How Finastra’s Next Gen services can support clients through the LIBOR transition
At Finastra, we’re constantly looking to improve our solution delivery and – most importantly – improve our customers’ experience. As a result of this focus on improvement, Finastra’s business and solution experts have developed our new ‘High Value Services Next Generation’ model, or ‘Next Gen’ for short.
Next Gen in a nutshell
Next Gen is completely changing how we engage with our clients. It’s no longer just about delivering and implementing a product solution, it’s about building a long-term relationship and strategic partnership with you.
Essentially, instead of merely delivering a software solution, we work closely with you over time to help you achieve your short, medium and long-term goals and objectives. This can include various high-quality services, such as training, business and operational analysis, as well as the more standard services such as implementations and upgrades.
Next Gen services offer three key benefits.
- Focus on business outcomes. An outcome based solution design aligned to your key business objectives and defined success criteria.
- Strategic partnership. Next Gen enables a true partnership with a focus on your short, medium and long term business goals, a mutual understanding of your drivers & constraints, and alignment on the steps required to meet these goals. In short, it's about working together as a team, unlike the traditional vendor-client experience.
- Superior quality. Through the alignment on your goals, we can provide the right services at the right time to suit each of your needs, which means you can better manage resources and budgets while still having access to the very best of Finastra.
One of the key Next Gen Services is Fusion Managed Services which is a comprehensive, end-to-end offering that covers all infrastructure and IT service management, as well as the majority of your customer support, upgrades and technical operations. Our full service model provides coverage across all key components, processes and functions required to run the bank’s business
Fusion Managed Services delivers meaningful improvements to its customers both from an adoption perspective but also commercially. As the client’s service providers, Finastra High Value Services absorbs all the infrastructure and application management burden of our clients’ operating solutions, enabling them to focus on their customers and key business priorities whilst accelerating agility, reducing risk and maximizing ROI.
A smarter approach to your LIBOR transition
The transition away from LIBOR is a great example of how our new Next Gen service model can help you achieve a short-term goal as part of an extended partnership with Finastra.
The immediate goal would be to convert your trades, or lending portfolio from the current LIBOR position to the new Risk-Free Rates. Traditionally, this would have involved a standard deployment of the product (for example, the Fusion Loan IQ ARR or Fusion Kondor/Summit LIBOR modules). However, with Next Gen, our engagement would begin long before and continue long after this deployment.
We’d start by providing our Next Gen Client Advisory Service to undertake business and operation analysis and planning sessions to ensure the transition is properly planned and monitored. This would include an impact analysis of your lending portfolio to assess the conversion volume and criticality which would then be developed into an agreed conversion strategy.
Next Gen Knowledge & Project Support services would then be provided to support the necessary training and testing to ensure a smooth deployment of the Fusion LIBOR module as well as the conversion from the LIBOR transactions to the new Risk-Free Rates.
Clearly, Next Gen is more than about software delivery. It’s about a strategic, long-term partnership with specific service offerings to enable you achieve business success.
To find out more about how Next Gen service model can work for you, please speak to one of our High Value Services Business or solution experts.
We are here to help your business reach its goals