Dublin tech firm Reitigh Software helps financial services companies meet digital and regulatory challenges.
“We do this using our software platform IntegraLynx, which enables companies to integrate new IT systems with existing ones,” explained Reitigh Software CEO Brian Walsh.
“It allows companies to easily link to data buried within their IT ecosystem and present that data to new digital front ends, their clients, and regulators.”
“Our software platform IntegraLynx puts a digital varnish on the company’s antiquated IT administration systems”
According to Walsh the entire financial services industry including banking, insurance, and asset management, recognises that they need to modernise.
“But many digital transformation projects go wrong because companies try to do too much in one go. Additionally, many needlessly try to replace existing systems due to an anti-legacy system bias. Instead, we enable companies to enhance their existing systems and reduce internal friction caused by transformation. ”
Walsh reasons that there is no need to overhaul everything all at the same time.
“Companies can instead focus on getting their legacy systems to talk to modern platforms. This approach will enable firms to transform the front-end – whether they are looking to build a new broker or client portal or improve interactions with clients.”
Digitalising the financial services market in Ireland
In Ireland alone, financial firms employ over 42,000 people and contribute €2.3bn each year in taxes, according to IDA Ireland.
“As the industry digitally transforms it needs to remain compliant with Central Bank of Ireland, European, and global regulations.
“Our software platform IntegraLynx puts a digital varnish on the company’s antiquated IT administration systems. It enables financial services organisations to transform the customer experience and meet regulatory disclosure requirements with minimal disruption to existing systems.”
The Reitigh platform works by breaking enterprise processing down into small, manageable blocks. It cleans and validates data in individual steps, then chain-links the steps together into effective automated processes. Within industry this is known as Straight Through Processing (STP).
Walsh co-founded Reitigh with two actuaries Mark Sexton and Darragh Pelly.
“We previously worked together and had gained extensive experience providing back-office technology solutions to banking and insurance companies.
“We had a mutual vision to take a radically different approach to digital transformation and regulatory disclosures – acting as the translator between business functions and IT to help companies avoid risky, costly transformation projects.
“We also spotted a previously unrecognised win-win that financial services companies seemed to miss. On one hand they had regulators asking them to present more and more data to them and to their clients. On the other hand, they had clients and sales agents asking for more access to data via digital routes. Most companies saw these challenges as distinct and mutually exclusive and are attempting to tackle them independently. We believe this results in a double spend. IntegraLynx allows our clients to access the data once, but present it via many different views for separate audiences, ‘catching two birds with one hand’ if you will.”
A financial and tech hub like no other
Walsh said that the Dublin finance and tech scene is unique and ripe with possibilities.
“Dublin provides an ideal location and has been crucial to our success. Its status as a financial and tech hub and rich talent pool is attracting businesses and people from all over the world, creating a favourable business environment for Ireland’s thriving tech scene. Our workforce reflects this – we have attracted great home-grown talent and best-in-breed from abroad. Likewise, our clients have done the same. Because we have a multicultural team it allows us to easily interact with our multi-cultural client base.
“We are a proud member of Guaranteed Irish and we are proud to have created more jobs and prosperity for the region. Over the past year, we have increased revenue by 210pc and increased headcount from seven to 10. It’s important to us to give back, which is why we stay involved in educational programmes with the Society of Actuaries in Ireland and continue to invest in young talent.”
Discipline is key to success
Walsh said that the company is not currently raising investment. “Right now, all we’re focused on is steady and sustainable growth. We take an actuarial approach to business, which means our strategic decision-making is incredibly measured.
“Additionally, our clients are large well-established enterprises. They are equally measured in their approach and they move slowly and cautiously. You cannot buy quick-wins in our game. Reputation from results is what matters to decision makers in our industry – we are 100pc focused on delivering for our clients and building a reputation for results. We believe this is the key to success.”
Like many businesses Reitigh has had to move to 100pc remote working. “We use products like Microsoft Teams, Zoom, and Slack to collaborate as a team internally, and to work remotely with our clients. Security is key for us, so all of the technology and ways of work we use must first be assessed for security and lockdown.”
Discliplined execution but also pragmatic and realistic objectives define Reitigh’s approach. “As part of the actuarial training you are taught to know your limitations. As energetic individuals we want to do it all. Over time we have found that it is important to take time to reflect and recognise your individual strengths and weaknesses. As co-founders, we have identified very different responsibilities for ourselves within the business. Additionally, we bring in specialist expertise to do the things we can’t do to the level of precision we want. Things like marketing and branding, for example.”
The results, he said, will speak for themselves. “We pride ourselves on having a fast impact for our clients – but we have only had the opportunity to show what we can do for them after we have built trusted, long lasting relationships. Reputation is everything.”
By John Kennedy (email@example.com)
Published: 7 January 2021