New Report Recommends Financial Services Firms Use Mashups for Cost Cutting and Risk Management

Bangalore, India (PressExposure) February 10, 2009 -- A new report by Aite Group finds that the financial services industry could cut costs and better manage risk by using Mashups to coordinate myriad business processes. The December 2008 report, called “The Case for Mashups in Capital Markets,” claims Mashup technology can support many top objectives in risk management, as well as multiple business processes deemed too small for a full-blown technology project. Although many firms will face budget constraints in the coming year, Aite Group predicts firms will spend $35 million on Mashup technology in 2009.[1]

With Mashups, employees can improve labor-intensive manual processes by putting business processes and reports on-line in just minutes. Mashups make it easy to combine multiple content sources and processes into a new, single view – all without writing any code. Mashups can help tackle the backlog of applications that IT will never be able to build due to lack of time or funds.

The Aite Group report, which surveyed senior technology executives at 13 major capital market firms worldwide, estimates that paper and e-mail account for 60 percent of the coordinated processes between business units in capital markets. This signifies tremendous potential for more streamlined processes. Moving business processes from paper or e-mail into a Mashup improves productivity and provides accountability and traceability as well as a means to measure and fix bottlenecks[2].

“In addition to better communication across departments, firms can use Mashups to simplify credit services, account openings, data management, research and many other areas in which small process improvements can reduce operational risk and cut costs by creating time efficiencies,” said Adam Honoré, senior analyst with Aite Group and author of the report. “Firms would be wise to explore this underutilized process improvement tool.”

Serena Software, as profiled in the report, "has been working with engineering teams for more than 25 years to help automate and govern business processes. Leveraging that experience, Serena created a lean business process management (BPM) platform that uses Mashups technology to improve business processes and extend Web services infrastructures. Unlike traditional BPM, which relies on professional application developers and IT operations, these Mashups can be easily developed and rapidly deployed by business analysts.

Serena offers 23 pre-built Business Mashups via the Web free of charge designed to help financial services firms accelerate process design, including:

Vacation Requests Employee Onboarding Sales Discount Approvals Agile Project Management Support Case Escalations IT Change Requests "Mashups are a fast-growing industry trend that the financial services industry ought to take a closer look at because of the fast ROI they offer," said René Bonvanie, senior vice president of Marketing, Information Technology, and Serena On Demand. "Mashups enable lean business process management and keep operational costs down while increasing productivity through transparency and automation."

About Serena Software, Inc. Serena is a privately owned company, headquartered in Redwood City, California, with 29 offices in 14 countries and more than 800 employees. Serena provides software on premise and on demand to over 15,000 customers including 96 of the Fortune 100. Serena enables teams of programmers to become more efficient by standardizing and automating development processes across both mainframe and distributed environments. Serena enables IT business analysts and power users to improve productivity with a new generation of Web 2.0 tools to build Business Mashups. Serena Business Mashups can be used to automate common, everyday processes; they are visual and do not require coding. Serena also enables IT executives to gain visibility into their projects, resources and costs – CIOs should have access to the same quality of information about IT as the CFO has about Finance. For more information on Serena, visit http://www.serena.com.

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Press Release Submitted On: February 10, 2009 at 3:37 am
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