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 & Productivity Optimisation
Financial services is an information-intensive industry full of hardware, software, data centres and telecommunications, all representing large cost centres. 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 maximise 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 Optimisation
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 commoditised, 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 analyse 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 saving opportunities for operational improvement on both internal business processes and management of outside legal counsel spend. Our approach is customisable to work with any matter management system to successfully improve data architecture, develop customised and scalable business intelligence and develop machine learning algorithms to predict future spend, isolate outliers or compare law firms.Learn More About Service Capability
The banking and financial services industry is seeing a technology-led transformation that is redefining the “norm” across a variety of its 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 specialises 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 that 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.Learn More About Service Capability
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 maximise your digital value with data that already exists. AArete offers primary support including: data gathering, cleansing, standardisation and extraction. Additionally: descriptive analytics, strategic support and progressive support, including machine learning and production of models, into everyday utilisation.
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 people 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 analyse 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 armoured 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, maximising the value of contracts or creating a culture of frugality.Learn More About Service Capability
Outsourcing Assessment & Advisory
Although each financial institution has a unique culture and approach to centralisation and outsourcing, any company can benefit from a third-party perspective on the process behind outsourcing, centralising, automating, digitising 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 customisable to improve data architecture or combine disparate data sources, develop customised 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.Learn More About Service Capability
Our Financial Services Experts
John is a highly experienced Managing Director responsible for leading AArete’s Technology Solutions group, advising clients on technology strategy, development and implementation with a focus on profitability improvement, cost reduction and increased operational efficiencies. With experience working cross-sector as a CIO / CTO for high profile organizations such as HSBC, Lloyds Banking Group, Harrods and Barclays, he gained a track record of creating key change capabilities for complex business demands through technology solution delivery. Prior to joining AArete, he founded technology consultancies and spent 10+ years directing his company’s technical management and product development strategies. John is a graduate of Sheffield Hallam University, where he completed Master programmes in Enterprise Systems Management and IT Management and is a member of the IET and IEEE.
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 specialises in providing strategic profitability improvement solutions by conducting detailed spend analyses, market intelligence benchmarking, organisational 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 recognised 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.