Digitalisation is changing the behaviour of banking customers, while new regulations are accelerating the transformation of the industry. Banks are continually developing and improving their digital offering in order to meet customers’ changing expectations. Digitalisation allows banks to interact with customers more often and so creates new opportunities for understanding customer preferences and needs. This is making it easier for banks to provide relevant, individualised services as part of a seamless customer experience across multiple touch points.
As a result of greater competition due to new market entrants, the banking sector has a strong need to customise its products and to find new ways of serving customers. Banks are always on the hunt for a competitive advantage in order to differentiate themselves from their competitors, and this ideally takes the form of superior customer experience through digital technologies. Modernising and simplifying legacy IT systems continues to be important to the banking sector. This is part of facilitating the automation of end-to-end processes to achieve greater cost efficiency as well as better use of banks’ digital competitive advantages.
Defining banking for tomorrow
EVRY has the experience, resources and capabilities that financial institutions need not only to transform their business, but also to continuously extend their digital advantage. Through our in-depth industry knowledge, we uncover ways to help banks do things differently and generate new ideas that change how businesses operate and compete. EVRY is committed to sizeable investment in the continuous development of an innovative and cost-effective solutions portfolio.
EVRY Financial Services currently serves 150 customers in 12 countries and has 1 299 employees with in-depth customer understanding and awareness of the opportunities and challenges that characterise the bank and finance market.
An important element of EVRY’s strategy is to further expand and strengthen our geographic footprint in the Nordic market. Furthermore, we will continue to expand outside the Nordic region in selected areas such as card services, fraud prevention, lending solutions and ATM services. EVRY Financial Services operates a delivery model that is fully integrated with the company’s global delivery units in order to meet customer needs and adapt to developments in the market. We are very excited about the market opportunities open to us, and we are well placed to capitalise on them.
Focus areas for EVRY Financial Services
EVRY Strategic Design Lab
We believe large enterprises need to apply design-thinking when crafting their business strategy if they are to build a sustainable digital advantage in today’s highly disrupted environment. To support our customers, we have established the EVRY Strategic Design Lab in collaboration with Method, a world leader in experience design. Together we are applying design as a tool for rethinking how our customers can identify new sources of value creation and revenue. This is an initiative to identify, create and deliver value for our customers by bringing together expertise in business development, industry knowledge, design-thinking and new technology.
Digital Design & Insight
To ensure that we are even more relevant to our customers in the digital marketplace, we have established a new business unit, Digital Design & Insight. With dedicated multi-disciplinary teams that understand each bank’s brand and engagement model, we help our customers create digital advantage. Digital Design & Insight brings together capabilities in predictive analytics, CRM, UX, UI and front-end development to help customers unleash the power of digital to create new value.
Financial Services Labs
Research at EVRY focuses on customer needs in combination with emerging solutions and technology trends. Research, co-creation and prototyping concepts are three distinct capabilities essential to the way we work. We take a human-centered, design-based approach to co-creating innovative concepts together with customers and partners, thereby helping banks to innovate and grow. Our research teams are embedded throughout our organisation to facilitate, support and accelerate innovation.
In 2015 EVRY launched Bank 2020, an insight program into the future of banking. The purpose of the program is to investigate how banks will be affected by technology and business drivers in the near future, and is a collaborative project involving experts from EVRY and partnering banks. Last year we published several white papers, with topics including the financial behaviour of Millennials, the financial needs of small businesses, and analysis of the potential of technologies such as blockchain, analytics and artificial intelligence.
Next-generation core banking solutions
It is crucially important to offer both banks’ customers and employees solutions that deliver user-friendly banking services as well as state-of-the-art functionality. Investing in next-generation core banking and payment solutions is therefore of great strategic significance.
EVRY is establishing its new core banking solution as a service platform using industry-standard components. Its development strategy and implementation methodology are firmly based on the company’s involvement in the Banking Industry Architecture Network, of which EVRY is the only Nordic member. Modern architecture and standards, including ISO 20022, ensure that the solutions are flexible, cost-efficient and adapted to international requirements.
EVRY is having a lot of success in the Norwegian market for next-generation core banking and payment solutions, and has signed delivery agreements with the SpareBank 1 Alliance, Sparebanken Vest, Sparebanken Sør, Sparebanken Sogn og Fjordane, Helgeland Sparebank, Gjensidige Bank, De Samarbeidende Sparebankene and Sparebanken Møre. The contracts have a combined total value of approximately NOK 4 540 million.
Card Services and mobile payments
EVRY’s card business is growing strongly. As a leading vendor of card services, we provide services to the bank and finance industry as well as other sectors such as retailers, transport companies and businesses in general. EVRY accordingly offers the most complete range of services on the market. EVRY is pioneering the Card-as-a-Service concept, a complete product sourcing and lifecycle management service for all types of cards.
Card-as-a-Service, contactless card solutions and mobile payment services are important areas of focus and EVRY is well-positioned for the growth expected in these areas in the years ahead.
Business quality and continuity
Operational reliability and high levels of security are fundamental requirements for deliveries to the bank and finance segment. Clear and well-established business quality processes are implemented throughout EVRY Financial Services to ensure that there is a high level of continuity across the business area and that we operate in accordance with common standards. Work on business quality and continuity accordingly targets work processes, project management, compliance, portfolio management, architecture, security and risk. This ensures that quality performance at EVRY meets both regulatory requirements and market standards.