Digital transformation
in the finance and insurance industry

Accelerate your digital transformation and increase operational efficiency with effective process and risk management. With digital, agile, and compliance-compliant processes, you can easily meet regulatory requirements, work in a more customer- and performance-focused way, and avoid cyberattacks.

Challenges of the finance and insurance industry

Driven by advancing digitalization and increased customer expectations, the banking and financial services industry is undergoing a profound transformation that is fundamentally changing its structure. Increasingly stringent legislation combined with stricter compliance as well as growing data and cybersecurity threats are putting additional pressure on the industry. To remain competitive in the long term and drive growth, financial institutions must offer

  • digital business models,
  • excellent customer service,
  • protection against illegal activities,
  • Regulatory Compliance,
  • digital security

and much more. Digital transformation plays an important role in this: in order to meet constantly changing customer expectations and regulatory requirements, as well as to achieve efficiency gains and cost optimization, digital processes serve as an important foundation.

Solutions for banks, financial service providers and insurance companies

To structure and master risk, compliance and digitalization challenges, the financial industry needs to find modern solutions. Effective business process management (BPM) helps improve resilience and automation of operational processes, strengthen risk management for regulatory capital and liquidity requirements, and enforce more agile compliance.

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Transparent modeling, analysis, optimization and control of your business processes
Map bottlenecks in classic credit or receivables processes and analyze and identify potential cost savings.

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Process automation and workflow management as innovative drivers for your digital transformation
Identify automation potential for risk and compliance processes and turn them into automated tasks without deep programming knowledge.

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Established governance, risk and compliance (GRC) management for maximum security and complete control
Document, track, and report compliance with various regulatory standards to third parties and increase visibility into your GRC applications.

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Data-based analysis and process optimization for higher quality, productivity, and efficiency
Effectively screen your processes, uncover financial fraud in customer-facing processes, and optimize your processes using real-time data.

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Together with GBTEC, we are constantly thinking process management further. This pays off, because with BIC Platform our employees have exactly one point of contact to keep track of the processes that are important to them.

Michael MiesHead of Business Organization MSIG Insurance Europe AG

IT security for banks: BAIT

Cybercrime is on the rise. The information security of banks and financial institutions has a high social relevance, which is why cyber prevention plays an important role for the financial industry. The supplementary set of rules "Bankaufsichtliche Anforderungen an die IT" (banking supervisory requirements for IT, in German shortly BAIT) published in 2021 by the German Federal Financial Supervisory Authority (BaFin) defines binding requirements for the IT security of banks and is a response to the challenges of an increasingly digitalized financial world. The areas of management, IT resources and IT risk management at the heart of the requirements provide a practical framework for designing the IT of financial institutions. Since the BAIT are not fundamentally new requirements, but rather existing specifications that have been specified by BaFin, there are no transitional periods for implementation. With the help of the regulations, financial institutions should design their systems and processes securely and create transparent governance.
The BIC Platform helps you create a standards-compliant information security system (ISMS) in the shortest possible time and cover the four key topics of BAIT:

  • IT strategy
  • Information risk management
  • Information security management
  • User authorization management

You want to learn more about digital transformation with BIC in the financial and insurance industry?

We support you in the digitalization of your business processes and advise you individually on all challenges in the financial and insurance sector. Benefit from our professional and technical expertise and start your technological transformation with us.

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