Rapid response to market change as a foundation for FinTech success
How does Siemens Finance launch financial products faster and automate credit decisions? Read the case study to see its approach to constant market change. More than 100 processes now run on a single low-code platform, generating $1.17M in savings.
ROI in 3 years
saved by building applications on one platform
faster business-critical processes
"It allows us to address every business need with tailor-made applications, and we can adapt them any time our requirements change, regardless of the vendor's product roadmap."
Tomasz Kszczot
CIO, Siemens Finance
Financial services under pressure: regulation, competition and changing customer expectations
The financial market is one of the most competitive sectors in the economy. Financial institutions need to keep up with changing regulations and growing customer expectations. Customers expect financing solutions that are tailored to their needs, simple and fast.
Siemens Financial Services manages more than €33 billion in assets across 20+ countries with a team of around 2,700 people. As the business grew, paper, spreadsheets, and emails were no longer enough. The company needed a faster way to build and update business applications.
THE CHALLENGE
Faster new product launches with processes that stay efficient, compliant, and easy to change.
WHY WEBCON?
Finance teams can shape applications around their needs. IT ensures security, integration, and governance.
One platform for financial processes – built around the way the business works
Siemens Finance began building applications on one shared platform. Finance teams could shape solutions around their actual processes and needs. IT could then develop, integrate and adapt applications without relying on vendors roadmaps.
The result is a consistent working environment across processes, from credit decisions to internal workflows. It can evolve as business requirements change.
Key benefits
Faster response to business needs
Processes and applications can be adjusted as requirements change.
Quicker financial product launches
The processes behind new financial products can now be built and adapted quickly.
Better customer service
Automating time-consuming processes, like making credit decisions, improves the customer experience.
Compliance without slowing down
Data stays secure and every process stays compliant with internal policies and procedures.
Changes without disruptions
New requirements can be introduced directly into running processes without interrupting ongoing operations.
$1.17M saved on operations
by building applications on one platform instead of purchasing, implementing and maintaining multiple standalone solutions.
Faster processes, fewer errors and more capacity, in practice
Here’s what that looks like in two areas finance teams know particularly well: credit decisions and regulatory change.
67% faster credit decisions
Siemens Finance replaced manual credit scoring reviews with automated, traceable process. The process sped up by 67%, so the team could handle more customer inquiries without scaling the team, and with fewer errors.
Security and compliance proven
A new regulatory requirement gave Siemens Finance little time to adapt. Leasing companies now had to verify every supplier against the official “white list” before paying an invoice, and record each verification. Siemens Finance updated the process directly in WEBCON, without pausing the work already running through it.
Every process built on WEBCON carries guaranteed data security and stays compliant with internal policies and procedures. When the rules change, the process changes with them.
Be ready for constant change
Over 100 business processes now run on WEBCON at Siemens Finance. When the market shifts, teams update the process, not the entire IT project plan.
“WEBCON gives us the certainty that we can introduce changes in the processes immediately, and thus flexibly respond to changing business realities.”
Tomasz Kszczot, CIO, Siemens Finance
See how WEBCON can help your organization move as fast as the market does
Siemens Finance is the B2B financing arm of Siemens Group. The company provides leasing, project finance, and corporate lending across more than 20 countries.
Industry
Use case
End-to-end automation
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