While many people believe that financial technology is all about crunching numbers harder or moving money faster, that’s really only part of the solution suite.
Without minimizing the importance of financial data analytics or payment processing, it need be said that finance and insurance are, at the end of the day, about satisfying clients. Those who daily face investors, issuers, depositors, borrowers and covered parties need automation just as much as the modelers and back-office experts do.
Comptech Associates understands the challenges facing todays banks, advisory firms and underwriters and can prove to be a valued and reliable resource.
Consumer banking used to be uncomplicated: mortgages, auto loans, credit cards, checking, savings and CDs.
Times changed. Now online lending platforms can put any kind of consumer loan on a phone app. Savvy consumers shop around for the best deals on credit cards. Further, banks and credit unions didn’t have to compete against anyone else but other banks and credit unions. And it has become just as easy to put money in a brokerage account as in a conventional bank account.
Banks need to get as tech-savvy as their customers. They must be able to anticipate their needs, meet the public on all available platforms, and provide a seamless online or in-app experience end-to-end.
While the money-center banks have consolidates as far as they’re likely to go, mid-sized commercial and investment banks are still in a frenzy of acquisitions. The difference between being a buyer and being a target is never entirely about technology, but it is one important determinant.
That’s because technology does one thing particularly well: drive down costs. Lower expenses means higher income which in turn means a stronger balance sheet. Simplifying treasury operations, eliminating steps to underwriting decisions and managing compliance requirements are all best left to automated systems. Meantime, technology can also be brought to bear to support relationship managers so that they can spend more time with clients and actually drive revenue growth.
Comptech Associates’ experts in compliance and risk management, loan onboarding and sales force automation stand ready to help banks ensure that they are driving mergers rather than being the target of one.
There have historically been two kinds of wealth managers: those who knew how to crunch numbers and those who knew how to market. Today, if you can’t do both, you might need to rethink your career goals.
That’s why you need to automate the processes connected to the end of the business where you might have skill gaps. And, because there are other wealth managers with the same strengths you have, you need to also enhance your ability to deliver on those by relying on AI instances to assist. Of course, none of this can happen unless your underlying system architecture can support it.
Comptech Associates brings expertise in sales automation, collaboration software, and AI-infused predictive modeling upon which your wealth management operation can rely.
Insurance isn’t just one industry. There is a huge chasm between how one runs a life, accident and health underwriter, and one focused on property and casualty. While the underlying technology infrastructure is fairly consistent, the architecture and deployment teams need to understand each type’s unique business requirements.
No matter what kind of insurance is on offer, though, marketing is the key to success. AI-supported sales channels that simplify operations, shorten time-to-market, personalize the approach to each potential client and ultimately delight the end user have become basic requirements to be competitive.
Comptech Associates can help insurance underwriters develop the systems necessary to stand out in a crowded field.
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