A couple of weeks ago I reported on my involvement the E-Commerce Working Group organized by the EC3  – Europol’s European Cybercrime Centre. Once a year I spend ten days with Europol and other private companies as part of the Retail Week of Action, where we help hunt eCommerce criminals. There we are able to speed up the usual process by reporting suspicious activities directly to the authorities. Online merchants, banks, logistics...

Big data, this term has now become an integral part of corporate terminology, and not just in IT. I am also faced with this term daily in my work at Arvato Financial Solutions. But what is big data? I will answer this and other questions in this post. You will also learn how you can use large quantities of data for predictive analytics, especially in the insurance industry and especially for the optimization of dunning processes. By using big...

At first sight, Financial Advanced Analytics can seem overwhelmingly complex. Not only do we have to consider factors that are relevant to advanced analytics projects in general, but we must also consider industry-specific factors within finance processes. These include layers of legislation, an emphasis on accountability and traceability in relation to decision-making (even down to individual cases), and the fact that decisions made within...

Anyone who still doesn't believe in the future of mobile payment and contactless payment will certainly have changed their mind since last Thursday. Once again, an American financial giant bought out a promising European finance startup - in order to consolidate its business in Europe. Last Thursday, I learned that PayPal had snapped up the mobile payment service iZettle for $2.2 billion; news I hardly found surprising to be honest. Because...

I don't know about you, but whenever I am travelling in Scandinavian countries, I think that we in Germany are a little behind the times. We can always argue about taste in fashion and interiors, but this not the only area where I think the Swedish, for example, are more innovative than us. Stockholm gives me a W-LAN hotspot in the train from the airport to the city centre, and for payments other countries are already well ahead. The best...

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...