GFT among top 50 global financial technology providers & winner of 2017 IDC FinTech Rankings Real Results awards
Award recognises GFT for a successful retail banking initiative for a major Latin American Digital bank, which offers customers a 100% digital onboarding process account management experience.
For 14 years, IDC have been compiling a comprehensive list of the top 100 global technology providers to financial institutions, and their annual FinTech Ranking reads like the ‘Who’s Who’ of the financial services industry. The rankings are based on calendar year revenues from hardware, software and IT services to financial institutions. Once again, GFT has earned a coveted spot being ranked in the 41st position.
Further to being ranked in the top 50, GFT is also the winner of a 2017 IDC FinTech Rankings Real Results Award in the Customer Engagement category, as well as being the Overall winner this year. The awards recognise IT providers who have enabled a genuine, measurable, and future-enabling change at a client financial institution (such as a bank, a capital markets firm, or an insurer) in the worldwide financial services industry. Further information on IDC FinTech Rankings & Real Results Awards is available on the IDC website.
These results are a great honour! You can imagine that we were really proud when the news reached us – and so is our CEO, Marika Lulay:
“We are delighted to receive this accolade, since it recognises and reinforces our work as an innovation-driven company, which provides state-of-the-art solutions to our financial services customers around the world. The initiative is widely appreciated by new and existing customers alike, setting the ‘gold standard’ for customer experience, which aligns with GFT’s vision as a specialist in technology and innovation.”
A 100% digital onboarding process – quite a challenge
What exactly has GFT been awarded for? IDC recognised GFT for a successful retail banking initiative in Brazil, which enables users to manage end-to-end new customer onboarding 100% digitally. Quite a challenge considering that customer-onboarding, even in the 21st century is still a long and tedious odyssey involving much processing of paperwork. To seamlessly deliver a checking account to a new customer with associated credit or debit cards with no human intervention requires a large number of sophisticated and highly secure operations to be synchronized and processed using the most up-to-date information as possible. There has to be for instance credit checking, income validation, personal authentication, the list goes on.
Architectural design and development of new mobile app
Leveraging GFT’s significant expertise in IBM BPM solutions, the engagement began with advice and consultation on the architectural components; the back office functionality, the integration layer to bring the different data sources together, and the channels layer to present the relevant information to the customer. Once the automated onboarding process had been designed to run on top of the BPM layer, work began on the mobile application. Following an eleven-month development cycle in which half-a-dozen versions were created, the app successfully integrates all aspects of the process, from application to authentication and approval in less than 20 minutes – all through the customer’s mobile device. It runs on iOS and Android and provides customers with dashboards that track the onboarding progress, with support for human intervention if needed.
Leonardo Vieiralves Azevedo, Sales & Marketing Director of GFT Brazil states: “This project has delivered a huge competitive advantage for the bank in the Brazilian market, enabling them to service their customers more efficiently and grow their market share. We are sure this success and recognition for GFT will encourage more financial institutions in South America and beyond to work with us to help transform their business.”
In addition to helping our clients manage and improve their existing legacy processes and technologies, at GFT we constantly examine new and emerging trends that have the potential to transform future financial systems, processes and experiences – such as cloud migration, artificial intelligence, Industry 4.0 and Blockchain.
About IDC Financial Insights
IDC Financial Insights assists Business and IT leaders at financial institutions, as well as service providers and vendors who serve them, to achieve frictionless financial services, the streamlined creation, management, and delivery of financial services.
Its global team of analysts with decades of industry experience, advise financial institutions how to supplant the functionality of legacy systems with technologies that will improve efficiency and profitability, while reducing risk and fraud, and creating dynamic customer engagements.