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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

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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
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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.
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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.

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Client Stories

Large Spanish Bank Receives ADM Rates Support

Jul 11, 2023, 16:52
A large Spanish bank wanted to better understand the ADM rates and resource mix being deployed on certain projects.
Title : Large Spanish Bank Receives ADM Rates Support
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The Spanish bank was conducting a broad-based review of application development and maintenance (ADM) rates for services being provided in order to drive greater efficiency (and savings), in relation to the rates themselves, the structure of the ADM rate-cards and the actual resource deployment were in scope for review and refinement.
  • ISG conducted an assessment of current ADM rates, across multiple service lines.
  • We compared the results against what we typically see in the market (via a carefully selected reference group) to identify gaps and opportunities for improvement via the identification of target rates.
  • ISG also provided a set of market-conformed role descriptions for the ADM services to enable like for like comparison.
  • Resource pyramid assessment – ISG additionally reviewed 10 actual statements of work (SOWs) for consultancy services to assess the mix of resources actually being deployed vs our view of best practice.
  • Standardized role descriptions – ISG helped the bank achieve greater consistency and transparency via the implementation of standardized ADM role descriptions and tiers which could be achieved via smarter sourcing.
  • Target rates– ISG enabled the bank to determine the set of target rates for each grade and role.
  • Resource pyramid assessment – ISG identified situations where the service provider may have been deploying an over-senior team of consultants to burn through the committed spend quicker than was necessary.
  • Additional efficiency opportunities – ISG provided additional recommendations relating to other ways in which the bank could drive further efficiencies (for example in the way ADM projects were being requested, approved and subsequently audited and reviewed).
Categories :
  • Banking & Financial Services
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