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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

Establishing Bank 3.0

Jul 11, 2023, 15:42
ISG supported a European regional bank in delivering its vision of bank 3.0.
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The bank wanted to engage a partner to support their business transformation in order to leapfrog their competition.

The banks transformation was underpinned by the below three ambitions:

  • Achieve profitable growth through access to new segments and geographies.
  • Improve their relevance with customers through personalization and individualization.
  • Use 21st century digital technology delivered in the context of an architecture designed to accommodate continuous change.

The bank engaged ISG to support them across a number of workstreams to allow them to achieve their vision:

  • Research: ISG utilized our well-established research capabilities to analyze both the bank's targeted markets as well as the broader banking marketplace.
  • Assessment: ISG assessed the market focusing on both the direction of the established market leaders and alternative banking providers that are looking to challenge or disrupt the status-quo.
  • Sourcing: Finally, ISG supported a sourcing process utilizing the ISG FutureSource™ methodology as well as the development of a new target operating model to support these new services.
  • As a result, the bank accelerated its transformation journey.
  • The bank was able to onboarding its first provider to underpin its bank 3.0 vision.
  • It also was able to establish a new operating model based on agile principles in order to deliver a bank that not only accommodated continuous change but embraced it.
Categories :
  • Banking & Financial Services
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