Financial services organisations are turning to technology to solve a host of regulatory, market, and customer challenges.However, before technology becomes the solution, it first creates more problems: successfully building the right systems; training employees to use these competently; and persuading customers to take up new technologies. All of these have to be done as safely, effectively and quickly as possible. VeriSIM’s ability to perfectly simulate the appearance and functionality of live or proposed applications – and to add training, testing and marketing tools to these simulations – has created proven solutions to five key business challenges facing the financial services industry today: Online customer acquisition, retention and development. With only 20% of the potential UK user base committed to online banking the financial services industry has both a huge opportunity and a big challenge to drive online registration and actual transactional use in this area. Employee application training. Traditional application training methods are too slow, and have failed to deliver satisfactory customer service levels or fulfilled employees. A change in approach to application training is clearly overdue. Delivering successful IT projects. The pressure to deliver high quality applications fast will not relent; but the classic application lifecycle has been proven to be deficient. Companies innovative enough to incorporate new, more efficient solutions for development, training and marketing will ultimately prevail. Regulatory compliance. A wave of new regulations continues to drive the majority of IT projects within financial services, which are complicated by the need to agree on compliant solutions and develop, train on and in some cases market these. Companies in the financial services industry have already been fined for non-compliance and others have had to limit their product offerings. Clearly the time is right for a solution that can help streamline this process. Financial benefits from IT. Profitability depends on developing applications, training employees and promoting new services as effectively as possible. According to the Standish Group, on average 82% of all IT projects are delivered late and only 52% of the originally required features and functions make it into the final released application. Huge competitive advantage is available to any company that is willing to consider a new and better approach to these challenges. |
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