Unlock your next wave of growth with AI-SaaS Platforms
The last 10-15 years has seen a rapid rise in the number of SaaS solutions serving the financial services sector. Both a mix of horizontal and vertical solutions.
These offerings have aimed to offer growth and efficiency gains across the customer lifecycle. The gains have been achieved by creating end to end processes & workflows, leveraging API models, improved UI and better access to and use of data.
As a result, FIs have been adopting SaaS platforms at an accelerating rate and have realised the benefits. In 2023, 32% of contracts were SaaS deployments, vs 21% in 2022 1. The rise of SaaS solutions shifted the balance of build/maintain vs buy for FIs. It allowed FIs to adopt best of breed solutions, created diverse application ecosystems and improved data availability.
Most would agree that vertical SaaS solutions have been able to extract and deliver greater value for financial services users. These solutions are built and tailored specifically for the users who have a high degree of specialisation within the financial services sector.
We have however, seen the following over the last couple of years:
- SaaS offerings are now more widely adopted across many financial institutions and therefore differentiation has normalised
- Customer expectations continue to reach new heights, resulting in financial institutions searching for new ways to innovate
- Not all areas of the Financial Institution have benefited equally. For example, amongst front line teams, 70% of time is still spent on non revenue producing manual activity.
Financial institutions are now looking for the next wave of innovation to deliver on their customer expectations.
The industry is responding with the introduction of next generation AI-SaaS solutions. These solutions are leveraging the ecosystem already formed due to the adoption of SaaS and importantly the increasing availability of AI infrastructure.
Covecta is The Configurable AI platform for financial institutions. Covecta brings highly specialised vertical domain expertise with a focus on completing mission critical manual activities via AI workflows.
The platform summarises information, creates specific content and allows teams to leverage natural language querying via the Covecta Assistant. All of this is done by leveraging our proprietary Configurator Engine. Ensuring every Financial Institution can tailor their value proposition to meet their needs.
Even more, Covecta can be integrated alongside the SaaS platforms a financial institution has already invested in, without the need for systems replacement.
Covecta enables front teams to complete tasks 100x quicker, unlocking free capacity to spend more time with customers and grow the book of business.
Join the waitlist today to learn more.
