What You Need to Know about RISE with SAP for Financial Institutions

In today’s fast-evolving financial landscape agility, efficiency and innovation are crucial for success. RISE with SAP is a transformative offering that helps companies transition seamlessly into an intelligent enterprise. It was officially launched in January 2021 and marked SAP’s strategic push to simplify digital transformation and help Financial Institutions transition to cloud-based, intelligent enterprise operations.

It is currently a hot topic, largely due to the global push to transition to SAP S/4HANA. The upcoming deadline of 2027 for the end of support for SAP ECC has created urgency to migrate their legacy systems. For anyone who is interested in the solution, we have created this summary article.

What is RISE with SAP?

RISE with SAP is a comprehensive Business Transformation as a Service (BTaaS) solution. It combines the tools, services, and support Financial Institutions need to modernise their internal processes and adopt cloud-based SAP technologies. RISE with SAP simplifies the journey to SAP S/4HANA, providing a unified package tailored to specific banking needs, all while minimising complexity.

What are the key components of RISE with SAP for Financial Institutions?

1. Core Banking and Financial Services Solutions:

• SAP S/4HANA for Financial Services streamlines and modernises core banking and insurance processes, offering real-time insights and automation.
• SAP Fioneer Solutions provide tailored products for financial institutions, including digital banking, payments and insurance management.

2. Cloud Transformation:

• Migrates financial institutions from legacy systems to the cloud, offering scalability, resilience and lower operational costs.

  Enables hybrid cloud or multi-cloud setups to meet compliance and security requirements.

3. Industry-Specific Innovations:

• Financial Products Sub-ledger simplifies accounting for complex financial instruments.
• Risk and Compliance Management tools help with regulatory adherence, fraud prevention and risk mitigation.

4. Embedded Analytics and Insights:

• Real-time financial analytics using SAP Analytics Cloud.
• Tools for credit risk analysis, portfolio management and fraud detection.

5. Compliance and Security:

• Integrated solutions to address evolving regulatory requirements (e.g., Basel III, IFRS, GDPR).
• Enterprise-grade security and data protection to safeguard sensitive financial information.

6. Customer Experience and Personalisation:

• Enhances customer engagement using SAP Customer Experience (CX) tools.
• Enables banks and insurers to offer personalised services based on data-driven insights.

7. Open Banking and Integration:

• Support for open banking APIs, enabling seamless integration with third-party applications and FinTech ecosystems.
• Facilitates the creation of new digital products and services.

8. Sustainability in Financial Services:

• Tools like the SAP Sustainability Control Tower help institutions measure and manage their ESG (Environmental, Social, Governance) performance.

What are the benefits of RISE with SAP for Financial Institutions?

• Simplifying the migration to SAP S/4HANA

Transitioning to SAP S/4HANA can be complex and resource-intensive. RISE with SAP simplifies this process by bundling the software, infrastructure and services required for migration into a single offering. It removes much of the guesswork and ensures that banks have a clear, structured path to modernisation.

• Addressing common migration challenges

Many Financial Institutions face hurdles like outdated processes, legacy data and high migration costs. RISE with SAP helps overcome these challenges with built-in tools like Business Process Intelligence (BPI) and technical migration services.

• Supporting the ‘Cloud-First’ movement

SAP S/4HANA is designed to thrive in a cloud environment, offering scalability, flexibility and advanced analytics. RISE with SAP’s emphasis on cloud deployment aligns with broader industry trends, making it a critical choice for companies planning their digital transformation.

• Time-sensitive decisions

With the 2027 deadline for SAP ECC approaching, Financial Institutions must act quickly to avoid disruption. RISE with SAP offers a streamlined, all-in-one approach that helps banks accelerate their transition to SAP S/4HANA while reducing risks.

• Scaleability and agility

Ensures adherence to local and global financial regulations and is able to adapt quickly to market changes, new regulations and customer demands.

• Driving innovation

Beyond migration, RISE with SAP focuses on enabling intelligent enterprise capabilities. By adopting SAP S/4HANA, Financial Institutions gain access to advanced technologies like AI, machine learning and IoT, positioning them for long-term success in a competitive market.

So, why choose RISE with SAP?

The spotlight on RISE with SAP stems from its ability to address the pressing needs of SAP customers who are navigating the challenges of transitioning to SAP S/4HANA. It isn’t just about adopting new software, it’s about redefining how Financial Institutions operate in a digital-first world. It enables Financial Institutions to innovate continuously, reduce operational complexity and deliver value faster.

How can bancon help?

As Gold SAP partners, bancon’s team of experts can support you with implementing RISE with SAP and continue to support you in the transition to S/4HANA. Whether you’re looking to enhance productivity, streamline operations or future-proof your services, bancon can provide a proven roadmap to success for Financial Institutions.

Get in touch with our team to discuss further.