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Technology and application areas to be targeted include retail finance and retail insurance solutions, credit services, business intelligence software, knowledge management, investment banking and risk, fraud detection and management, and international money exchange and transfers.
The UK also has strengths in enterprise solutions involving complex integration requirements and project consultancy and management skills. Banks and insurance companies often have specialised requirements where bespoke solutions are needed. This requires companies with the necessary sector experience and skills to deliver turnkey solutions.
More embedded applications for the sector would include data storage, data analytics, knowledge engineering, data mining, analytics and modelling and interenterprise computing, all tailored for the finance and insurance sector.
More and more finance and banking applications are being placed online with many traditional and new accounting applications being available through web services and subscription.
Coupled with the development of rich internet architectures these financial services applications (pensions, insurance, mortgages, etc) are changing the way business operates and provide greater transparency and more cost-efficient delivery to customers and suppliers alike.