EY reveals that it has further expanded its tech ecosystem with the introduction of a business transformation platform, EY Nexus, which is enhanced for financial services and developed for quick deployment of new products and solutions.
The introduction of EY Nexus marks a key milestone, with the EY organization announcing overall global revenues of $45.4 billion for the FY ending June 2022. It comes as the organization continues its investment in tech, with EY Nexus playing an important role in addressing complex customer issues.
Demand for systems and apps that adhere to advanced architecture and utilize micro-services is being propelled by slow progress owing to inefficient legacy systems, growing regulatory requirements and changing client expectations.
This demand is resulting in an operational impasse for many organizations as they deal with competing priorities.
With technologists based in eight regional tech hubs, EY Nexus is part of an ecosystem of more than 60 products and 55 industry alliances serving 180 different countries. The launch of EY Nexus paves the way for banking institutions, insurers, and wealth and asset managers to build for growth, and provide outcomes at speed, integrating with legacy systems tech using provider-agnostic services.
Supported by extensive knowledge of the financial services sector and expansive tech capabilities from across the EY organization, EY Nexus is live in six countries, powering more than 40 financial services firms, and representing the increasing desire for banks, insurers and wealth and asset managers to self-disrupt during a time when data talks and major change is emerging outside of the industry.
An EY Tapestry network report noted that 70% of investments in data during the last decade are not reusable and do not address transformational capabilities.
David Connolly, EY Global Insurance Technology Leader, stated:
“Disruption from FinTech and InsurTech challengers is not the primary threat to incumbents — while they remain firmly on the radar, the emerging risk is posed by service providers who are acknowledging the power their data wields. With thousands of data points at their disposal in real-time, they have realized the art of what is possible, and this is giving them a distinct opportunity and competitive advantage.”
David added:
“The industry is at an inflection point, with embedded finance leading the charge. EY Nexus is a solution that can tuck into every corner of the industry, with the ability to build a new bank or insurance company outside of an organization’s legacy systems at incredible speed. What’s more, this can be achieved with existing systems, providing frictionless integration without disrupting the operating model. These are revolutionary feats, and EY teams are beating the drum for clients who are recognizing that the sheer volume of data collected from every touchpoint of our lives is reshaping the way we do business.”
As noted in the update, EY Nexus is also supported by 14 Global Delivery Centers for regulated industries, and five cloud innovation labs — two key components in creating modular solutions for players in financial services.
David Deane, EY Americas Consulting Digital Leader, remarked:
“Financial services organizations are grappling with varied strategic priorities — their net zero targets; increasing customer expectations, particularly after the global pandemic; how they respond to new entrants in the market; and emerging technology.”
Sandeep Kumar, EY Americas Wealth and Asset Management Technology Leader, says:
“Legacy technology slows everything down — product development, innovation, decision-making, bold new services — the list is endless. Clients expect an exceptional experience in this age of immediacy and instant gratification; they want seamless end-to-end services, and if you cannot provide this, someone else will. Today, financial advisors spend 60-70% of their time entering data into systems, and most of the time it is the same data being added into multiple systems. Technology needs to change this equation and give advisors more time to spend with their clients and grow their business.”