Digital Transformation in the Finance Industry

INDUSTRY INSIGHTS

The Finance and Insurance Services vertical primarily consists of banking (checking/ savings, investments, and credit/ lending), insurance (personal and business lines), payment processing, and FinTech. Across these industries, we are seeing widespread change through tech innovation and an evolution of expectations presented by new generational players.

FIS organizations are predicated on their ability to support their customers and provide fiscal peace of mind. To that end, as data becomes increasingly plentiful, innovations like artificial intelligence, machine learning, and blockchain serve to predict, discover, and prevent security breaches and personalize customers’ plans. A transition to digital currencies and payment technologies continues to evolve the customer experience around asset, wealth, and cash management. Going hand in hand with digital wealth management, Finance and Insurance Services companies are also continuing to trend toward developing their mobile apps, web portals, and other digital tools. Chatbots become more prevalent every day, offering 24/7 support to users, and users have found digital products make their finance and insurance management easier than ever.

286B

The long-term IT spending for insurance is forecast to grow at a CAGR of 6.1% to $286.4 billion by 2025

Source: Gartner

286B

The long-term IT spending for insurance is forecast to grow at a CAGR of 6.1% to $286.4 billion by 2025.

Source: Gartner

75%

Percent of all consumer and small business loans that will be originated through AI-enabled and automated processes by 2023.

Source: IDC

1.3T

US digital payment revenues are estimated to reach $1.3 trillion in 2021, and expected to grow at 12% CAGR through 2025.

Source: Statistica

OUR VISION

While many of these changes are enabled by technology, they are brought upon by changes in human behavior. New desires, new expectations, and new problems all lead to technical solutions, but to simply jump directly to those solutions is to misstep. We believe in a customer-centric mindset to meet your needs through agile, outcome-driven methodology. DMI starts all solutions with an understanding of people – both the end customers and the employees that support them – and digs into what challenges and pain points they feel. This allows us to prioritize driving their financial and personal outcomes while supporting business goals. Our human-centric approach allows us to build strategic visions for our clients, and our constant focus on them allows us to continually adapt those strategies alongside this rapidly evolving landscape. DMI believes in improving the customer experience in the process of improving the business through technology innovation.

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WHAT WE DO

Services, Solutions, and Products for digital transformation in the finance industry.

SERVICES

PRODUCT STRATEGY & SERVICE DESIGN

DMI utilizes a human-centric product design strategy to decide which customer problems to solve; product discovery to figure out the tactics that solve the problem; and product delivery to build the solution and take it to market. We use a continuous strategy model that brings the Experience, Product, and Execution Strategies together to deliver a measurable end-to-end solution that meets your customer’s expectations for today and tomorrow.

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MOBILE APP DEVELOPMENT

DMI delivers human-centric composable enterprise software engineering and applications that can be built faster with modular architecture patterns, scale rapidly, have global availability, and respond to business needs faster – while reducing risk, time to market, and total cost of ownership. We help you to analyze your application portfolio, identify suitable pathways, and present an approach for modernization tailored to your business.

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APPLICATION RATIONALIZATION & MODERNIZATION

DMI’s Application Rationalization and Modernization offering provides your organization with a strategic approach to address the tidal wave of challenges associated with application sprawl, shadow IT and rising technical debt. Optimizing and transforming your application portfolio allows you to shift your focus to business value realization–maximizing return on existing technical investments and increasing efficiency while reducing maintenance and licensing costs and improving organizational agility.

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CLOUD SERVICES

DMI embraces cloud-native application development as the design, engineering, deployment and monitoring of scalable, elastic, performant and cost-effective systems that are predominantly composed of cloud-based PaaS, serverless and/or container technologies. We partner with our clients to solve critical business challenges by envisioning, designing, creating and maintaining enterprise software solutions that enable them to succeed in their digital transformation journey. DMI is a full spectrum systems integrator in the Commercial and Public sector business.

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BUSINESS INTELLIGENCE AND ANALYTICS

From data ingestion and storage to data visualization and connected analytics, we’ve advised countless enterprise-level clients on the most intricate data solutions. Our collaborative approach can help you create rapid analytics, build science-based models, and operationalize your analytics in a cost-effective manner.

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CYBER PROTECTION & DETECTION

DMI designs and implements tailored cybersecurity solutions, tools, and processes to support our client’s ability to limit or contain the impact of a potential cybersecurity event. We leverage a defense-in-depth and vendor-neutral strategy to build the best solution for protecting against inherent risk to people, data, and systems. DMI also develops and implements appropriate activities to identify and confirm the occurrence of a cybersecurity event and limit or contain the impact of a cybersecurity event.

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MANAGED IT SERVICES

IT is key to businesses’ survival now, more than ever — but managing and supporting IT isn’t what most companies are good at. Many companies turn to partners to ensure their IT continues to meet the needs of their business, stays up to date on optimization, and possesses the diverse skill set for supporting a range of issues.

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MANAGED MOBILITY SERVICES

Whether you are contemplating creating your first mobile app or need to revamp an existing app due to declined usage, our team can guide the way. At DMI, we specialize in building enterprise-class secure mobile apps and solutions that enable you to tap new revenue streams, build customer loyalty, and improve employee productivity.

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MODERN CONTACT CENTER

With our award winning managed services, DMI can provide 24/7 help desk support, IT service desk and even project-based support services to scale and flex your contact center capacity, optimize costs and improve the end user experience. We can ramp up and support your contact center in 3 weeks or less—delivering automation and AI such as Virtual Agent, RPA and IVR deflect–to reduce the load on individual channels and ensure our clients get the quality of support expected.

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SOLUTIONS

OCUITY.AI INSPECTION & COMPLIANCE PLATFORM

The OCUITY.AI Inspection & Compliance platform cuts inspection process time, increases consistency and accuracy and saves you time and money. Using just a smartphone or tablet, our Inspection & Compliance platform not only generates condition, verification, and compliance reports, but easily integrates with existing databases, enabling AI-driven analytics, machine learning, and analysis without undertaking a massive data lake or data warehouse project.

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INDUSTRY

Financial & Insurance Services

THE DIGITAL FUTURE OF FINANCE

INDUSTRY INSIGHTS

286B

286B

75%

1.3T