SAP and investment company Dediq’s joint venture SAP Fioneer is poised to expand and accelerate SAP’s financial services software development to cater to the fast-evolving banking and insurance industry.
On 1 September 2021, SAP officially launched SAP Fioneer, a dedicated Financial Services Industry (FSI) co-owned by the German software enterprise with entrepreneurial investor Dediq. Through the dedicated FSI unit, SAP will be able to propel its Financial Services customers’ journey to the cloud through new enterprise-grade solutions based on SAP software. SAP Fioneer’s go-live came five months after the announcement of the German companies’ strategic partnership with Dediq anticipated to strengthen SAP’s position in the FSI space.
Expanding Foothold in the FSI Space
SAP CEO Christian Klein emphasised the importance of undertaking a transformation journey for any industry, including businesses in the financial services, to stay ahead of the competition. Sharing about SAP Fioneer’s role in the FSI, he said:
“SAP Fioneer will help them meet their needs for speed, scalability, and cost-efficiency through digital business innovation, cloud technology and solutions that cover banking and insurance processes end to end. SAP has a long and successful track record in the financial services industry, and I am convinced that SAP Fioneer will become a leading global provider of financial services software solutions and platforms.”
As a long-time key player in the FSI market, SAP has been supporting over 80{8bf2b29f36318f0ac46ab1cc03d7035abce669a1cea16c9ed62389a818fa22fd} of the top 1,000 banks and insurers worldwide. Now, with SAP Fioneer, the enterprise software giant continues to champion innovation and business transformation for customers in the financial services business by integrating its premier technology with development expertise and a global network of customers, partners, and colleagues.
Some of SAP and Dediq’s customers and early-adopter partners such as Google, Microsoft, EY, Vast Bank, and Berlin have already expressed their support to the SAP FSI strategy as soon as the announcement was made in April.
Advancing Financial Services Software Development
SAP Fioneer is SAP’s response to its customers’ need to accelerate digital innovation in core banking, core insurance, and FSI-specific, enterprise-class solutions. Through the joint-venture with Dediq, SAP extends its existing SAP for Banking and SAP for Insurance solution portfolios to drive efficiency and cover banking and insurance processes end to end. The new solutions will be part of SAP’s industry cloud solutions based on SAP technologies and applications such as SAP HANA, SAP S/4HANA, and SAP Business Technology Platform.
Customers can expect high-quality engagement with the FSI unit’s new capabilities and solutions to cover the full cycle of banking and insurance operations processes while meeting regulatory requirements. SAP also stressed that it will continue to offer and support SAP solutions for enterprise information management and line-of-business solutions to FSI companies and reaffirmed that SAP customers will remain SAP customers.
Dirk Kruse, CEO, SAP Fioneer, said:
“Our customers can expect the same high-quality engagement they are used to, but now also benefit from new capabilities. Solutions of SAP Fioneer will be based on integrated data and allow customers to move FSI processes to SAP Business Technology Platform in the cloud. We are excited to accelerate the business transformations of our customers with innovative solutions that will be built as part of SAP’s industry cloud solutions, all based on SAP technologies and applications.”
Other members of SAP Fioneer’s leadership team are Marc Daniel Schwarz, Head of Market Region MEE; Reto Sager, Head of Services; Marc Derungs, Head of Product Development; and Patrick Schmid, Head of Transformation. SAP Fioneer will begin operations in more than 10 countries in Europe, North and Latin America, and the Asia-Pacific region by the end of 2021. Moreover, the Japanese subsidiary SAP Fioneer Japan Co., Ltd. (SAP Fioneer Japan) has started operation on the same day of SAP Fioneer’s global launch.
