Digitalization enables banks and insurance companies to make processes more efficient, save costs, and offer their customers innovative financial products. Numerous regulatory requirements have to be met here. In addition, many companies need support in the operation of their IT infrastructure and multi- or hybrid cloud management. Parallel to this, cybersecurity plays a more than relevant role. T-Systems has the right solutions for all of these issues.
The regulatory requirements for banks and insurance companies are increasing in order to guarantee the security of personal data. At the same time, the operation of the infrastructure in compliance with regulations is becoming more and more expensive. Many banks and insurance companies are currently facing the challenge of having to modernize their infrastructure, as they work with outdated hardware and software, confusing IT architecture, and inflexible systems. At the same time, specialists such as mainframe experts are rare on the market and much sought-after. T-Systems offers high-performance, flexible, future-proof, and BaFin-compliant operation of IT infrastructure.
Regulatory requirements are also increasing with regard to data protection and cybersecurity. Cyberattacks are increasing considerably, especially for financial service providers. According to the "Modern Bank Heists" report from the internet security service provider Carbon Black, around two thirds (67 percent) of banks, credit institutions, and other financial companies are reporting an increased number of cyberattacks. New technologies such as mobile banking, cross-institutional digital processes, and the integration of third-party providers are creating more and more opportunities for cybercriminals to strike. For banks and insurance companies, this poses the risk of data loss as well as significant damage to their image. T-Systems already offers well-known DAX-listed corporations, banks, and insurance companies security and protection, for example in personal data processing, as well as a wide range of options for improving cyber security, through its Security Operations Center.
The "cloud first strategy" has also reached the banking and insurance industry, as multi-cloud solutions and hybrid clouds promise significant advantages for new business models. At the same time, the parallel use of different technologies such as legacy systems, public clouds, and private clouds, as well as the use of mainframe servers, increases complexity and places particular demands on comprehensive management. T-Systems offers banks and insurance companies a wide range of options for cloud business and comprehensive management of various platforms. In addition, the Open Telekom Cloud is currently the only regulation-compliant cloud solution operated in Germany that also meets the minimum requirements for risk management (BA), MaRisk (BA) for short. In addition, T-Systems also provides solutions from the AWS, Microsoft Azure, and Google Cloud platforms as part of its multi-cloud management. T-Systems' portfolio also includes classic cloud solutions such as Salesforce, ServiceNow, and Office365.
Customers of banks and insurance companies are becoming increasingly demanding and expect easy, customer-friendly, and secure access to information and products. In addition, digitalization has made it easier to switch accounts, making the battle for customers increasingly intense. But while banks and insurance companies concentrate on convincing customers of their value with innovative digital financial products, they often forget internal processes and procedures. The result: new services will be set up with outdated, obsolete technologies.
New technologies such as chatbots, robotic process automation, blockchain, and artificial intelligence offer a wide range of possibilities for lean, efficient processes that work from the customer's perspective. In addition, banks and insurance companies can save enormous costs through digitalization. The prerequisite for this is that everything runs smoothly. T-Systems supports banks and insurance companies in the selection, implementation, and integration of suitable solutions into their existing IT systems. Our consultants have the necessary knowledge and skills to meet the high regulatory requirements.
Connectivity is the basis for every form of digitalization, including in the financial services sector. Only with a stable, high-availability network – WAN or LAN – can there be an efficient path to the digital future. This is because IP data traffic is increasing year after year, partly due to the Internet of Things, as well as the use of "unified communication" in the form of video conferencing solutions or cloud-based telephony. As a result, the banking and insurance industries are also experiencing increasing demand for network stability, bandwidth, and service quality, especially for SaaS applications and cloud storage.
T-Systems offers one of the world's largest networks, with global coverage of 180,000 locations, and manages over 1,800 cross-location corporate networks (WANs) and more than half a million ports in local area networks (LANs) for its customers. T-Systems supplies not only networks, but also complete communication solutions for Voice-over-IP, collaboration, and mobile working.