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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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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.

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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

Re-imagining ADM To Drive Value – Large Financial Services Firm

Jul 14, 2021, 16:58 PM
The collaborative ISG FutureSource process and a target operating model helped a large financial services firm prepare for a future.
Title : Re-imagining ADM To Drive Value – Large Financial Services Firm
Alternate title : How ADM Can Drive Value
The separation of its General Insurance business as a result of an acquisition was the catalyst for an unprecedented strategic challenge for our Financial Services client. A new operating model had to be designed and created to be fit for the future, including a requirement to reduce the cost base by more than 20%, and delivery of increasing member value through faster digital channels.
The new business faced immediate practical challenges: a Transition Services Agreement (TSA) to be delivered, a data centre to exit (lease expiry), a legacy Applications technology estate and growing complexity in terms of ensuring secure and compliant infrastructure services.
ISG conducted a current state assessment of the client’s technology estate (apps and infra), including base costs, operating model, process maturity, skills & capabilities and proposed a comprehensive Sourcing Strategy to establish up a future IT organisation that is based on an outsourced model.
We developed a future state vision to take advantage of new/emerging technologies (including cloud adoption) and leveraged the scale and expertise of external service providers.
We ran an agile, collaborative sourcing process (FutureSource™) with Tier 1 Service Providers taking the client from strategy through to contract execution within 6 months.
As Sourcing Agreements cannot exist in isolation, we also designed a Target Operating Model and the future retained organisation with the functions and roles to effectively manage the To-Be outsourced environment and realise benefits.
We also built a comprehensive Business Case, provided support and advice to the CIO in preparing and presenting the business case for Board approval.

  • Business Case – 22% savings over a 5-year period
  • Data Centre exit – Migration of 750+ Applications from current Data Centres to new facilities and Cloud (Azure & Oracle) which was a huge driver of flexibility and savings
  • Target Architecture and TOM: We developed a retained organisation that is aligned with “future states” and infrastructure hosting options (including cloud) over a 1, 3 and 5 year period, along with associated Target Operating Model and retained organisation designs
  • Agility – Whereas traditional approaches don’t offer buyers any insights into cultural fit, appetite and chemistry, ISG FutureSource™ Collaboration & Alignment Sessions (CAS) with gave our client a very early and clear indication of the above, and key differentiation between a set of capable Service Providers
  • Separation and self-sustenance – ISG’s approach enabled separation of Applications & Infrastructure of the Life business from the acquired GI business 
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  • Banking & Financial Services
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