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Three Predictions that Will Power the Banking and Financial Services Market in 2023

The impact of the macroeconomic factors on financial institutions is decidedly mixed, with high-performing firms seeing opportunities despite the maelstrom.

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Banking operations for a customer-obsessed industry

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Enhance the customer experience

Design and implement a modern contact center
Transform banking operations to drive customer value
Design and implement the right operating model to increase speed to market
Develop the optimal product and platform strategy
Select and implement the right intelligent automation technologies to improve CX

Improve employee experience & productivity

Measure, benchmark and track employee experience
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
Measure, benchmark and track transformation RoI

Optimize costs & build new ecosystems

Develop a sustainable cost optimization program, with innovative commercial models and a CoE
Baseline key tech metrics against the market to inform your supplier strategy
Design next-gen sourcing and supplier ecosystem models, including governance
Design your FinTech and partner selection strategy
Refresh your application modernization and hyperscaler cloud strategy (FinOps)

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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Trends Shaping the Financial Services Industry

Important Factors for Digital Success

Client Stories

Reimagining Operations for a Leading NA Investment Manager

Jun 20, 2022, 15:58 PM
Re-imagining then optimizing in-scope services through outsourcing, technology & automation as part of an agile, dynamic co-design process with leading service providers
Title : Reimagining Operations for a Leading NA Investment Manager
Alternate title :

This leading North American investment management firm had a history of perceived underperformance in its back and middle office (overly bureaucratic, low employee satisfaction, expensive to run). ISG was engaged after the client had already had initial conversations with service providers.

The client’s vision & objective was to transform the client’s services departments to: (1) improve service quality, (2) optimize the environment, (3) improve employee experience, and (4) spend money wisely.

The scope of the project was four main functional areas – HR, Finance & Accounting (including Procurement), Real Estate/Facilities & Technology.

  • ISG’s proposition was developed to balance a sophisticated solution design for the in-scope business processes, with the need for fast returns
  • Our solution therefore involved an initial rapid assessment of the current state environment, in comparison with emerging thinking ‘best practice’. This meant bringing tools and accelerators to facilitate the client and supplier co-designing a solution which will evolve over time from a relatively traditional outsourcing model to become a horizontalized suite of aggregated services based on user experience, with contact initiated via a “Front Door” and “White Glove Concierge” service, complemented by automation
  • By reviewing the process landscape and running a collaborative “co-design” selection process to find the right supplier, ISG has enabled;
    • Hybrid new operating model, including elements of automation, outsourcing and process re-design
    • Performance model based on business outcomes
    • Transparent and milestone-based transformation plan over a 7-year period to drive phased improvements in performance
    • Significant cost savings in each of the 7 years
  • By reimagining what services could look like, ISG helped design a ground-breaking performance measurement framework based on evolving ‘stages of excellence’
  • The client is now in a position to meet the emerging needs of the in-scope service areas, by leveraging an expert partner and the latest technology
Categories :
  • Banking & Financial Services
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