The business models available to the finance industry are many. Amongst the newer services from any high-performance financial institution is the as-a-service (XaaS) model.
First, let’s discuss where XaaS came from. Software-as-a-service (SaaS) is a digitally based concept that allows companies to track consumers and business without uploading large, expensive software programs onto their desktops. SaaS lives online, so employees and executives can log on whenever necessary to view past and current activity. SaaS’s offline accessibility is preferred for its minimal space requirement (none or close to none), convenience for remote workers and for executives not in the office.
Recently, the SaaS cloud-based concept has been applied to essentially any type of software as a service, or anything-as-a-service (XaaS). One of these modes is financial planning services.
How can a finance consulting firm offer XaaS programs?
The road to financial services as XaaS is yet to be defined entirely, but its application capabilities are vast. Currently, finance firms are utilizing several XaaS resources to provide a more comprehensive approach to clients’ financial management and experience.
Let’s take a look at some of the benefits of XaaS
Benefits of Using XaaS:
- Minimal Space
By outsourcing some of the financial services you offer to clients, you can avoid needing to purchase and install and software for your hardware at the office.
- Immediate Software Updates
Never worry about installing the latest version, XaaS services you use are always up-to-date.
- Easy to debug
Should consumers face any glitches or your team notices incongruences in information feedback, bugs are quickly wiped by the software provider.
- Lower up-front investment
Because you are not purchasing any in-house security nor multiple version of software programs, the initial cost of start-up will be less.
- Collaborative capacity
Depending on the type of financial services you offer to businesses and clients, you will have the option to interact directly with clients in an online space. You can also take advantage of the collaborative capacity when executives from several departments or headquarters want to work together to make a more efficient program.
When financial programs live online, clients can access and manage their business or personal financial affairs anytime, from anywhere.
Types of Financial Software
As XaaS becomes more prominent in the financial industry, we will continue to see outsourced financial systems offered both B2B and B2C.
Currently, the following programs are being utilized to offer finance as a service:
- Accounting software
- Currency Trading Software
- Technology maintenance
- Big Data
One potential risk to consider when adopting SaaS is security. Because the system is stored offline, you’ll need to ensure an additional security barrier work with a XaaS provider who offers secure cloud housing.
Most common applications of SaaS
While focusing on XaaS offerings to clients, don’t forget to utilize the many avenues of SaaS in your company’s internal operations. SaaS provides the same conveniences to your company that you are offering to customers via XaaS.
- Human resources
Automate leads and tracking so that you are consistently employing the best possible team, retaining your best talent, and improving employee skill sets.
- Customer retention management
Understand consumer behavior and turn leads into loyalists.
- Content management
Identify the content that resonates with your clients and pushes it to keep your brand on their radar, relevant and as useful to the understandings of their finances as possible.
Are you ready to invest in corporate finance consulting and bring your company up to date with technology’s latest business model offerings in XaaS? If so, Quantum FBI can help. Reach out to our team of experts to learn more about using the XaaS model in finance and further develop your business.