Unisys: Seamless Banking, Anytime Anywhere

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Maria L. Allen, VP & Global Head, UnisysMaria L. Allen, VP & Global Head In the age of digitization and uninterrupted connectivity, the modern-day consumer will settle for nothing less than personalized experiences, instant gratification, and seamless services. The same goes for their banking preferences. Consumers today want to apply for a loan from the comfort of their homes, chat with an executive through an application, and complete the verification process and down payment online—and all this regardless of the touchpoint.

Empowering financial institutions to thrive in a digital ecosystem is Unisys (NYSE UIS). A global leader in developing leading-edge IT solutions for government, financial, and commercial markets, Unisys has come up with Elevate— an integrated omnichannel digital banking software. Elevate comprises a suite of applications that enables secure, continuous, and seamless customer journeys regardless of the touchpoint, whether mobile, internet, branch or contact center.

"Elevate is available to financial institutions of all sizes from a startup to an established mid-tier or small retail financial institution with legacy systems"

At present Unisys serves more than half of the world's top 50 banks and over 450 financial institutions worldwide use their core banking solutions. One of the key players behind the company's rapidly growing success is Maria L. Allen, Vice President and Global Head of Financial Services, Unisys. With more than three decades of experience in business operations, technology, and sales, Allen has worked with a large number of financial institutions across diverse geographies. She comments, “The rapid pace of change facing the banking industry today is disrupting the bank's traditional 'grip' on the consumer. It's about removing friction from traditional banking processes—enabling people to conduct transactions from any device, at any time—to provide a better customer experience.”

Reimagine Banking

Elevate ensures seamless and secure banking services, anytime, anywhere. The software can be delivered as-a-service from a private or public cloud or as an on-premise solution. It’s also vendor-agnostic and easily integrates with existing core banking systems, providing the fastest path to digital transformation. Elevate can be deployed to deliver end-to-end services or the option of using specific modules is also available to augment existing banking solutions.

Owing to Elevate, customers can now pay their bills on the go, transfer funds, and apply for loans and mortgages, or open a savings account from any location and from the device of their choice.

Elevate allows users to see all account details from one portal even if they belong to different financial institutions and other currencies. They also have access to a personal finance manager.

The company recently upgraded Elevate, enabling banks to integrate third-party applications and services, such as biometric authentication with the software in support of an open banking approach

Some of the unique features that Elevate comes with are a digital loan application research assistant (LARA), a mobile banking application, which is compatible with both iOS and Android devices, and an online customer servicing portal. Keeping in mind the needs of brokers that are critical to the success of banking and lending businesses, Elevate also comes with a broker portal. This allows brokers to easily process applications through smart data capture, minimize paperwork, see a dashboard view of all their cases, receive notifications when the status of a case changes, and overall help banks to attain more business.

Another cutting-edge capability of Elevate is DiVA or the document intelligence verification assistant. With DiVA, Elevate delivers AI-enhanced OCR capabilities at the frontend of a lending system to automatically sort, classify, and authenticate loan supporting documents. In the current manual verification process, an operator has to scroll through scanned images of the application. DiVA, on the other hand, highlights where data is being extracted from based on previous manual patterns to speed up the process. In case a document does not meet predetermined loan requirements, DiVA can automatically cancel the document and notify the submission source with the action required. The system also carries out smart authentication checks with an API plug-and-play approach. Above all, the feature can be tailored to a bank’s every business need.

It’s Time for Frictionless and Secure Banking

Elevate is available to financial institutions of all sizes from a startup to an established mid-tier or small retail financial institution with legacy systems. It can be adapted to fit a range of needs, including the origination of mortgages, loans, savings, and current accounts. The platform incorporates a high level of built-in security tools to identify customers, authenticate access, and validate transactions. It leverages Unisys Stealth, a security software that uses identity-based micro-segmentation techniques and encryption to create segments within an organization where only authorized users can access information. Stealth also incorporates dynamic isolation, which allows organizations to quickly isolate devices or users at the first sign of compromise. This helps to reduce fraud and enhance the customer experience while also meeting regulatory requirements and dramatically reducing PCI and compliance costs.

In order to stay ahead of evolving market needs, Unisys fosters strong strategic partnerships with the industry best such as AWS, Dell, and Microsoft. The company recently upgraded Elevate, enabling banks to integrate third-party applications and services, such as biometric authentication with the software in support of an open banking approach. In addition, the software features an advanced analytics platform that accrues data across all available channels to enable banks to create personalized offers, generate dynamic content for cross-sell and upsell, and provide actionable insights for customers. For example, in marketing, Elevate helps boost campaign performance by analyzing historical data to identify the right target customers and relevant messages. In product design, insights from Elevate identify most-relevant products and services at unprecedented scale and speed. “What makes this new version of Elevate truly unique is that it takes the new transaction channels made available by open banking and allows banks to seamlessly integrate them into their offerings,” mentions Allen. “Not only does this enable a truly omnichannel experience where the customer can securely complete a transaction from any location and from any device, but it establishes the bank as an integral part of the customers’ life— a ‘one-stop-shop’ where they can get personalized products and services they want, when they want them.”

The Future of Banking

To better understand Elevate's state-of-the-art features, the case study of Monmouthshire Building Society, a seller of mortgages, as well as a range of other financial products, is an apt example. The company was looking for a solution to live up to the new age needs of consumers and Elevate fit perfectly with their vision. With Elevate, the client observed a spike in young adults reaching out to their services and at the same time received positive feedback from existing members. In the end, Monmouthshire Building Society was able to provide their clients with immeasurable value and choice when it comes to banking needs.

In another case in point, Unisys helped OTP Bank increase their market share and clientele. With 1,400 branches across Central and Eastern Europe, the client was looking for software that was scalable with its growing needs. With Elevate, OTP Bank improved its time to deliver new digital services to meet customer requirements and achieved continuous up-time through reliable system performance.

Today, Unisys is one of the few banking solution providers that understand the complexity of bringing together various groups, stakeholders, data sources, integrated systems, processes, and practices to achieve radical digital transformation. They are clearly the one-stop-shop for financial firms looking for an omnichannel digital banking solution, enabling operational excellence and innovation across the value chain to create a seamless and integrated digital banking ecosystem.

- James Robertson
    August 23, 2019