Every year brings plenty of hype around the promise of what new technical advancements and capabilities can bring to organizations trying to transform their businesses. There are also plenty of things that never quite live up to the promised hype. Let’s take a look at what to expect in 2014. Frank PalermoExecutive Vice President – Global
The outlook for financial services in 2014 – How can organizations achieve transformational change in a limited budgetary reality?
As economists have recently revised global economic growth prospects downward, the expectation for 2014 is that interest rates will remain low. If global economies are slated to grow sluggishly, logically, the prospects for IT spending in the banking and financial services sector would also remain slow. This uncertain outlook is supported in the US by
In the 1st part of this blog, we emphasized the importance of adopting Agile implementation to move towards seeing its advantages vis a vis the traditional methods. In this blog, we will delve into the measures required to achieving holistic Agile adoption throughout the organization. Agile mindset As competition becomes more intense, there is a
Agile development has been in existence for almost 13 years and has been delivering immense value to organizations. It continuously accentuates on the rapid delivery of customer’s business value and provides the “best bang for the buck”. We witness a lot of frenzy for Agile Implementation. The interest towards the traditional waterfall and iterative models
IT Outsourcing and especially offshoring was originally conceived as a way to save cost through the labour arbitrage offered by low cost economies such as India. Fast forward to today, those low cost geographies have seen costs increase, while at the same time ITO suppliers have built up real capability and expertise. The calibre and
Opportunity lies all around: Two key tips to help you use Level 2 to improve your overall IT Service Management processes
A brief overview of terminology – when we refer to Level 1, we mean “the first level of support” – typically a service or helpdesk of some kind, designed to be the first point of contact a user can have with IT support. Often when organizations decide that they are going to “do” ITIL (a
In the UK the Water industry operates on a geographic basis. If you live in a water company’s supply area, then that company bills you for the supply of fresh water and treatment of waste water. In the electricity and gas industry the retail market is more open and non-geographic, so you can have a
History has shown that financial industry is fraught with stories of fraudulent transactions that have resulted in billions of dollars of losses. According to the Nilson’s November 2011 Report, in 2010 the U.S. credit card and debit card losses totaled roughly $3.56 billion – 47% of the worldwide payment card fraud losses globally that year.
The pride and joy of every business is a loyal customer; one who believes in you, and trusts that he/she will get the best possible value every time he/she uses your services. “Trust” is a very strong and intangible emotion, which eventually translates into long term “Loyalty”; therefore every business has a responsibility to proactively
Enterprises today face a new kind of challenge. A disengaged workforce and a transactional customer base has resulted in productivity loss as well as higher customer churn. Not surprisingly, the Gallup Survey 2013 found that 70% of the workforces is not engaged, which leads to the loss of between $450 and $550 billion per year. The
One of the most fascinating aspects about attending Starwest this year was seeing people from all over the world coming together to discuss quality, not just ‘testing’. I have witnessed this momentum building while interacting with many of the organizations that I work with and was not surprised to see the interest that people have in
Virtusa acquires OSB Consulting: Delivering greater value to insurance and financial services clients
Virtusa extends its current strength in finance transformation (FT) with the acquisition of OSB Consulting LLC, which closed on November 1, 2013. OSB is a New Jersey-based consulting firm specializing in the financial services and insurance domains, including SAP finance capabilities. OSB is focused on helping clients automate their finance & accounting (F&A) processes, reporting
The Basel II framework defined “Operational Risk” as “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.” It introduced a capital charge related to this risk. The specific definition of what constitutes that risk differs from institution to institution but is based on potential losses stemming
Envision that you and your team have been tasked with creating, upgrading or migrating a website where your customers can login with their credentials and have a world class user experience. You’re ready to go, but then in your first meeting everyone has a different opinion on what to do and how to get there.
Offshoring and outsourcing service models are continuously evolving as service providers and clients mature. The inclusion of development centers that are in close proximity to client locations as part of the service model is becoming increasingly attractive as service providers adapt to the need to improve their collaboration with client stakeholders, while remaining cost-competitive through
Given that there is one more year to go, the majority of the healthcare organizations should be prepared and ready to accept ICD-10 codes. Payers face a major challenge in working with providers and various clearinghouses to make sure they can accept the codes and have done adequate testing well in advance to avoid any
Attention all CIOs: If your job description hasn’t already changed, it’s about to. Welcome to the era of the new digital CIO; legacy business models are no longer driving the top line revenue that shareholders expect and in the words of Greg Fuller, VP of marketing, operations and technology at Pearson: “The things that made
In continuation to my previous blog that discussed on successful web analytics product selection through a use case, in this blog, I have listed methods to implement web analytics independent of the source code. A typical issue of a solution engineer is such: the implementation of my web analytics tool is embedded in the source
National Health IT Week is being celebrated all week. As we start to look into the future, it’s clear that healthcare IT will play a major role in the U.S. economy. The federal government spends a total of $82 Billion annually (Sasso, “Hillicon Valley,” The Hill, 9/13). Add in the amount that the state governments and
Regulatory compliance and risk management – Role of BPM in driving efficiencies and flexibility for financial services firms
I’m excited about participating as a panelist at the FSOkx BPM Innovation Forum on September 17th.There is so much change currently happening in the financial services industry and BPM is perfect to help meet the tremendous challenges ahead. In my 20+ years in the financial services industry, I have not seen so much change and