Data and analytics in Financial Services

Data sources are proliferating with the advent of social media, mobile browsing, cloud based applications and the increasing number of smart, sensor enabled devices.

 Data is now recognised as being a key driver of superior business performance rather than something that must be collected for regulatory reporting reasons.

Business analytics is enabling companies to derive more value as it becomes less historical and increasingly forward looking, enabling organisations to create optimised and personalised recommendations triggered by customer behaviour as it happens.

High value analytics is one part of the story, efficient and low cost data management is the other side. And as data management is maturing and industrialising, organisations are acknowledging the need for blended offshore and onshore teams as well as Managed Service offerings.

Who we are

Sopra Steria is a true digital enabler, connecting large scale IT services with responsive delivery of business outcomes in Financial Services.

With over 40 years’ experience across Financial Services, Sopra Steria has delivered landmark industry initiatives for the UK’s leading banks, insurers and asset managers.

Sopra Steria designs data architectures, data models and reporting or analytics solutions for our Financial Services clients, supporting regulatory compliance, risk management, financial control and marketing effectiveness. Our longstanding capabilities in data management are enhanced by expertise in customer analytics, creating true data- driven marketing opportunities for our clients. We design propensity model driven personalisation programmes, accelerating  customer acquisition, growth and retention.

Client challenges

Financial institutions face a wide variety of challenges around data,  which can include:

  • Regulatory pressure – regulatory requirements are becoming ever  more stringent, placing increaseddemands for regulatory reporting and demonstrating appropriate data usage for business decision making
  • Poor data  quality - inaccurate and untimely data generates error-ridden reporting leading to inefficiencies, delays, poor decisions and regulatory penalties (in terms of fines and capital requirements)
  • Lack of integration - the institutions’ resources and assets cannot be profitably deployed without a single view of data from multiple systems whether it be customers, portfolios, products or policies
  • Inflexible reporting - outdated business intelligence systems hold back financial performance through the  provision of insufficient granularity and self-serve capabilities and so limiting  organisational responsiveness and agility
  • Lack of visualisation tools and  techniques - can limit the value added by experienced industry professionals who are forced to manipulate data manually
  • Inconsistent customer experience - customers demand a seamless and more personal and appropriate treatment when  interacting with financial institutions. Data is central to enabling consistent and fair  treatment across digital channels
  • Sub-optimal marketing returns - poor  prioritisation and selection adversely impact the return on marketing spend. Low  conversion rates on offers andproduct recommendations demonstrate a need for greater personalisation and next best offers based on real-time behaviour
  • Lack of real-time insight - by generating value out of real-time data streams, previously underused data can now provide strong indication of customer intent, additionally driving down instances of financial fraud and other cyber security threats.

Our services and expertise

Sopra Steria provides consultancy and a range of managed delivery services across data management, analytics and visualisation. We create unique outcomebased propositions for our customers, incorporating data drawn from traditional structured data sources as well as from unstructured formats.

Our services include:

  • Data infrastructure, architecture and modelling - We design data models and data architectures that deliver a single  golden source for each data field,transparent lineage, quality controls and quality reporting dashboards
  • Data management - We ensure high data quality by establishing robust and reliable data management processes with appropriate governance mechanisms, aligned with business strategy and organisational objectives. Our experience in data consolidation and reconciliation  allows us to create single view analyses of customers, portfolios, products,  policies, etc.
  • Big Data - Sopra Steria has the ability to process and validate high volumes of real-time data, at scale from an increasingly diverse array of devices, channels and customer touchpoints
  • Descriptive analytics and reporting - We identify reporting and analytics gaps, prioritise requirements,and recommend solutions and deployment options for replacing outdated systems and to develop data visualisations and dashboards that deliver meaningful insight in the clearest way possible
  • Exploration and analysis - Our data analysts support clients by performing business-as-usual reporting and delivering ad hoc analyses for improving business performance across risk, finance, marketing and operations
  • Predictive analytics - We help our clients make more effective business decisions through the development of predictive models and other machine learning classification algorithms to support marketing and risk decisions
  • Prescriptive analytics - We help clients blend the scores from predictive models with real-time data and create decision logic to deliver the next best action for each customer

Our experience

  • For a major European regulatory organisation, Sopra Steria has created an interactive digital, cloud-based proof-of concept within its DigiLab environment, leveraging its capabilities in Big Data storage and analytics
  • Sopra Steria helped a closed life & pensions fund consolidator to improve its capital and regulatory reporting by modelling data, improving data quality and providing BI solutions to the group, in order to provide an accurate and consistent view of policies, transactions, liabilities and assets
  • Engaged in all aspects of programme delivery, Sopra Steria worked with amajor UK challenger bank to deliver a new centralised BI solution in order to meet the regulatory reporting necessary to launch a current account product
  • For more than 10 years, Sopra Steria has been working with a leading UK retail bank to design, develop and implement a variety of data management and reporting solutions across  its compliance, risk,finance, remediation and customer analytics departments