Company: EY, Detroit, MI
Company Description: Ernst & Young (EY) is a multinational professional services firm which is a global leader in assurance, consulting, strategy and transactions, and tax services. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has over 300,000 employees in over 700 offices in more than 150 countries around the world.
Nomination Category: Product Management Categories
Nomination Sub Category: Product Development/Management Department or Team of the Year
 Nomination Title: EY Nexus - Product Management Team of the Year
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated department or team since 1 January 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated department or team: its history and past performance (up to 200 words):
Total 194 words used.
EY Nexus, a business transformation platform for financial services, was founded in 2016. In 2020, a decision was made to productize go-to-market and delivery into a “virtual team” as a platform enabled by Software-as-a-Service responsible for building products and infusing start-up mentality within a 365,000 professional services firm, which came with challenges:
- Cultural change: Needed to adopt a transformative, client-centric product mindset to deliver value to multiple EY offerings by shifting focus from single use project assets to reusable, highly modularized products.
Hence, the virtual teams focused on investment and delivery of valuable client outcomes in key product management areas such as product lifecycle, tooling, go-to-market, security, etc. (appendix section 3).
- Operational change: Single platform was needed across industry verticals to build and sell a set of products solving client challenges, so the product team built the platform and accelerated product adoption with:
- Sales bootcamps to train over 1000 practitioners across the globe
- Technical bootcamps to train over 2000 developers to leverage and configure the platform building blocks.
Today, EY Nexus brings together intellectual property (IP) development, best-of-breed technology ecosystems, and services with a collaborative team of over 120 professionals (appendix section 1).
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the department's or team's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 247 words used.
EY Nexus is gaining significant market traction with its ability to address pressing client issues — faster and at scale — through a suite of carefully crafted, well-defined solutions and products. The product team has deployed over 35 such proprietary, cross-sector, preconfigured and quickly deployable products (refer appendix section 2).
Examples include a cross-industry privacy and consent solution, a banking-specific behavior-driven prospecting and marketing product for mortgage named “Mortgage Browse to Book”, an insurance-specific “Actuarial Studio” solution that brings power of artificial intelligence and machine learning to the actuarial function, and Wealth Interoperability solution to help enable contextualized advice to customers — using reusable building blocks of the platform.
Key achievements are as below:
- Powered by cloud, EY Nexus is live in six countries powering over 70 customers across the globe, including 14 Fortune 500 companies, across banking, insurance and wealth and asset management domains.
- HFS Research ranks EY as the No. 1 Insurance service provider due to EY Nexus’ capabilities.
- EY Nexus for Banking received “Highly Commended” recognition at the 2022 Banking Tech Awards for Best Smart Banking Tech Solution – Innovation category.
- EY Nexus product team transformed into a roadmap-driven team with 11 scrum teams and product leadership team (refer appendix section 3).
Case study:
EY Nexus has helped enable faster digital transformation of multiple clients with one such instance where EY Nexus made a global bank’s digital solution more reliable, scalable, and personalized, increasing the bank’s user base by 185% (refer appendix section 4).
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the department's or team's past performance (up to 250 words):
Total 237 words used.
Impact on organization:
EY recently announced significant investment in Nexus as part of its “3-year, $10 billion investment in technology, strategy, and people.” This investment reinforces the global substantiation of Nexus, highlighting expansion from its origins in the US to the launch and training developers and system integrators worldwide.
The EY Nexus product team has standardized the product approach within the EY organization. The structure and foundation were put in place to create a sustainable product within a professional services firm.
Impact on clients:
The unique productized approach of EY Nexus to help deliver reusable, highly modularized products has helped clients build for growth and deliver outcomes at speed.
EY Nexus is a solution that can tuck into every corner of the industry, giving customers the ability to build a new bank or insurance company outside of their organization’s legacy systems and address new customer segments previously non-existent at incredible speed.
EY Nexus team is also shifting the consulting paradigm from pure fee-based services to delivering business outcomes with our customers. In its co-innovation program, EY partners with clients to develop new products and services and EY compensation is based upon the success of these products in the market.
Impact on society:
Within the Insurance space, EY Nexus has built a solution to help insurers promote carbon offsets into their auto policies by linking Greentech companies into legacy products, promoting both innovation and global ESG agendas.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 250 words used.
Refer below to learn more about EY Nexus:
- Learn more about EY Nexus (https://www.ey.com/en_gl/financial-services/business-transformation-platform)
- Learn more about EY Nexus for Banking, a banking industry solution developed by leveraging EY Nexus platform, which helps banks design, build, launch and enhance propositions at the speed of their customers’ ever-shifting expectations (https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/banking-and-capital-markets/ey-bcm-for-banking-factsheet-v2.pdf)
- Learn more about EY Nexus for Insurance, an insurance industry solution developed by leveraging EY Nexus platform, which helps insurers launch innovative new products, brands and marketplaces at speed (https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/insurance/insurance-pdfs/ey-nexus-insurance-factsheet-oct2022.pdf)
- Learn more about EY Nexus for Wealth and Asset Management, a transformative industry solution that helps Wealth and Asset Managers use a digitally enabled, scalable platform to design, develop and launch new products at the speed of opportunity (https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/wealth-and-asset-management/ey-nexus-for-wam-factsheet.pdf)
- As per HFS Research report published in Jan’23, EY organization seems the most fully-baked based on investment, clients, and geographic availability with EY Nexus which offers “assembly as a service”–composable platform-based solutions. Read more at https://www.hfsresearch.com/research/eys-global-platform-roll-out-is-focused-on-offering-bfsi-clients-long-term-value/
The appendix document provides more details:
- Appendix section 1: About EY Nexus platform – challenges it solves, key components and readymade solutions and key differentiators.
- Appendix section 2: About the 35 proprietary, industry-specific and cross-sector products of EY Nexus.
- Appendix section 3: About the evolution of the product mindset from 2021 to 2023 and beyond, product management approach, success metrics of the product and Nexus product team.
- Appendix section 4: About EY Nexus case studies and client testimonials.
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