Financial Services
and Insurance

Gain flexibility and speed to respond to market changes and protect against risk.

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Boomi Solutions for Financial Services and Insurance

Industry trends
Our solutions
Most common
Customer stories
Resources

Industry trends

From changing regulatory requirements to new business models and customer expectations, Financial Services & Insurance organizations are faced with multiple challenges and how to navigate them.

Technology modernization
To compete at the speed of the industry, organizations need to modernize existing applications and processes and embrace the move to cloud.
Open finance
Open API and data sharing standards are changing the way end-users are able to control and own their data and access integrated experiences from third party providers.
Data & analytics
The exponential increase of data and proliferation of different data types are making it more difficult for organizations to gain business insights.
Banking-as-a-service
New business model innovation is enabling organizations to create a modular approach by which they provide their assets to third parties.

Our Solution

Technology modernization
Data strategy
Open finance
Banking-as-a-Service

Challenge

Cloud & technology modernization

Legacy systems no longer meet the requirements of organizations, and hinder from actively competing against new market entrants.

Complexity of rewriting application architecture for the cloud
Custom APIs that lack standardization leading to technical debt and effort duplication
Performance issues due to latency, interoperability, dependencies on non-cloud apps, and downtime
Not meeting requirements for data security and regulatory compliance exposing organization to risk
Data stuck in silos, constraining the organization from operating proactively

Solution

Cloud transformation & technology modernization

Modernize your organization by adopting a cloud-first strategy.

Migrate to public, private and hybrid clouds to drive down cost
Streamline your application modernization approach for a faster delivery timeline
Connect disparate systems enabling you to adopt a modern data strategy approach
Automate processes and workflows to drive business agility, increasing time to value

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Challenge

The data strategy challenge

Missing or inaccessible data creates significant challenges for organizations. Making decisions based on incomplete or incorrect information can result in missed business opportunities, and potentially expose the organization to operational risk.

Data security and regulatory compliance issues expose organizations to risk
Redundant, manual activities that add overhead cost to organization
Reactive vs. proactive business strategy and decision-making
Negative impacts on customer experience and customer retention

Solution

Build a lasting data strategy

Develop a data approach that enables your organization to make informed business decisions that improve your customer experience and loyalty, reduce risk, and grow new revenue streams.

Gain predictive insights and flexible reporting to help inform your business decisions
Attract new customers and improve customer loyalty
Reduce risk and lower costs
Identify new products based on customer needs
Provide insights for executives, boards, investors, employees, vendors, counterparties, and third parties who require information from across the organization

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Challenge

Navigating open banking

Open banking stipulates new requirements, including informed consumer consent management and complying with open API and data standards, putting pressure on financial institutions to deliver on these requirements.

Lack of API standardization makes it difficult to provide APIs to third parties
Inability to provide secure access to requested data
Uncertainty for ease of compliance with new regulatory requirements, open API and data standards
Unsure of how best to enable consumer consent management

Solution

Enabling open finance

Open banking opens up new opportunities for organizations to collaborate with a broad ecosystem of partners and drive new business model creation.

Comply with new regulatory requirements, open API and data standards
Facilitate a secure method of data exchange with new partners and ecosystems
Enable organizations with adoption of API standardization based on industry standards
Enable better consumer consent management

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Challenge

Navigating Embedded Finance

Banking-as-a-Service is a new space for organizations, making it difficult to navigate and understand exactly how to develop a new business model and leverage the right tools to take advantage of monetization opportunities.

Constrained by current technology capabilities and unable abstract their product capabilities
Current applications are designed in a non-modular way, making it difficult to white-label capabilities and not ideal for scaling or third party monetization
Unsure of how to securely embed their assets and capabilities ito marketplaces and 3rd parties
Lack a marketplace or platform capability that allows them to actively lead in new business model innovations

Solution

Monetizing new business models

Whether it is a product or license, Boomi enables you to easily repurpose your existing assets to build Banking-as-a-Service propositions and provide embedded solutions to your partners. Boomi helps you grow new revenue streams by enabling you to:

Build app marketplaces & platforms that allow you to easily scale with your partners
Easily repurpose your products and licenses available for partners to embed
Deploy Banking-as-a-Service business models to drive new revenue streams lead in new business model innovations

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Most common

I have never had someone say ’Boomi is broken.’ As a CIO, that’s amazing: such an integral piece of software that just works and does everything we need is a rarity in the industry.

Dave Chapman

CIO, Teachers Mutual Bank

Boomi has exceeded our expectations at every turn. Our ability to quickly iterate, transform, and scale with Boomi has set us up for the rapid growth we’re going to experience in 2021 and beyond.

Tim Heger

Chief Technology Officer, HealthBridge Financial

Boomi integrates every corner of our application and data stack, and that interconnectedness is the beating heart of the omnichannel experience we’re promising to deliver.

Dave Chapman

Chief Technology Officer, WLTH

We are using technology and global presence to enable and empower the travelers of tomorrow. We want to know each and every customer, wherever they are.

Prasant Panicker

Director of Technologies, American Express Global Business Travel