Y&L brings valuable knowledge gained through 20+ years of experience in delivering innovative technology solutions for banks, credit unions, insurance companies, and other financial service firms. Y&L’s financial professionals have an in-depth knowledge of the financial industry and the technology utilized.
Through its Business Intelligence practice, Y&L enables financial clients to identify customers by product/service usage and create targeted marketing lists for account growth initiatives. These lists can be merged with third-party demographic data for launching effective and targeted marketing campaigns.
Y&L delivers a variety of proven financial industry solutions, such as application development, application support, product customization and implementation (i.e. SAP), migration services (during mergers/acquisitions), major server and desktop software upgrades, business intelligence, cyber security, and IT help desk services.
A few of our financial and insurance clients include SWBC, Frost Bank, Randolph Brooks FCU, IBC Bank, HSBC, Bank of America, Wells Fargo, AMEX, Houston Insurance Group, FLI, Harland Clarke, Argo Group, iLENDX, Credit Human Federal Credit Union, Deutsche Bank, BNY Mellon, Ameriprise Financial, Bloomberg, UBS, RBS, DBS and Thomson Reuters.
Escalating customer expectations, ongoing advances in online banking technology to streamline and improve the customer experience, protecting customer data from identity theft and increasing regulatory requirements constantly impact the traditional banking and insurance sectors.
The banking industry will also be changed by the entrant of non-traditional competitors such as Apply Pay Cash (which allows customers to send and receive money), as well as coordinating with third-party companies to create APIs that require carefully opening up back-end customer data to others who can perform these activities better than their internal IT departments in order to achieve their objectives. Mobile banking alone brings with it its own challenges and opportunities around customer-to-business frictionless digital banking, consumer-to-consumer one-click payments, new cryptocurrency opportunities, password-free biometrics, locational services and offers and conversational interfaces.
As for the insurance sector, new markets offer an opportunity for technological innovations to capture market share. For example, Airbnb hosts who make income from their residences have a need for limited commercial coverage without the need of comprehensive commercial policies. Tech savvy insurance companies can create targeted insurance solutions and deliver them digitally to this market.
As for millennials, who are most likely to purchase insurance through an app on their smartphones, they drive less than previous generations which gives way to providing a lower cost “pay-per-mile” automobile insurance. And, although millennials might not have high home ownership, they do want insurance for their expensive belongings (bikes, jewelry, electronics, etc.). Lifestyle and experience markets continue to develop and so do digital insurance opportunities.
Market Specific Solutions
Capital Markets – Custodial, Brokerage Services, Client Portfolio Management
Retail Banking Loan Processing Applications – Home Loans, Construction Loans, Consumer Loans
Internet Banking Website Design
Branch-level CRM Dashboards and Performance Analytics
Banking and Insurance Compliance Management
Customer Profiling for Prospecting
Share of Wallet Analytics
Mobile App Development
Digital Branch Network Transformation
Systems Integration Services for Acquisitions
Aligned to Banking Needs
Across the globe, banks continue to face challenging times. They continue to cut costs while being pragmatic with their investments to improve revenue and compete effectively. Digital maturity has become an existential need in today's current environment.
Banking Industry Strategy
Y&L Banking Services
Profit Margin Pressure
Simplify business and operating model, improve operational efficiencies.
Business Process Reengineering, Robotic Process Automation, Agile, DevOps consulting
Increased competition from Fintech and Niche players
Improve Digital Maturity, use data as a competitive advantage, adopt new business models / new products.
Digital Transformation Roadmap Big Data, Analytics and Visualization Innovation Lab - (Blockchain, IoT, AI/ML),
Change in Customer Demographics and Delivery Expectations
Customer centric focus, target marketing, and invest in innovation and talent.
Invest in technology and security; Move away from legacy system to state of art.
Legacy Modernization COTS Center of Excellence Information Security Best Practices Establish information access hierarchy.
Ever-Changing Regulatory Requirement
Data Governance Processes and Reporting.
Reporting Framework, Consulting on GDPR, BASEL, Data Governance Best Practices Implementation
Y&L Banking Industry Digital Transformation Offering
Assessment First. Execution Second.
One of the largest Texas banks understands the value of IT and operational process assessments prior to execution. Thorough assessments conducted by individuals with deep technical and market-specific experience can result in a clear, detailed and relatively “surprise free” execution roadmap. IT assessments should go beyond simply understanding and recommending technical enhancements and include business needs and goals.
Recently, the bank wanted to look into Robotic Process Automation (RPA) in regard to their credit dispute process. The goal was to identify, through an assessment, what processes could be automated and identify the best technology to employ toward that automation. Based upon an assessment, provided by Y&L Banking Specialists, the recommendation was to decouple from their SharePoint application and create a workflow application in .Net.
The current process requires significant manual intervention to resolve credit card disputes. Regulation E requires the bank to provide provisional credit back to card customers within 10 business days. This doesn’t allow a lot of time for bank employees to review purchases and make determinations. Various business rules need to be applied by the bank employee when making credit reimbursement decisions. Approximately six hours a day bank employees review credit card disputes and manually apply their rules. Based upon our assessment, the bank is ready to move forward with automating many of its manual credit decision rules and thereby reducing manual effort and errors.
In addition to this assessment, Y&L has worked with this financial institution on performing other assessments prior to execution involving their ACH wire transfer process, customer onboarding process and CRM data analytics initiatives.
An international underwriter of specialty insurance and reinsurance products in the property and casualty market wanted to perform a major SharePoint software upgrade after determining through an assessment of administrative and backend reporting that geographical distance was causing latency and reporting demand far exceeded capacity.
Y&L developed a three-tier SharePoint server farm on three servers with roles distributed among them. DB clustering was done to provide scalability and business continuity. Y&L set-up full and incremental backups, optimized crawling and other features. In addition, Y&L analyzed master page and 36 team sites, documented various customizations, requested changes, customized web parts, and identified downstream applications impacted by the change.
Loan Dashboard Development
A Texas-chartered bank with 134 branches was looking to provide a higher degree of visibility across their organization of loans being made to consumers and commercial clients.
Y&L developed a centralized application to monitor loans and provide a dashboard view for branch executives. The new application improved process efficiencies and data quality since loan information could now be shared with other bank applications. The scope of the project included automating processes for creating agreements, monitoring agreements, reducing errors and standardization.