A Dublin-based financial services software systems company has developed a system which they claim integrates and automates all aspects of the consumer financial services industry. The company - Managed Solutions Corporation - has also announced that it intends a public floatation within 18 months to tackle a £3bn Worldwide market.
Based around component-software technology the integrated customer relationship management, workflow and administration system is claimed by the company to capture information from existing or potential customers through the Internet or call-centres, automates the tasks and administrative detail needed to service the account and, for the bancassurance and life insurance industry, creates the actual financial policy itself.
The company has been working towards its 'end-to-end' financial services Internet solution since 1996 and according Managed Solutions has implemented pre-Internet versions within Canada Life, Friends First, Britannia Group (UK) and Northern Rock Plc (UK). They have also drawn attention to Legal & General as the first financial services company to use wholly Internet-enabled customer relationship technology. Legal & General are implementing this technology in their multi-media centre supporting the in-bound sales process.
The system is intended to be used by all sales, marketing, service and administration staff within financial services companies. In particular the company's technology aims to takes advantage of the opportunity to unify all marketing, sales, service and administration around single customer information records.
After 2000, systems to automate sales, marketing, service and administration within financial services will be the biggest single IT sector in the world, estimated by Gartner and IDC to be somewhere between £2.5bn and £3bn, say Managed Solutions.
Michael Kelly, managing director, has said, 'This is the single fastest growing industry sector in the world and in order to finance our further expansion into it we will be seeking a public listing before the end of 2001. We are already talking to investment bankers about the nature and structure of such a flotation.'
In addition Managed Solutions expects to announce that it is in collaboration with a number of Web technology vendors, including Webline, who were recently purchased by Cisco Systems.