Background and Future possibilities with ICS
The rapid growth in the technology is transforming the global financial services industry, including the banking, insurance, securities sector. The financial services' traditional problem solving - addressing the problem with standalone solution - no longer works, and potential opportunities cannot be grasped.
Today, many financial services firms are deploying web-based applications that help them develop new delivery channels, provide competitive customer care, manage their resources efficiently and address new economic pressures. ICS provides modern solution methods which can be used in their own right or combined with other applications in order to achieve full system integration within an enterprise. They are designed to pull everything together, from the inception of an accounting event through to detailed general ledger postings, so as to achieve fast and regular reporting of information between different departments. Every user would thereafter be able to receive integrated and consistent data. In addition, such flexible technology infrastructures will be matched to business strategies for more back-office efficiency. This is will in the long term facilitate and speed up operations, bring the average costs down and give rise to scalable, reliable systems which will be able to react quickly to changes in the market place.
Moreover, with increasing mergers and ever increasing demand for high quality customer focus, ICS' solutions can be adopted in enterprise's processes to monitor its performance. Implementation, control and evaluation are the three main factors in maintaining high quality and therefore competitiveness of the enterprise. Improving reporting systems will enable the monitoring or controlling processes to be carried out much faster. This will in turn facilitate the incorporation of the improvement programs, as part of the value chain, so financial organizations will be able to produce high quality projects for their customers.
With the solutions ICS provides overall corporate governance can be improved. With more transparent and accessible information flows, visibility into the entire enterprise can be improved. So, executives can set key performance indicators, have better inside communication, monitor trends and make better decisions. Enterprise resources will be more efficiently used.
Customer knowledge about different services available can also be enhanced with the help of new ICS solutions. By making the information very accurate and fast accessible reflects the effectiveness of the enterprise.