Exasoft delivers a highly accurate, FCA compliant, calculation engine providing unique and valuable Solutions to the Financial Services Market. To date the primary application has surrounded calculating Redress associated with Payment Protection Insurance (PPI), Mortgages, Endowments, Investments and Pensions. Calculations can be undertaken individually or in bulk significantly reducing the time and costs associated with more manual based processes. The system is also used in relation to Audit & Compliance reviews, Provisioning & Risk Management assessments as well as assisting in Complaints Handling.
EXASOFT LAUNCHES NEW WEBSITE ALONG WITH AN ENHANCED PROPOSITION TO MARKET
Exasoft, the leading provider of integrated technology solutions surrounding financial calculations and processing has launched a new website. Known for delivering highly accurate results associated with financial redress calculations the system now allows users the ability to upload account data en masse and undertake Bulk Processing delivering highly accurate calculations surrounding endowments, loans, mortgages PPI and investment redress processing. Working closely with the company’s specialist consultant’s users will be able to apply economies of scale whilst maintaining the level of accuracy required when dealing with redress situations. This significant enhancement to the company’s successful redress solution offers users a fully managed end to end solution from uploading account data through the calculation process to the production of customer letters and statements and where necessary the issuing of refund payments.
Bulk Processing includes:
In addition to the above and as a consequence of end user requirements the company’s technology is now being used in such areas as Audit & Compliance, Provisioning & Risk Management as well as Complaints Handling. The level of accuracy associated with the company’s calculation tools in relation to redress also has application in these critical areas and combined with our ability to deliver bespoke system development and consultancy services has resulted in increasing demand for non redress based deployments.
Alan Malik, managing director of Exasoft commented that “this is an exciting time at Exasoft. The launch of our new website allows us to promote more effectively our current and enhanced solutions and services. The development of the Bulk Processing capability is proving popular with a number of existing users and this offers us the opportunity to deliver our solutions to a much wider audience within the financial services sector”.
Exasoft has launched a new website to reflect our enhanced Delivery Options and Solutions now available to clients. Details on these enhancements are contained below and appear throughout this website.
The full range of Delivery Options available from the company is outlined below.
Manual Case Processing
Many users continue to undertake Manual Case Processing across a wide range of product types associated with our Solutions.
Users now have the option to undertake the Bulk Processing of cases across the full range of Solutions. Bulk Processing is available for single or multiple elements associated with client requirements and further information on this service is available upon request.
Fully Managed Service
The Fully Managed Service allows a client to outsource their entire "end to end" requirements to the company across the full range of Solutions. Further information on this service is available upon request.
The full range of Solutions available from the company is detailed below.
Exasoft has been providing redress solutions to market fo rover two decades. Our clients include major banks, building societies, life assurance companies, FOS, investment companies and IFA Networks. Our sophisticated software is capable of calculating redress associated with a wide range of product types either on a case by case basis or in large volumes from initial calculations through to settlement.
Audit & Compliance to include Provisioning & Risk Management
Organisations are able to apply the company software to internal audit and compliance reviews to include loss provisioning and risk management. This can support client companies in the important area of Treating Customers Fairly (TCF) allowing users to ensure that they will meet customer expectations and mitigate future risk related exposure.
Successful complaints handling is all about dealing with the complaint promptly and accurately. The same software and functionality used in a redress situation can also be used prior to FOS becoming involved and will allow an organisation to reach resolution with a complainant prior to escalation to a governing body or regulator.
As a result of the enhanced company proposition and the new technical features available a review has been undertaken of training courses available to clients. These training courses provide end users with the skills to run complex calculations associated with the Solutions delivered by the company. Additionally where Bulk Processing is being delivered training courses will be developed based upon the results of any consultancy work undertaken to match the needs of the client.
Below is a brief summary of available training and further information can be obtained by visiting our Contact Us Page.
This course will provide users with a basic understanding of the system on Manual Case Processing. This may be expanded to some Bulk Processing work where it is felt relevant subject to any consultancy and project work ongoing.
This course will provide users with a more detailed understanding of the system on Manual Case Processing. This may again also be expanded to some Bulk Processing work where it is felt relevant subject to any consultancy and project work ongoing.
This course will provide users with a more advanced understanding of the system on Manual Case Processing. As above this may be expanded to some Bulk Processing work where it is felt relevant subject to any consultancy and project work ongoing.
Refresher courses will be offered to users who have undertaken previous training courses but where they have not used the system for some time or where increased usage is planned and a greater understanding is required of the systems capabilities. Further information can be provided on application.
Bespoke Training Courses
The company can arrange for bespoke training where users have specific training requirements and numbers make it practical to deliver a customised training course. This may be as the result of consultancy work undertaken with the client company or may be as a result of a client company widening the application of the system into specific areas of business where a training need has been identified. Further information can be provided on application.
User Groups are an ideal way of keeping our users fully up to date with current and anticipated system enhancements. It also fosters dialogue with users allowing the company to be fully informed of user requirements and any changes in the market which the company should be addressing. Allowing clients to meet in an informal atmosphere and interact with other users of our system can bring enormous value to all those that participate.
Exasoft has in the past run annual user group meetings and we have received extremely good feedback from those participating. Our intention is to continue this and we will be pleased to hear from any user that may wish to be kept informed of future events. If you would like to register your interest please visit our Contact Us section and issue an email to me Kieran Saeed Kieran@explc.com. I will keep you informed of future events and would be pleased to receive suggestions on topics that you would like to be covered at these events.
Exasoft is currently going through exciting times. The recent re-launch of our website reflecting our expanded proposition to market along with cutting edge system developments mean that the company is continually on the lookout for talented people. My role as Manager of Human Resources is to lead this search and help the company achieve its growth targets and business aspirations.
At Exasoft we apply a tried and trusted recruitment process which includes testing and interviews. This has proved to be the most successful way of finding the best people as we not only want talented people but also people who will work well with our existing teams and who want to acquire new skills as part of their career development.
More information is contained on our current recruitment requirements in the About Us section of this website. If you are considering a career move please contact us and even if we are not actively recruiting at the time we are more than happy to hold your details on file for when we are.
Spreadsheets an accident waiting to happen
There have been a number of studies and press articles over the past couple of years surrounding the reliability of spreadsheets particularly where important commercial decisions are based upon the results produced.
A study supported by the Institute of Chartered Accountants in England and Wales (ICAEW) undertaken in 2015 produced some interesting albeit worrying results. The survey undertaken with 101 accountants was aimed at gaining a view regarding the reliability of spreadsheets. Although a fairly small sample the results were quoted in a number of publications at the time. Some of the more alarming results were that 72% thought that spreadsheet risk was a major business risk and that 58% of respondents believed that spreadsheet errors were either very high or fairly high. There seems to be a generally held view that spreadsheet errors are caused by having no system in place for checking them or so 54% of those surveyed concluded. In fact 9% of respondents claimed that they spent 30% of their time checking spreadsheets for errors.
“An alarming 72% considered spreadsheet risk as major”
Further research indicates that up to 71% of large UK businesses use spreadsheets when making key financial decisions whilst almost 20% of large businesses have suffered some financial losses as a result of a reliance on spreadsheets. There are a number of very high profile cases where major corporations have suffered significant losses and even fines as a result of spreadsheet inaccuracies yet spreadsheets are still routinely used for what can only be termed as critical business decisions.
“20% of large businesses suffered financial loss using spreadsheets”
Exasoft when developing its Redress Manager system realised that in the area of financial services organisations who wish to adhere to a Treating Customers Fairly (TCF) policy cannot afford the vagaries associated with spreadsheets. Redress Manager removes the potential for spreadsheet errors due to incorrect and corrupted formulas. The company’s stance has always been to deliver highly accurate results whatever the product or solution being deployed. If reputational risk is a possible outcome of calculations being undertaken then why take the chance and rely on spreadsheets.