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Empowering financial institutions to thrive in a digital ecosystem is Unisys (NYSE UIS). A global leader in developing leading-edge IT solutions for government, financial, and commercial markets, Unisys has come up with Elevate— an integrated omnichannel digital banking software. Elevate comprises a suite of applications that enables secure, continuous, and seamless customer journeys regardless of the touchpoint, whether mobile, internet, branch or contact center.
"Elevate is available to financial institutions of all sizes from a startup to an established mid-tier or small retail financial institution with legacy systems"
At present Unisys serves more than half of the world's top 50 banks and over 450 financial institutions worldwide use their core banking solutions. One of the key players behind the company's rapidly growing success is Maria L. Allen, Vice President and Global Head of Financial Services, Unisys. With more than three decades of experience in business operations, technology, and sales, Allen has worked with a large number of financial institutions across diverse geographies. She comments, “The rapid pace of change facing the banking industry today is disrupting the bank's traditional 'grip' on the consumer. It's about removing friction from traditional banking processes—enabling people to conduct transactions from any device, at any time—to provide a better customer experience.”
Elevate ensures seamless and secure banking services, anytime, anywhere. The software can be delivered as-a-service from a private or public cloud or as an on-premise solution. It’s also vendor-agnostic and easily integrates with existing core banking systems, providing the fastest path to digital transformation. Elevate can be deployed to deliver end-to-end services or the option of using specific modules is also available to augment existing banking solutions.
Owing to Elevate, customers can now pay their bills on the go, transfer funds, and apply for loans and mortgages, or open a savings account from any location and from the device of their choice.
The company recently upgraded Elevate, enabling banks to integrate third-party applications and services, such as biometric authentication with the software in support of an open banking approach
Another cutting-edge capability of Elevate is DiVA or the document intelligence verification assistant. With DiVA, Elevate delivers AI-enhanced OCR capabilities at the frontend of a lending system to automatically sort, classify, and authenticate loan supporting documents. In the current manual verification process, an operator has to scroll through scanned images of the application. DiVA, on the other hand, highlights where data is being extracted from based on previous manual patterns to speed up the process. In case a document does not meet predetermined loan requirements, DiVA can automatically cancel the document and notify the submission source with the action required. The system also carries out smart authentication checks with an API plug-and-play approach. Above all, the feature can be tailored to a bank’s every business need.
It’s Time for Frictionless and Secure Banking
Elevate is available to financial institutions of all sizes from a startup to an established mid-tier or small retail financial institution with legacy systems. It can be adapted to fit a range of needs, including the origination of mortgages, loans, savings, and current accounts. The platform incorporates a high level of built-in security tools to identify customers, authenticate access, and validate transactions. It leverages Unisys Stealth, a security software that uses identity-based micro-segmentation techniques and encryption to create segments within an organization where only authorized users can access information. Stealth also incorporates dynamic isolation, which allows organizations to quickly isolate devices or users at the first sign of compromise. This helps to reduce fraud and enhance the customer experience while also meeting regulatory requirements and dramatically reducing PCI and compliance costs.
The Future of Banking
To better understand Elevate's state-of-the-art features, the case study of Monmouthshire Building Society, a seller of mortgages, as well as a range of other financial products, is an apt example. The company was looking for a solution to live up to the new age needs of consumers and Elevate fit perfectly with their vision. With Elevate, the client observed a spike in young adults reaching out to their services and at the same time received positive feedback from existing members. In the end, Monmouthshire Building Society was able to provide their clients with immeasurable value and choice when it comes to banking needs.
In another case in point, Unisys helped OTP Bank increase their market share and clientele. With 1,400 branches across Central and Eastern Europe, the client was looking for software that was scalable with its growing needs. With Elevate, OTP Bank improved its time to deliver new digital services to meet customer requirements and achieved continuous up-time through reliable system performance.
Today, Unisys is one of the few banking solution providers that understand the complexity of bringing together various groups, stakeholders, data sources, integrated systems, processes, and practices to achieve radical digital transformation. They are clearly the one-stop-shop for financial firms looking for an omnichannel digital banking solution, enabling operational excellence and innovation across the value chain to create a seamless and integrated digital banking ecosystem.