Integration of financial services in banking
The financial world is changing rapidly. With increasing globalization, the blurring of distinctions, market regulation and the growth of internet enabled services, the banking sector is increasingly competitive. In the present times where banks are grappling with their declining bottom line and rise in NPAs, Innovation has become imperative for them. Product quality and price are rapidly becoming less distinctive in the battle for customers. Financial industry is at the cusp of the shift in financial sector and financial flows between banks, insurers and pension funds. The answer for the banks to these developments lies in the integration of all the financial services provided by the banks by becoming more customer-oriented.
The integration of all financial services should be with the customer as the central starting point after understanding the overall financial status of a customer and providing a tailored advice for the customers. To make this possible, products, agreements, conditions and settlements are integrated into a logical and easy fashion for the customer. This can be achieved by the addition of a service layer. This service layer will assemble the separate services like banking, investment, mortgage and insurance into an integrated financial service. Following context diagram indicates the design:
Advisor
Client
Total Agreement
Service Desk
Monitoring Customer Aggrements
Mortgage
Insurance
Investment
Saving/loan
Others services
Analysis
Counseling
Quoting
Manage
Identify
inform
Credit

Important pillars of the integrated services are- Customer overview, a comprehensive agreement, central customer account, the assembly of integrated financial services and monitoring of customer agreements. These pillars form the heart of a unique customer proposition.
Customer Over view
By building