Ingo Fritzen, Partner
For some time, banks in Switzerland had to focus on the implementation of new regulations, advancements in compliance, and implementations of new tax laws. However, during the recent years, there has been a paradigm shift in the way these banking institutions operate, accompanied by a transition toward an altogether different banking model. Banks have started to realize the need to transform digitally along with understanding the impact of digitalization on their business and management, alongside focusing on how their employees embrace the digital approach.
In order to benefit from the digital transformation, it is crucial for banks to further increase efficiency by streamlining their processes using the latest in Information Technology (IT). By bridging the ever-present gap between business requirements and IT, Soranus AG—a boutique specializing in digitalization of banking processes as well as the implementation of new tax and regulations—leads banks to successfully execute and exploit the business potential of digital transformation.
A majority of Swiss banks operate on one, all encompassing banking system. However, banks have now started looking for providers to support their digitalization efforts. Soranus AG’s comprehensive approach and one-stop services help these banks select providers of agile solutions that are capable of swiftly and seamlessly integrating with the latest technological innovations. Furthermore, to eliminate the manual paperwork, which is still a prevalent practice in the banking industry, it is necessary to increase the automation rate. As a result, Soranus AG’s clients—primarily consisting of tier-2 and tier-3 banks—have started investing more in technologies that will enable them to engage with customers in innovative ways and also automate their processes entirely.
By bridging the ever-present gap between banking and IT, Soranus AG leads banks to successfully execute and exploit the business potential of digital transformation
The company assists banks on both these fronts by engaging proactively with providers of new software and banking models that can help them cater to the changing customer behavior. “Our team of consultants— adept at banking as well as IT processes—gives a major boost of efficiency by guiding clients in engaging with the best suitable software along with implementing effective business models,” states Ingo Fritzen, a partner at Soranus AG.
The efficacy of Soranus AG’s one-stop services can be illustrated by the company’s project with a client that required all their customer lifecycle processes be harmonized throughout the global settings. In addition, the client wanted to create a new platform to manage these processes efficiently along with automating them to reduce costs. By researching various customer lifecycle processes across the world, Soranus AG’s team of forward-thinking consultants created a project vision to not only harmonize the processes but also reduce costs significantly. “Based on this vision, we created multiple proofs of concept (POC) to assist in vendor selection and also plan implementations for the next five years,” adds Fritzen. Post selection, Soranus AG engaged with both the client and the vendor to moderate the specification phase. With a data migration team in place, the Soranus AG helped both sides with an efficient way to transfer data while deploying the new software.
The company that employed 18-20 people three years ago is now a team of 40 including 70 percent of the consultants with more than ten years of experience in the banking industry. Soranus AG’s agile team of experts is also capable of customizing services according to a bank’s requirements. Also, with Switzerland being a leading player in blockchain technology, big data analytics, and AI, Soranus AG is now looking forward to incorporating these modern technologies into its services. “Such integrations will help us be of more value to our clients,” concludes Fritzen.