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Banking and Financial Services Transformation

 

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Three Predictions that Will Power the Banking and Financial Services Market in 2024

It’s time to look forward for the Banking & Financial Services (BFS) industry. What can we expect in 2024?

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Banking operations for a customer-obsessed industry

Let us help you find and implement the right technologies to improve your customer experience, optimize data and transform your business model.

Optimize Costs and Maximize Financial Transparency

Support your Technology Business Management journey to ensure business value is realized
Provide practical FinOps advice to drive better cloud economics
Benchmark your technology and operations costs against your peers to identify areas for improvement
Develop a new way of approaching cost optimization to make it sustainable and enduring
Design the optimal cost structure, including embedding a new cost culture and virtual cost center of excellence

Improve Employee Experience and Productivity

Measure, benchmark and track employee experience
Perform a skills assessment to identify the gaps and opportunities to improve
Enable employees and develop the optimal Learning & Development strategy, including Training-as-a-Service
Design and implement new ways of working, including the right talent strategy
Transform HR operations to improve employee engagement

Develop Next-Gen Supplier Strategy and Ecosystems

Provide insight into next-gen supplier strategies, including new ways of segmentation, tail spend consolidation, new sourcing models and innovative commercial structures
Advise on how to manage newly emerging ecosystems, including Banking as a Service, FinTechs, Big Techs, hyperscalers, niche suppliers, etc.
Provide third-party risk management assurance and optimized governance solutions
Advise on how to leverage emerging tech (such as GenAI) in contracts with suppliers for outsourcing and/or transformation
Provide insight into Global Capability Center strategy, including drivers, KPIs, commercial structures and supplier ecosystem
2023 Banking Industry Study

ISG Banking Industry Study

ISG's recent study shows the banking industry's top priorities are operational efficiency and customer experience.

Download the Summary      Contact Us for Full Access

Reinventing Bank Branches

Will most people go back to purely in-person banking? No. But the demise of bank branches is greatly exaggerated - a recent Celent report says that 77% of customers want to be face-to-face for substantive discussions about their finances.

Read ISG’s whitepaper to learn how to reimagine your #branchstrategy for the future of banking.

Read Here

Client Stories

A Request for Solution Fuels the Competitive Process

Jul 20, 2021, 15:36
An Australian banking client selects a strategic partner and develops regional facilities and administration hubs.
Title : A Request for Solution Fuels the Competitive Process
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Our major Australasian banking and finance client wanted to centralize its facilities and administration in centers of excellence to drive productivity improvements. After identifying a strategic partner with a local presence in Manila to provide an Asia Pacific processing hub, the client needed to conduct a competitive selection process.
ISG analyzed the maturity of the facilities and administration outsourcing market and the relative capabilities of global service providers. After defining requirements that supported the client’s financial and business objectives, ISG conducted a request for solution for shortlisted service providers and managed the negotiation process.
  • Strategic partner selected, backed by SWOT analysis, negotiation strategy, implementation timing and business case, and set up for rapid implementation
  • 200 full-time employees onboarded; 50,000 hours of knowledge, 3,000 processes and 5,000 activities transferred
  • Document preparation, approval and negotiation time reduced by using ISG RFS statements of work, service level methodology, pricing methodology and other contract schedules
  • Rigorous competitive negotiation to ensure fitness for purpose, cultural fit and competitive pricing (including productivity targets and cost transparency)
  • Clearly documented statements of work, RACI responsibility models, and industry standard service levels
  • Increase in customer satisfaction from 65 percent to 72 percent
Categories :
  • Banking & Financial Services
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