18 Feb PROFITABILITY OF FINANCIAL ADMINISTRATION SYSTEMS
With the changeability of the financial industry, having a predictable, streamlined and cost efficient administration system in place, has a consequential impact on any financial enterprise. Interlinked to this volatile territory, are new products and changes to legislation as ongoing challenges.
So whereto for financial enterprises who constantly need to add value on both sides of the client management and client profitability coin?
In-depth knowledge of the sectors within the financial administration system makes a significant contribution to the outcomes of these highly sophisticated software functionalities. And ironically, it can be the sophistication that drives away many financial managers due to the complexities and intricacies it offers to solve.
Resources to support client management are unavoidable and highly expensive functions for financial enterprises. Not only is the software development and systems often unattainable for small to medium financial enterprises, the resources needed to manage the system is too costly to carry throughout.
The question is – how can the process and costs be reduced for smaller financial enterprises, without taking away from the features and development of the entire system to make it affordable?
- The partnership between industry expertise and how this translates to the functionality of the systems can result in a significant cost saving for financial enterprises. Clients often don’t know how a system should function from a software development side to cater for their client management needs.
- The financial industry has many administration system solutions but most of them focus on a specialised area. A total system offering, that packages a wide spectrum of features throughout the financial administration sector into one single system, makes it affordable.
- Customisation of the total system to serve specific needs, combined with the ? ability to change easily is a necessity for this business domain.
As an example, FINWorks has enabled its smaller clients to administer 2000 investors, with combined financial assets of R2billion, in a profitable way – due to the affordability of our total system solution. Typically in the industry the assets needed far exceed these figures.
Our team has developed a large powerful system specifically for small to medium financial sector businesses, in combination with system customisation and agility – over a period of 15 years.
We want our clients to be able to make better decisions with a system that is specific to their needs, efficient, resourceful without the heavy human capital layout, with access to industry expertise that understands their business and specific needs.
Our biggest challenge and accomplishment have been to deliver a “Rolls Royce System” that is affordable for smaller enterprises, making them more competitive and profitable.
– Walther Behrens (co-founder of FINWorks)