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FINANCIAL SERVICES INTEGRATION

INDUSTRY SOLUTION. FINANCIAL SERVICES INTEGRATION. Financial services industry IT Challenge.

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FINANCIAL SERVICES INTEGRATION

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  1. INDUSTRY SOLUTION FINANCIAL SERVICES INTEGRATION

  2. Financial services industry IT Challenge To achieve a more complete and timely view of their customers, to leverage customer interaction through various channels for better cross-sell/up-sell opportunities, and to automate activities such as mortgage origination. To distribute market and trade data throughout the front-, middle- and back-offices, creating operational efficiencies and giving traders, risk managers, and senior management faster access to information for better decisions. Customers want fast policy underwriting, self-service information portals, and visibility into the claims management process – with real-time access to status data and next actions. Agents want more direct access to the insurance companies. Insurance companies want to enhance their sales enablement platforms and need to comply with changing rules and regulations.

  3. Message-Driven SOA

  4. Pre-Fiorano situation • Software applications supporting the business processes were developed in an ad-hoc manner with a diverse and undefined architecture. • As contract programmers leave the organization, the applications tend to become black boxes, making it difficult to incorporate business logic changes. • The transport is typically tightly coupled with business logic and any change in transport infrastructure demanded complete or significant rewrite of application logic. • Key Requirement: uniform event driven, component architecture for application design across global operations for transport independence and maximum reusability.

  5. Pre-Fiorano situation

  6. Fiorano’s Recommendations • The client should adopt a component architecture that is not linked to any proprietary standards. • Components should be bound to transport only during runtime. • Once designed, the components should be deployable in most ESB environments and application servers without the need for any rework. • A component can be invoked through one or many input events and should respond with one or many output events. • Components need to be capable of seamlessly switching amongst available or current transport infrastructure (FioranoMQ\ MQSeries\ TibcoRV) based on business needs.

  7. The Fiorano SOA solution • EDBC components were orchestrated in an event driven process flow for operations spread across London, Singapore and Boston. • The flows, by default, had JMS destinations in FioranoMQ but any transport can be plugged in per business needs. • Fiorano SOA 2006 Platform increased the reusability of business components. • Fiorano’s solution facilitated components to be dynamically deployed to remote nodes at runtime and components within a process to be replaced by new or updated components. • The solution reduces the time taken to modify or change existing processes in response to business requirements. • Components facilitate version control and dynamic configuration management.

  8. POST-Fiorano situation

  9. POST-Fiorano situation - Scenario

  10. Why Fiorano? • Fiorano SOA Platform’s event driven component was a spot-on match to their business requirements. • Since Fiorano’s architecture is based on industry standards, the components are deployable on most ESB and application server platforms. • Powered by FioranoMQ, the solution is very robust and scales to high throughput requirements. • Fiorano components can accept multiple inputs and provide multiple outputs. • Fiorano Event Process Orchestrator (FEPO) is a visual tool that enables business process composition by simple drag-and-drop of components. • Fiorano’s dynamic deployment and runtime modification/replacement significantly reduces the time taken to adopt business process changes • Fiorano’s componentized architecture standardizes application development across their global operations in addition to increasing reusability of components.

  11. Benefits with fiorano soa platform Improved Distribution – accelerates time to market for new products and services through re-use of discrete, operationally independent components and services. Faster Customer Acquisition – helps streamline, automate, and integrate new business processes – eliminating the need for re-keying data, minimizing manual intervention, and ensuring that tasks are completed within required timeframes. Cost-Effective Policy Servicing – bridges automation gaps and enables insurers to standardize on best-in-class practices across different channels and product lines. Fiorano's SOA software improves access to policy data by reconfiguring policy applications and data into discrete, reusable services. Streamlined Claims Servicing – automates the claims management process – shortening settlement cycles and improving the consistency of claims outcomes. Increased Customer Value – enables intelligent cross-selling – creating a single, real-time view of the customer across the different lines of business and detecting opportunities to intelligently recommend products to customers.

  12. Thank you! Visit www.fiorano.com

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