SAP SE (NYSE: SAP) today announced a new release of the financial services accelerator for the SAP® Hybris® Commerce solution, enabling banks and insurance companies to offer customers a faster and easier experience opening checking accounts, applying for loans, obtaining insurance policies and many other services either in person, online or on mobile devices.
“Digitalization has turned financial services on its head,” said Matthias Goehler, SAP Hybris* senior vice president and head of Industries. “The industry has changed from one of personal relationships and advice to customers shopping online for the lowest cost option. To engage these price-conscious consumers, banks and insurers need to connect with them in a more meaningful way and on their own terms. The enhancements to the financial services accelerator provide organizations with the latest tools to deliver a great customer experience from which they can build customer trust and loyalty as they expand the relationship by bundling and cross-selling products.”
Customers such as ATB Financial, Kaspi Bank and MyDeposits rely on SAP Hybris solutions for the financial industry.
SAP partnered with msg global solutions ag, a financial service product and solutions integrator, and NETCONOMY, an e-commerce specialist, to deliver the enhanced solution through msgNETCONOMY, a joint venture dedicated to implementing SAP Hybris solutions. With a highly extendable and adaptable data model, consumer-facing processes can be streamlined, improving the customer experience and increasing return on investment.
“The financial services accelerator prepares these institutions with the tools and information to provide an intuitive retail-like experience that consumers have come to expect,” msg global solutions CEO Peter Umscheid said. “Specifically, the self-service and collaborative features provide consumers with responses to their questions in the moment it matters most.”
The new release also includes preconfigured storefronts that offer real-time personalization based on customer preferences and history to enable a compelling experience. In addition to streamlining processes for financial institutions, the accelerator offers best-of-breed capabilities from SAP Hybris Commerce, including unification of data from disparate systems and easy integration with SAP or third-party platforms to get customers up and running quickly.
“The quick pace of innovation means that banks and insurers need to have more than an online presence or mobile app to catch the attention of shoppers,” NETCONOMY CEO Martin Barzauner said.
The new version of the financial services accelerator contains the following enhancements:
• Co-browsing capabilities allow bankers and insurers to see the same information as their customers and assist them as they complete online transactions (similar to in-person interactions), which reduces application abandonment and increases customer satisfaction.
• Side-by-side product comparison allows customers to easily compare products and services.
• Template forms for product applications allow bankers and insurers to quickly react to regulatory, product or other changes and provide their customers access to the most current application when applying for insurance and banking products.