The financial industry is constantly in flux. There is a tremendous amount disruption partnered with constant innovation. AArete’s data analytics expertise sets them apart in the financial consulting space by allowing clients to maintain a competitive edge amidst the chaos. AArete can help financial services firms achieve the visibility they need to reduce costs and improve overall profitability.
IT Cost Reduction and Productivity Optimization
Financial services is an information-intensive industry full of hardware, software, data centers and telecommunications, all representing large cost centers. Some larger institutions lack clarity on the purpose of internal technology investments. The difference between being technologists and bankers who use technology wisely is in how you seek to reduce IT costs and maximize productivity. AArete has 25+ years of market intelligence experience understanding competitors’ pricing, benchmarks and demand management strategies. AArete always focuses on implementation, we’re with you from start to finish, and we guarantee our results.Learn More About Service Capability
Outside Counsel Spend Optimization
In a highly regulated industry where legal cases can easily escalate into the billion-dollar range, spending on litigation—especially outside counsel—is rising. Working with your outside counsel to reduce that spending requires not only deep analytic capabilities, but also a nuanced understanding of the business of law. One way to reduce spend is by leveraging down commoditized, low-value work such as electronic discovery to the most junior people (or even offshore)—but first you need a legal spend analysis. With deep experience and a proven methodology, AArete can analyze invoices and provide actionable insights that guide your strategy. Our market intelligence gives us insight into how legal processes work and what your competitors are paying for similar legal tasks.
The traditional hourly payment model is inherently inefficient. To pay for results rather than effort, thus aligning goals and sharing risk, some financial institutions are investigating value-based pricing, an alternative pricing methodology that rewards successful resolution of certain actions. However, many legal tasks are case-specific, meaning implementation of value-based pricing requires knowledge of which tasks (e.g., summary judgments, motions to dismiss) are common across many cases and the associated cost. .
Our advanced analytics provides cost savings opportunities for operational improvement on both internal business processes and management of outside legal counsel spend. Our approach is customizable to work with any matter management system to successfully improve data architecture, develop customized and scalable business intelligence, and develop machine learning algorithms to predict future spend, isolate outliers or compare law firms.
FinTech/RegTech Technology Solutions
The banking and financial services industry is seeing a technology led transformation that is redefining the “normal” across a variety of their internal and customer facing business processes. Large financial institutions need to adapt to this changing industry and competitive landscape, but are challenged by legacy systems and stringent regulatory protocols.
AArete specializes in integrating new technologies with legacy systems and helping to reduce the risks of legacy through software re-modelling. Our capabilities and services are geared to blend with our customer’s to deliver innovative outcomes. We believe combining our core data and technology engineering strengths in the latest techniques and tools, with additional selected partner technology, provides, a strong base to assist our clients in dealing with the wider regulatory data landscape and digital opportunities that exist.
We partner with some of the largest global and regional financial institutions, providing strategic and operational advisory and technical implementation support in driving their innovative fintech, regtech, payment processing and open banking initiatives.
Any financial transaction generates innumerable data points. Financial institutions are flooded with useful data. The data scientists at AArete’s Center of Data Excellence (CODE) take an analytical approach to providing expertise on how you can maximize your digital value with data that already exists. AArete offers primary support including: data gathering, cleansing, standardization and extraction. Additionally: descriptive analytics, strategic support and progressive support, including machine learning and production of models, into everyday utilization.
Some of AArete’s offerings for financial institutions include:
Customer Relationships: AArete can empower employees to make product recommendations at the point of interaction.
Transaction Analysis: AArete teaches how to monitor and track transaction information to better understand customer needs, resulting in improved cross-selling.
Customer Sentiment Analysis: AArete leverages unstructured data analytics powered by social media to gauge customer valuations and emotions.
Payment Channels: AArete helps capture and analyze data from new payment channels to better inform internal marketing strategy.
Segmentation & Campaigns: Using machine learning algorithms, AArete can build a detailed segmentation model that identifies, targets, and tracks the performance of marketing campaigns.
Branch Reporting: AArete sifts through data to better understand branch performance, sales and cash inflows.
Strategic Profitability Improvement
In an industry as diverse as finance, companies must execute spend reduction across many categories. For example, retail banks need to look at facilities management, real-estate taxes, ATM maintenance service fees and armored car costs and services—while larger institutions may be managing complex relationships among divisions, affiliates and vendors.
AArete’s leaders have pioneered cross-industry strategic cost reduction methodologies over the last 25 years. We can provide visibility into operations that will ultimately reduce costs. These opportunities may take the form of automation of repetitive tasks, demand management, maximizing the value of contracts, or creating a culture of frugality.
Outsourcing Assessment & Advisory
Although each financial institution has a unique culture and approach to centralization and outsourcing, any company can benefit from a third-party perspective on the process behind outsourcing, centralizing, automating, digitizing, or fine-tuning business processes. Rather than impose a one-size-fits-all solution, AArete uses market intelligence and data analytics to help understand what your data says about your business processes. Our detailed assessment can lay a foundation for your outsourcing strategy, while our advisory services can help build a productive, scalable relationship with the vendor(s) of your choice.
Our advanced analytics provides cost savings opportunities for operational improvement on both internal business processes and management of outside legal counsel spend. Our approach is customizable to improve data architecture or combine disparate data sources, develop customized and scalable business intelligence platforms, and/or develop machine learning algorithms to predict future spend, isolate outliers, or compare law firms in various what-if scenarios.
Our Financial Services Experts
Prior to joining AArete, Jackie worked in Commercial Banking and Investment Banking spaces. She has consulted across a wide range of industries including Health: Payer, Financial Services, Retail and Consumer and Education and leads AArete’s strategy & operations. Her focus in the healthcare space is strategic advisory work, specifically with our Medicaid and Medicare clients. Jackie specializes in providing strategic profitability improvement solutions by conducting detailed spend analyses, market intelligence benchmarking, organizational assessments, developing process improvement plans and providing support in complex incumbent vendor negotiations. Jackie holds a Bachelor of Business Administration degree from Saint Mary’s College and has an Executive MBA degree from the University of Notre Dame. She is an active member of Women Business Leaders in the US Healthcare Industry (WBL) and is an Executive Sponsor of AArete’s Women’s Initiative Network (WIN) to further support the talent acquisition, development and retention of future female leaders at AArete.
With extensive expertise in data analytics and spend management, including strategic sourcing, vendor relationship management and demand management, Mark brings with him a broad toolset of strategic profitability improvement capabilities and is responsible for day-to-day project execution and client management. Mark holds a Master of Business Administration degree from Cornell University, a Bachelor of Arts degree from Washington University in St. Louis, and is a published author in CFO Magazine.
Carol is responsible for creating and leading AArete’s business development strategies to drive top line revenue growth. She is recognized nationally in the legal and corporate communities, bringing over 25 years of financial and legal consulting expertise to AArete. Carol is experienced in building relationships to work toward shared visions and strategies and has extensive knowledge of strategic consulting, process improvement, benchmarking, performance measurement and litigation. Prior to joining AArete, Carol served as a Managing Director at Huron Consulting Group where she served as one of the leaders in building and sustaining strategic client relationships with legal counsel. She also worked in the professional services sector at Arthur Andersen. Carol holds a Bachelor of Arts degree in English and Creative Writing from the University of Illinois-Urbana and a Master of Business Administration degree in Finance from Indiana University’s Kelley School of Business. She was previously a Co-Founder for the Young Women’s Leadership Charter School of Chicago and served on the Board of Directors of the University of California, Hastings College of the Law Center for Work Life Law.
Mike Kim is Vice President Data & Analytics and Head of AArete’s Center of Data Excellence (CODE). Mike’s over 15 years of analytics experience includes technical delivery of machine learning/predictive models, implementation of advanced database designs, custom application development, and thought leadership for various analytic strategies. Representing healthcare, entertainment, professional sports, and numerous other industries, Mike co-leads AArete’s Digital & Data Services solutions and international expansion efforts. He holds a PhD in Health Policy and Management from Johns Hopkins University, a Masters of Public Health degree and a Bachelor of Arts degree in Biology from Brown University. Mike is a published author in Chain Drug Review, American Pharmacists Association, Mass Market Retailers, Retail TouchPoints, Advertising Age, Retail IT Insights, Managed Healthcare Executive, Property Casualty 360 and Financial Executives.