Financial Institutions and Insurers Invest in Transformation by up to 50%
New York (November 2, 2023) – In response to ongoing inflation and growing pressure to transform, the financial services industry is seeking to boost efficiencies by doing more with less. But despite the benefits offered by the cloud in speed, scalability and business agility, many companies are making missteps during the process of migrating their business to cloud-based infrastructures. Inefficiencies in these areas cost companies 14% more than their anticipated spend each year and have created months-long delays for more than 38%.
As part of GFT’s work to digitize the legacy processes that stand between companies and their ability to compete in the market, the company is expanding its partnership stateside with Digibee. Digibee’s integration platform helps organizations build flexible and scalable integration architecture. Together, the companies seek to reduce time spent on data migration and integration by as much as 50%. Digibee’s track record of success in this area of companies’ cloud migration journeys has attracted investment from Goldman Sachs, which led the company’s $60 million Series B funding round this year.
AI-Enabled Efficiency is Top of Mind for Growth-Minded GFT
As GFT’s U.S. growth spree continues, increasing efficiencies in the large-scale digitization projects of American banks, financial institutions, insurers and private equity firms has become a defining characteristic of its approach. Together, GFT and Digibee will reduce the resources required for the data transformation aspects of their digitization projects. They will simultaneously increase the speed at which they bring new products to market. GFT and Digibee have a shared mission of leveraging AI-powered processes to automate and streamline the digital transformation journey. Digibee recently announced a new AI Generator for Pipeline Documentation, while GFT has unveiled GFT AI.DA Marketplace with a comprehensive use case library, methodologies, reference architectures and preconfigured solutions ranging from virtual banking agents to automated fraud detection.
“Modern capabilities such as those of AI and machine learning are key to introducing speed and efficiencies that were previously unattainable. We’ve embraced those capabilities for our clients. It’s why we’re hyper-focused on ensuring that digitization moves as quickly as companies need it to to keep up.”
GFT and Digibee to Build on Latin American Expertise in the U.S.
GFT has an existing partnership with Digibee in Brazil, where they are working to modernize one of the country’s largest insurance companies. The project follows a series of acquisitions by the insurer, which have required it to migrate and centralize large amounts of data from the acquired companies’ legacy systems and then to integrate those systems. While Digibee has been working to integrate these systems, GFT is guiding the company’s larger ambitions to modernize its entire core system on the back end, without interrupting its customer-facing work on the front end.
GFT currently has over 50 Digibee-trained employees in Brazil and is continuing its work to train GFT professionals on its data integration platform and programming languages, including JSON, XML, SQL, CURL and others. Through its Digibee Academy Training and the Integration Empowerment Team (IET), the company will expand the developer, analyst and IT architect power that is available to GFT and Digibee’s joint client roster, expediting their digitization even further.
“Application integration is one of the first and most critical steps in many companies’ digital journeys. As we expand our client roster in the U.S., we’re seeing that more and more companies don’t want to stop there, however. Expanding our partnership with GFT ensures that, together, we’re able to support companies throughout the entire digital transformation process — from application integration and beyond.”
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