Technology is upending infrastructure, workflows, and processes in the financial services industry.  Nowadays, an agile workforce which embraces everything the latest tech offers – analytics, AI, and robotics – can perform complex financial tasks quicker and more accurately than ever before. The impact of this trend is comprehensive and far reaching. Rise of the machines Once put to work, algorithms, for example, can trawl through the...

Nowadays advanced analytics is transforming business processes in every conceivable industry. As a result, the hype surrounding big data and advanced analytics is reaching fever pitch. Here, Jörg Brendemühl, Vice President Analytics & Consulting Services at Arvato Financial Solutions, sifts through the complexity of today’s financial world and outlines how advanced analytics is enabling business leaders to successfully drive the digital...

Projects on process optimization are frequent. The focus is usually on sales, underwriting and claims management. The dunning process is often left out. From my work at Arvato Financial Solutions, I know that optimizing the dunning process is very helpful when facing important strategic challenges in the insurance industry. The success of the dunning process depends on trends and strategic factors such as customer centricity, digitalization, big...

Like many of my fellow countrymen and women, I’ve switched from commuting by car to by bus and train in recent years. I sold my car after moving to the big city and haven’t been stuck in traffic once since then. I can even prepare for appointments during my journey to the office. It’s no surprise to me that an average of 30 million Germans take public transport each day. I actually now associate traveling by car with stress, whereas...

Customer retention is essential for every business in every industry. And yet, many businesses are quick to terminate relationships with customers who default on their loans. Could this delicate situation actually be an opportunity in disguise? When customers fall on hard times, implementing a suitable debt collection process might be all it takes to help them get back on track. Here, Volker Bornhöft, President of Accounting & Collection...

It may have been a while since I was a financial accounting student, but I recently overheard a conversation between two students on a train that reminded me of a topic that was the cause of much head scratching not too many years ago. That topic was accruals. It seems that business administration students continue to grapple with this, admittedly, very dry topic. Accrued income, deferred income, actual and expected taxation – these are...

Razor blades, socks, care products, cereals, drinks, pet food – the list of products that can be ordered online by subscription is long. Last week I showed why there are good reasons for online retailers to opt for flexible subscription models. The most important point is customer loyalty. Retailers create additional touchpoints through subscriptions for consumers, who value the convenience and flexibility of these solutions. A further...

It’s almost hard to believe but this year was the ninth time I’ve attended Mobile World Congress (MWC). I first attended the conference back in 2005. Back then it was hosted in Cannes. And, wow, has it changed since the early days! With more than 100,000 visitors and hundreds of exhibiting companies, MWC has grown to become easily the largest mobile trade event of the year. Now held annually in Barcelona, Spain, this year’s conference...

Recently I had dinner at my neighbour's house, which gave me an opportunity to admire my host's bulging bookshelf once again. He still belonged to the generation that loved and lived for the book club, a statement my neighbour had proudly declared a few months ago. He celebrated every new tome, reading it first and then adding it to his collection on the shelves. My neighbour was not alone in this: holding a book with a special binding or cover...