What should you pay attention to when implementing an
industry-specific ERP system? This article focuses on ERPs for financial
services.
The financial sector has not had it easy in recent years. Although the
crisis years are now over, they have significantly damaged the reputation of
the industry. Whether you are a bank, insurer, pension fund or financial
advisor, you have to work hard to regain the trust and loyalty of customers.
ERP software can help, but then you have to choose the right system. This
article will go deeper into this issue.
Enter hours automatically
The earnings model has changed drastically for many financial service
providers in recent years. Where earning was primarily based on commissions,
advice is now the most important source of income.
This change has put pressure on many companies. To keep their heads
above water, some entrepreneurs are now opting for IT systems. This is
understandable, but IT can mean a large financial outlay and only a few use it
optimally.
Unfortunately, such decisions often come up at short notice. Now that
more and more billable hours are being worked on, a good ERP system is crucial.
Functionalities for time recording and invoicing have become increasingly
important. Every hour that is not processed correctly costs direct sales. The
system can also be used to clearly show the amount of return per order.
Compliance considerations when
looking for ERP
After the recent crises, supervision and regulation for the financial
sector have been tightened. An ERP system is also important to meet these new
rules. It is too complicated for this article to delve into all the legal
nuances and the exact way in which an ERP system can help. However, we would
like to emphasize that it is worthwhile to find a provider with
industry-specific knowledge and experience.
For example, insurers and mortgage advisors are grouped in the same
sector, but the laws and regulations are very different. There are also big
differences within the insurance industry. You can understand that there are
different rules for cars than for health insurance. Because compliance is an
important task for financial service providers, you need to be sure that your
ERP supplier is up to date with the latest developments in your industry. Only
then can they help you comply with all rules.
Integration problems due to
security considerations
Specialization in your industry is also important so that the
implementation process runs smoothly. The way in which existing and outdated
systems, particularly in the financial sector, have to be dealt with requires
precision.
It is a major challenge for any company to switch from an old to a new
IT system. This is even more difficult for financial institutions, as it is
often not allowed to work in older systems.
Take banks for example. These often work with back office systems that
were written a long time ago. The programming work is very complex and a
technical error has far-reaching consequences. On the other hand, banks are
finding that customers are constantly asking for new, attractive front-end
solutions. Think of the popularity of mobile internet banking. However, these
innovations should be compatible with existing systems. Shielding the backend
is therefore an important task for technical implementation partners.
The example above is about banks in this case, but there are similar
cases for any type of financial service provider. Only specialized partners
have sufficient knowledge of these systems and the languages in which they
are written. You understand your situation and this makes everything run a bit
smoother.
Online customer support is a
must
Proper use of ERP makes it much easier to support, retain and recruit
customers. In the highly competitive financial sector, companies must strive
for a consistently high level of service in order to guarantee customer
loyalty. This leads to high investments, for example in telephone customer
care. Automating customer contact can offer a solution. To date, companies
associate automated customer support with poor service. However, nothing is
less true.
Using an online contract policy portal is a good example. In many
ways, this is clearer, faster, more accessible, and more convenient for
customers than calling your customer service. With a digital contract
guidelines portal, customers can view their data, but also change, expand or
request existing services. If this function is part of a Customized ERP Software's in Dubai,
the changes are processed correctly.
Less telephone support is required and the number of administrative
actions is reduced. Some (high-price-oriented) insurers do not offer any
possibility of contacting us by phone. Although the complete elimination of the
help desk can be described as rigorous, it is clear that this saves time and
money. But online support such as a digital contract guidelines portal can also
increase your sales. It is a perfect place to offer and cross-sell. New
products and services can be tailored in detail to the individual needs of the
customer.
ERP
parties for financial service providers
If you've been looking for ERP on the internet lately, you'll likely
have found hundreds of different options. How do you make the right choice now?
Of course, this depends on which functionalities you want, how high your budget
is, how much adjustment you need, whether you choose cloud or on-premise.
No comments:
Post a Comment