The Financial world is undergoing several changes. Some of them are:

• Mergers & acquisitions, leading to larger players absorbing smaller players or even increasing their area of operations (banks acquiring insurance companies and vice versa)
  
• Multiple delivery channels for customer service delivery , ranging from physical branches to internet based delivery
  
• Use of the Web as an efficient channel to sell products, improve customer service, and address inquiries
  
• Increasing volume of electronic transactions that require secure transmission
  
• Providing a wide range of services to a broad category of users, calling for personalization
  
• Availability of past customer data , enabling focused marketing
• Customer preference for convenience in routine tasks such as utility bill payments
  

All these provide tremendous opportunities to financial institutions to tap increasing customer mind share by cross selling and retaining the valuable ones. It also calls for the ability to integrate information from multiple sources, and respect the security of customer data.

Having provided solutions to various sub segments such as banks, insurance companies, finance companies, stock exchanges, and brokers, HCL is geared up to support organisations to be successful in the competitive market.

We have exposure to several of these segments, through earlier assignments such as ISP (Information Strategy Planning), Systems Integration and bespoke software development:

Banking

• E-Banking front-end to legacy applications
• Back-end systems such as stationery stock keeping, currency chest accounting
• Bespoke software development in retail banking
• System integration solutions for inter-bank check reconciliation
• Workflow solutions for internal bank processes such as loans, trade finance etc to reduce cycle time
• Payment gateways interface to utility bill collectors
• Enhancement and Implementation of HCL Web Accountant in an ASP mode

Insurance

• New business, Underwriting
• Policy administration
• Processing claims
• Premium billing and accounting
• Reinsurance
• Agency management and commissions payment
• Workflow solutions for faster processing of applications and claims
• CRM solution for handling customer queries
• Data warehousing solutions for customer behaviour analysis

Showcase

SEVERAL INDIAN BANKS

Cheque processing system: System integration project involving the interface of cheque reader sorters to back-end EDP systems. Host-based applications allowed matching of inter-bank transactions and manual entry of cheques which were misread.

FEDERAL BANK, INDIA

Currency Chest Accounting: To service the hard currency requirement in India, the Federal Bank maintains currency chests at multiple locations on behalf of various banks. The currency stocks need to be closely monitored and damaged currency notes removed from circulation.

LEADING MULTINATIONAL BANK

Imaging based solution for cheque clearing system: Innovative solution for capturing cheque images and sending the physical cheque for inter-bank clearing. At the back-end, the cheque image was used for computer data entry. Saving in cheque clearing time resulted in significant commercial benefits.

LEADING INSURANCE COMPANY, USA

Software development & maintenance: Development of software for Property and casualty operations including marine insurance, aviation insurance and related areas. Development and maintenance of telemarketing system. GUI based software was interfaced to backend legacy systems.

LEADING PRIVATE BANK, SINGAPORE

Corporate Loan Processing System: Development of solution using Workflow technology, reducing processing time from one month to one week.

LEADING COMMERCIAL BANK, SINGAPORE

Housing Loan Processing System: Development of housing loan system using Workflow technology, reducing application processing time.

LEADING BANK, MALAYSIA

Generic General Ledger System: Development of a standard product for a complete requirement of a bank's finance accounting department.

LEADING BANK TAIWAN

Design, Develop and Implement the Corporate Electronic(CEB) software: The system caters to the requirement of the corporate clients for internet banking and involved working on the middleware product.

LEADING PRIVATE BANK, MALAYSIA

Office Automation Document Management System : Integrated system for the Life Assurance business.

LEADING EUROPEAN BANK

Legacy application modification : Modify existing applications to make them Y2K and Euro compliant.

LIFE INSURANCE CORPORATION, INDIA

Total Integrated online solution for front-end operations : Integrated application covering all the branch operations such as policy issue, agent commissions, premium accounting , internal reports etc

Policy enquiry system : IVR solution for Policy enquiries , enabling policy holders to make queries on the policy/ payment status of their policies. Solution provided connectivity to multiple back-end systems running at different branches.

SAKTHI FINANCE, INDIA

Integrated System for NBFC : Integrated application product covering all the operations of an agency providing loans to consumers for the purchase of cars, consumer durables etc.

::          ::          ::