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Digital transformation in Financial Services

Learn how technology is helping financial services organizations stay competitive and move their business forward.

Deep knowledge and penetrating perspective on the rapidly converging issues and drivers shaping the industry are the hallmarks of KPMG’s financial services professionals. Chief among our mission each day is to help our clients grow, connect with customers, manage costs, and comply with regulations by leveraging the powerful forces of data, digitization, and disruption.

Pan-American Life Insurance Group client testimonial video

Hear from our client, Pan-American Life Insurance Group about their Workday implementation.

  

Transcript

Pan American life serves the accident life and health insurance needs of individuals and businesses throughout the Americas.

Over the last decade we've grown in size. We originally serviced eight countries.

We're now 22 and we tripled in terms of top line and bottom-line growth so one of the challenges we're facing is our back-office operations need to catch up to that period of growth and to prepare us for the future.

We also have a number of countries that have IFRS filing responsibility so we're preparing fire for 17 and then lastly then with the pandemic that's really caused us to go back and accelerate our digital initiatives and to improve the resilience of our capabilities with the research that we've done with Workday they proved to be best practice in terms of Gartner research that we relied upon and I think also too client experience that we've tapped into I think helped us quite a bit in in choosing Workday.

With Workday financials we will implement that company wide as we continue to grow through activity to integrate those businesses in our platform will be much accelerated and then we expect to gain significant operational efficiencies just by having common operating platforms throughout our enterprise.

It's going to save us so much time and improve the efficiency of our of really the finance services that we deliver to the organization really all users throughout the organization just can't wait uh for us to get on.

Workday KPMG has been a great partner so far, they've been very collaborative they've helped us work through various implementation approaches, but I think one of the things that we're really leaning on is kind of the structure that they have.

They've done this many times before with other clients and so that experience is very useful for us the powered enterprise solution that KPMG provides we're leaning very heavily on that we want to leverage the best practice capabilities that are really built into Workday and we see this partnership with KPMG as being very helpful for us to deliver that their experience is going to be key for us in order to get our people to see a different way of doing business and we see that that's going to be the key for our success with this implementation with Workday.

We see significant synergy opportunities from really leveraging all of the capabilities within the solution and we're growing it over time. I mean we started with HCM this last year we implemented it adapted for planning and now with birthday financials and they will continue to evaluate other solutions and to see how to gain you know greater efficiencies as we continue to expand the use of Workday in the enterprise.

The pandemic clearly changed the way that we approached the implementation with adaptive Workday and KPMG were really great with really working in a virtual setting with us. We were able to implement adaptive really in 90 days and use that for our 2021 planning process. It's not you know really what we would want to have happen, but we've made it work and it's worked really well so far.

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David Zinn

David Zinn

Principal, Advisory, KPMG US

+1 212-954-6218