:
- Slow market response due to delayed decisions
- Difficulty getting quality information quickly
- Inaccurate agent reports from fragmented data
- Need for complex ad hoc reports for numerous sales agents
Customer Quote
While streamlining operations and reducing labor costs, the main achievement of the FlexSystem solution improved the overall visibility of business thereby increasing the customer satisfaction rate and the competitive edge.
Needs and Challenges
FlexSystem Solutions Applied
Financial Management
Streamlined core processes, leading to lower labor costs and better cost control.
Financial Query
Enabled self-service reporting and met all ad hoc reporting needs.
Business Intelligence
Consolidated scattered data for accurate dashboards and performance statistics.
Benefits and Results
Faster decisions from reliable insights
Self-service reporting capability
Improved business visibility and competitive edge
Reduced operational costs
International Insurer
Background and Key Issues
A global financial services institution and international insurer, which boasts over 80,000 employees and US$50 billion in annual revenue, currently faces key issues as below:
- Slow reporting across fragmented data silos
- Lack of proactive sales data for front-office teams
- Data scattered in multiple legacy systems
- Insufficient management depth and timeliness of information
- Low data confidence and high reporting costs
- Need for key productivity data across management levels
Needs and Challenges
FlexSystem Solutions Applied
Business Intelligence
EIQX enabled a comprehensive view of sales and productivity across all channels and teams instead of isolated reports per system.
Benefits and Results
Improved service levels and professional imIncreased business visibilityage
Higher customer satisfaction and competitive edge
Reduced labor costs (streamlined operations)
Access to revenue-driving sales data
Timely and flexible reporting at all management levels
Car and Home Insurance Service Provider
Background and Key Issues
A Hong Kong-based car and home insurance provider with 10,000+ employees, currently faces key issues as below:
- Paper-intensive environment
- Data consolidation
- Revenue recognition calculation and business analysis
Needs and Challenges
01.
Data collection requires high manpower and effort to consolidate
02.
Difficult to track payments and contracts due to lost or pending files
03.
Lack of tools to measure processing time and operations
04.
Spreadsheet limitations hinder meeting business requirements
05.
Complex spreadsheets make revenue recognition hard to calculate
FlexSystem Solutions Applied
Financial Management
Automated billing and invoice tasks, moving away from paper. This streamlined operations, ensuring accurate and easy tracking of payments, contracts, and revenue recognition calculations.
Financial Query
Provided tools for improved management insights and enhanced information sharing. This gave the provider the necessary data to measure processing time and operations, which was previously lacking
Benefits and Results
Cost-saving billing solution
Automation of billing tasks
Enhanced information sharing
Improved management insights
Process automation and expedited delivery
Reduced payment processing errors
Leading Banking Corporation
Background and Key Issues
A leading global banking corporation in Asia with 12,000+ employees and HK$5B+ revenue, currently faces key issues as below:
- Huge communication barrier between branches/departments
- Slow information circulation and transaction time
- Difficult to meet high demand for better customer service
- Difficult to comply with compliance set by HKMA
Customer Quote
The product itself is superior even compared to other international brands. After experiencing the FlexWorkflow system, the stereotyping of “international brands are of better quality than local brands” no longer exists in my mind. The after sales service, one of the crucial elements determining the success of a project, is provided far more than what we expect. Whenever there is a request, FlexSystem reacts promptly which other brands can hardly be compared with.
Needs and Challenges
FlexSystem Solutions Applied
Workflow Management
Centralized system that automated paper-based and manual processes.
Benefits and Result
Faster decision-making from valuable insights
Improved information sharing and responsiveness
Enhanced reporting (statistics and dashboards)
Reduced operational costs (eliminated manual filing/storage)
Self-service reporting functionality
International Life Insurer (Claim)
Background and Key Issues
A leading banking corporate in Hong Kong with global revenue exceeding HK$5 billion, this institution provides comprehensive retail and commercial banking services across Hong Kong, Greater China, and overseas markets. The bank operates an extensive network of over 100 branches in Hong Kong and maintains a significant presence in Mainland China, offering a diverse product suite, including mortgage loans, credit cards, trade finance, and remittances and, currently faces key issues as below:
- High operation and storage costs from manual, paper-based filing
- Risk of document loss/damage and limited security control
- Slow transaction processing across branches and departments
- Communication issues and lack of centralized data consistency
- Difficulty locating and monitoring documents/transactions online
Needs and Challenges
01.
Centralize business processes in a scanning center to optimize resources
02.
Barcode recognition automatically identifies document types and triggers workflows
03.
Supports multiple formats including email RightFax and core banking systems
04.
Meets security standards required by the Hong Kong Monetary Authority
05.
Enhances process control and generates productivity reports
FlexSystem Solutions Applied
Workflow Management
FlexWorkflow offers a comprehensive document management solution for automating corporate processes.
Benefits and Results
70% reduction in average operation costs
65% improvement in average transaction time
Eliminated information/document loss risk
Improved customer satisfaction and staff productivity monitoring
Investment Holding Company
Background and Key Issues
A diversified Investment Holding Company, with over 1,500 employees and over US$600M revenue, specializing in Power, Metal, and Property, currently faces key issues as below:
- Automate transactional processes to cut time by 50%
- Allocate more time for strategic decisions and management reviews
- Prioritize risk management and scenario planning
- Reduce the need for excessive data management reviews
- Streamline sub group consolidation processes
- Simplify labor intensive segment reporting
- Enhance visibility of currency handling at all levels
- Develop on demand process repeatability for better control
Needs and Challenges
01.
Leverage investments in existing multiple vendor accounting systems
02.
Leverage existing processes to save time and reduce change management
03.
Accelerate timely consolidation with notes across 40+ entities
04.
Free time for review and planning of new accounting rule disclosures
05.
Substantially reduce time for process completion
06.
Improve segregation of duty and controls in processes
07.
Ability to respond quickly to change management reporting
08.
Web based and zero footprint for easier deployment
09.
Ability to ensure latest forms are always used for submission
10.
Ability to change processes and templates with no coding
11.
Free time for more detailed currency exposure and impact analysis
FlexSystem Solutions Applied
Financial Consolidation
Accelerated the consolidation process across all entities, simplified complex segment reporting, automated currency management, and improved controls/segregation of duty by leveraging existing Excel templates with added controls.
Business Intelligence
Provided real-time projection and reporting capabilities, freeing up time for strategic planning and detailed currency exposure analysis. It also ensured that the latest forms were always used for submission.
Benefits and Results
Process time reduced by 80%
Real time projections now available with segment reporting
Low learning curve by leveraging existing process strengths
Domain leverage by end users for iterative improvement
Easier maintenance of shareholding and non-controlling interest hierarchy
Auto mapping between local and consolidated chart of accounts by segment
Automatic currency management
Scalable elimination mapping at group sub group and detailed levels
Leverage existing Excel templates to speed up deployment with added controls
Financial Services
Background and Key Issues
A Financial Services Holding Company based in Taiwan, China, specializing in Investment and Finance Leasing for Cars & Heavy Duty Vehicles, currently faces key issue as below:
- Management of critical business information needs for leasing contracts
Needs and Challenges
01.
Requirement for e-invoicing
02.
Requirement for comprehensive reporting
03.
Requirement for private cloud based environment
04.
Ability to integrate to FlexSystem solutions in other divisions
FlexSystem Solutions Applied
Financial Management
Streamlined core financial operations, enabling the required e-invoicing functionality and ensuring seamless integration with other divisional systems.
Financial Query
Enabled comprehensive, easy-to-use reporting in a private cloud. This allowed for simple analysis of business trends and facilitated the transition to a paperless environment.
Benefits and Results
Transition to a complete paperless environment
Easy-to-use reporting to understand business trends and movements
