Financial Services

Rapid, robust disruption. New competition. Tighter regulations. Companies in the financial services space need to adapt quickly, report accurately, and streamline compliance confidently if they hope to thrive in the current landscape.

Many businesses, especially in the financial services industry, are looking at the idea of digital transformation as their way to answer the evolving challenges they face. Yet there are many steps to make this happen, and many paths to success that revolve around culture, applications, and integration.

At MIBAR, we’ve spent nearly three decades watching the technological landscape evolve across all of the industries we serve, and as a leading provider of software solutions for companies in the financial services industry, we have seen the challenges that companies like yours face as they look to remain competitive. With so many paths to transformation, the most important advice is to start running.

The era of digital transformation in financial services started nearly half a decade ago, and as was the case in the newspaper industry, those late to move need to catch up. If you’re looking to go all in, you need to understand that the best way to do so is to embrace a solution or set of solutions embedded within your organization that is able to handle change and complexity.

The best way to make this happen is to take a unified approach to transformation, breaking down silos, integrating data, and heading in the right direction as one cohesive unit: Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), ecommerce and Business Intelligence.

Enterprise Resource Planning

For financial services, the enterprise resource planning application is the lifeblood of the company. Providing a strong backbone for the rest of the applications within your technology stack, this may be one of the hardest implementation projects, but if done correctly, the most rewarding.

  • Take Control of Your Processes: Payments, assets, audits, closes, and more. ERP is designed to streamline processes, freeing up the time and resources needed to accelerate growth, drive innovation and remain competitive.
  • Get Real-Time Decision-Informing Insights: Easily calculate and track key performance indicators for your unique professional services firm. Easily see and report on such metrics as utilization, overrun, margin, revenue, and more.
  • Report with Confidence: In an environment as heavily regulated as financial services, transparency, reporting, compliance, and audits are words to live by. By streamlining reporting and automating closing, you can take comfort knowing that the risk of human error has been taken out of the equation.

Customer Relationship Management

Whether they’re institutional, personal, or business, reaching, engaging, and satisfying your clients should be a top focus at any financial services firm. To meet these expectations and demands, firms need the most up-to-date, accurate view of their activities and profile.

  • Immediate Information, No Hiccups: Disparate, siloed systems can prove difficult—especially if your staff is already stretched thin. A unified approach removes the risks, errors, and effort that goes into the entry-and-re-entry process that occurs in siloed systems.
  • The Right Information, Readily Available: Your customer-facing employees should focus on the customer. An integrated apps approach ensures all your customer-facing employees can access any interaction or transaction data required to get the deal done immediately.
  • Ready to Grow: As you grow, adding staff should be an exciting moment, not done in a fit of desperation. The right CRM for healthcare organizations allows you to grow your team at your own pace. Better yet, it will grow with you.

Business Intelligence

The financial services industry world relies on many unique metrics and key performance indicators that don’t exist in other sectors. However, the rise of business intelligence software has made it easier than ever to slice and dice the information available no matter the source. With business intelligence for financial management organizations—implemented and tailored by MIBAR, you can turn source data into insights with easy-to-use, easy-to-read dashboards.

If you’re still trying to catch up to the wave of transformation, the path may seem steep. However, with the right help from the right partner, you can get up and running in no time, adapting to changing competition, increasing regulatory challenges, and elevating customer demands. At MIBAR, we’ve been helping our clients to implement and use powerful business software that empowers decision makers, eases everyday operations, and frees up your employees as they work toward the future.

For nearly three decades, we have continued to perfect the implementation process, reducing risk, increasing the likelihood that a project happens on time and under budget, and enduring that our customers are ready to move. Learn more about our process here, read some of our case studies, and contact us for a free consultation.