Digital transformation in Financial Services

Every organisation is on a different digital journey

 We work with organisations to create bespoke roadmaps, which reflect their aspirations to exploit new digital channels to market, while ensuring that critical legacy technologies are fully incorporated in the overall solution.

We can accelerate speed to market by combining our systems integration expertise while enabling the digital front end. Our track record of delivering ‘digital at scale’ enables us to ensure that new market entrants and those organisations seeking to create new and differentiated products and services can successfully establish resilient, flexible and future-proof digital platforms.

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. We combine this track record as a trusted delivery and IT services partner with an ability to implement agile, iterative solutions, leveraging our in-house cloud, analytics and Big Data expertise.

We are at the forefront of helping our Financial Services clients transform their businesses into intuitive and responsive digital enterprises, which anticipate tomorrow’s customer needs and deliver insights that lead to first mover advantage.

Client challenges

Financial institutions face a wide variety of challenges around digital transformation:

  • Accelerating speed to market – The rapid development and testing of new products, services and technologies in order to quickly evaluate those that are likely to create value is essential for both organisations looking to evolve as well as market challengers
  • Building dual speed delivery - Financial Services organisations must establish the ability to develop and deliver products and services at ‘dual speed’. Providing certainty in the delivery of long term business change that must progress alongside agile experimentation, in order to remain competitive in the market
  • Establishing a cohesive digital strategy - Focusing on the delivery of a digital front-end solution is not enough. Integrating all aspects of essential legacy IT with new and emerging technologies in order to understand the impact of digital across all spheres of business activity will be critical to the future success of Financial Services institutions
  • Inflexible and costly legacy systems - Financial Services organisations must investigate new and innovative, cost-effective initiatives, and risk-sharing agile delivery models to mitigate the high cost and risk of full scale transformation
  • Responding to changing customer needs - New entrants are looking for low cost, flexible digital platforms to minimise up-front investment. Agile digital solutions must be adopted in order to be responsive to changing customer needs
  • Planning for a digital future – Identifying those trends that will have an impact upon Financial Services is challenging but central to the process of planning for a digital future

Our services and expertise

We work with Financial Services organisations enabling them to accelerate their specific digital journey. Starting with legacy enhancement initiatives such as integrating new digital functionality to increase customer responsiveness, an organisation can then progress to the digital evolution stage. Digital evolution can include the design and development of front-end digital modules for the delivery of new channels and functionality as well as the increased use of data and analytics to support decisioning. The third and final phase, digital transformation, gives consideration to the replacement of core legacy systems and the development of digital architecture to provide an Amazon / Google-like experience, benefitting from consistent upgrades, continuous integration and innovation.

  • End-to-end digital strategy implementation – By combining its track record as a trusted IT delivery partner and systems integrator, with its in-house cloud, analytics and Big Data expertise and network of established partners and emerging start-ups, Sopra Steria creates a unique ‘deep digital’ approach enabling true dual-speed delivery in Financial Services
  • Omni-channel experience – Expertise in User Experience (UX) and Customer Experience (CX) enables Sopra Steria to create truly responsive customer experience across multiple channels, devices and networks
  • Digital accelerators - Our Modular Digital Banking Solution enables us to deliver efficient, cost effective solutions to new entrants, challengers and established Financial Services organisations in order to accelerate digital transformation programmes. Together with our financial services software company, Sopra Banking Software, we provide a full end-to-end service, incorporating banking modules such as Core Banking, regulatory reporting, Business Intelligence and Compliance, Payments and Biometrics. Uniquely in the market, our offering also encompasses broader business modules including Contact Centre, HR services, IT, Business Process and Service management, meaning we manage the partner ecosystem, allowing our clients to get on with running their business
  • Working in partnership – We work closely with client organisations and understand the importance of knowledge and skills transfer within overall digital transformation programmes

Our evolving vision of the future - We are continually reviewing and refreshing our digital capabilities. We work with organisations in our unique DigiLab innovation environment, using our Digital Maturity Consulting model as a mechanism for driving digital transformation. We conduct horizon scanning activity researching and exploring trends likely to impact Financial Services institutions and their customers. Current Sopra Steria research topics key to the future of Financial Services include digital automation, disintermediation resulting from Blockchain and ‘Uber’ / ‘airbnb’ type technologies, enhanced human capabilities through wearables, cyber security and personal data ownership.

Our experience

  • Sopra Steria helped bring smile, the UK’s first full internet bank, to market
  • Working with a leading UK retail bank, Sopra Steria accelerated delivery within its digital banking programme: successfully introducing new functionality, products and services across multiple brands and digital delivery channels
  • 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 is Student Loans Company’s Digital Delivery Partner