SAP HANA to enhace data analysis processes for BFSI customers

SAP has announced SAP Cost and Revenue Allocation for Financial Products application that is expected to help banks and insurers streamline profitability for insurance and banking products.

Powered by the SAP HANA platform, SAP Cost and Revenue Allocation for Financial Products is intended to give finance executives the capacity to process and analyse vast amounts of corporate data.

The application enables banks and insurance providers to process higher volumes of data, provide a more detailed analysis of data and accommodate a wide variety of allocation rules. With these benefits, they can manage profitability and performance measurement better, SAP said.

“Profitability and cost management are becoming increasingly important as the industry becomes more competitive,” said Ross Wainwright, global head, Financial Services Industries, SAP. “Having the ability to process core data points quickly across the entire organization gives banks and insurers the insight they need to stay ahead of their competitors and increase their return on investment.”

SAP Cost and Revenue Allocation for Financial Products is designed to work seamlessly with the SAP Simple Finance solution, banking services from SAP and SAP Insurance Analyzer analytic applications.