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ISG's recent study shows the banking industry's top priorities are operational efficiency and customer experience.
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.
The legacy part of this bank had an existing relationship with the core banking provider and an associated spend of several hundred million dollars a years.
The bank wanted to target the fast growing millennial customer segment with a digital first offering and was approached by the core banking provider to implement their modern banking platform along with a front end from one of the leading Hyperscalers.
The bank asked ISG for assistance in assessing the proposal to understand if it would meet their objectives, and reflected industry best practice.
ISG leveraged both our banking experts and the unrivalled market data from our Research team to critically review the proposal from the core banking provider, as well as the current Hyperscaler agreement.
The assessment identified gaps to market best practice in multiple areas including end-to-end service delivery and hand-off risks between the different parties.
Additionally, ISG found that the modular API-driven architecture proposed was untested in practice.
ISG also used our core banking expertise to review the pricing model and proposed fees, both for transparency and competitiveness.
The bank was able to understand the true end-to-end service delivery picture and ensure that the gaps in service were addressed by the providers.
Secondly, thanks to ISG’s review the bank was able to reduce the price of the initial proposal by negotiating out most of the monthly minimums.
Thirdly, the bank is now well positioned to swap out all the ancillary components with more competitive third party products in order to make its service offering more attractive.
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Learn MoreBanks are undergoing digital transformation to improve efficiency, meet evolving customer demands, and create resilient systems to become market-relevant and gain a competitive edge.
Customers expect a seamless experience from banks. The rising wave of challenger banks, neo banks and Big Techs entering the banking industry has led customers expect the same level of experience from their traditional banks. Banks today are creating digital and phygital (physical-digital) banking journeys to provide their customers a complete and seamless experience. Extending consistent omnichannel experience to banking customers has become essential to increase the bank’s reach to acquire more customers and serve them through their channel of choice. Customer retention has also become a priority. Banks are now building the capability to leverage customer data to gain a deeper understanding of customer preferences and generate contextual insights. They are providing the right product and service offerings for enhanced customer satisfaction. Small and midsize businesses (SMBs) are also looking forward to their banks for a superior hassle-free experience, and banks are directing their efforts to provide a digital banking experience that is paperless and low touch. Hence, many banks today are on a journey to modernize their legacy platforms. They either do it via a progressive modulebased digital transformation to unwind the existing spaghetti architecture or an out-of-the-box implementation of a new platform to create a modern bank with fully functional digital capabilities.
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