For institutions in the banking, financial services and insurance sector, technology projects are often siloed. They tend to exist exclusively in the front office, middle office and back office.
More often than not, it is the front office – the client facing operations which directly drive profits – that gets most of the technology attention. Whether it’s trading frameworks to better facilitate transaction completion or consumer facing technology such as mobile applications, websites and real time communications tools, the technology that touches the customer – in one way or another – is the most visible, and therefore, most attended to.
However, in today’s day and age, significant opportunities exist to use technology to improve efficiency and cut costs in all parts of the investment bank, particularly in the often ignored middle and back office.
Custom software and development application can promote automation in areas that previously required extensive man-hours, freeing human capital up for more complex – and more profitable – operations.
Typical cost savings projects include development of custom derivatives and securities work stations to facilitate the quick and efficient placement across destinations, as well automated solutions for transaction management, trade capture, confirmation and settlement, exception handling and valuation.
Moreover, financial institutions can further improve their operations by developing and implementing custom solutions using both the Financial Information eXchange (FIX) and SWIFT protocols, in lieu of older technologies.
Undertaking middle and back office projects allows BFSI instiutions to do more with less, improve performance and cut costs. In today’s hypercompetitive financial services environment, this represents a significant opportunity to impact the bottom line. It’s the interaction between all offices – front, middle and back – that helps banking, asset management and financial services corporations grow and thrive in challenging times.
SRI Infotech works closely with institutional banking clients to help them meet their brokerage needs from front office to back. Contact us today to learn more about how we can help you.