Digitization, protection and automation boost the R&D of the financial sector
More than 10 years after the worldwide financial crisis Belgian enterprises in the Banking, Finance and Insurance sectors are somehow managing to grow again. Here, however, they find themselves confronted with a radical transformation of their business models through digitization of their range and presence. Compared with the GAFA (Google-Amazon-Facebook-Apple) enterprises with hungry eyes on the market, the time for adaptation still at their disposal is considerably reduced. So, if they are to remain competitive, these enterprises must now reinvent themselves. But, according to the data from the Belgian financial sector federation (Febelfin) only 1% to 2% of the turnover of the banks established in Belgium is invested in research and development.
R&D activities in full spate
The prevention of cyberfraud, the integration of FinTech solutions, a better client experience thanks to big data, the development of models for quantitative risk management, consolidation of data flows thanks to blockchain, tools for automatic portfolio management, the optimization of data analysis through machine learning, …: there have probably never been as many challenges. And swallowers of resources.
Recouping the time and resources that you dedicated to your innovating activities
In their rush for innovation it is possible that the enterprise in the sector may have underestimated the time that they spent on R&D. Many research activities may also make use of innovation subsidies: the development of mobile applications, the use of data for forecasts or solutions towards the prevention of cyberfraud.
Our expertise in the financial sector
Our consultants map your scientific activities that may be eligible for the many and various subsidies now available in Belgium. They also identify the revenues from your innovation (mainly patents and software copyrights) and, together with you, determine the points of attention in your innovation performance. They also ensure safe implementation, so you can turn to best possible account the advantages that are rightfully yours.
Some figures for your benchmark
- On average, among our clients in the financial sector, no fewer than 18 innovating projects in IT and automation are paid back each year.
- The average R&D performance per full-time equivalent working in IT development and automation is 42% and 33% per FTE working in the modelling of the financial risks.
And what is your R&D strength?
Some of our references:
Corona direct, Record Bank, Nagelmakers, Crelan
Consult our offer for assistance in financing innovation for the Financial sector
- Partial exemption from payment of the withholding tax on wages for researchers
- Tax deduction for innovation revenue
- Innovation performance management
Download our brochure on finances and read our case study:
BFI brochure in French BFI brochure in Dutch