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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 MoreDoing more with less is the defining characteristic of finance and accounting departments in midsize enterprises, which ISG research defines as organizations with between 100 and 999 workers. One frustrating truth confronting executives in these organizations is that, once their company stops being a small business, it has many of the same challenges that large enterprises face but with fewer resources to deal with them. Over the past two decades, advances in information technology have had the greatest incremental impact on midsize enterprises, approaching the ability of large organizations to harness practical, affordable and reliable technology to gain productivity and improve performance, especially in the office of finance. The introduction of artificial intelligence and generative AI will close the gap further.
The FAO industry is experiencing a significant transformation, marked by an increasing emphasis on specialized capabilities to meet clients’ evolving needs. This reflects an increasing demand for comprehensive solutions that extend beyond traditional outsourcing, encompassing technology, advanced analytics, strategic consulting and industry-specific expertise. In response, FAO providers are developing diverse capabilities to enhance their service offerings. This strategic shift not only streamlines financial processes but also offers tailored solutions to address client’s specific challenges. By integrating specialized expertise and advanced tools, FAO providers are positioning themselves as essential partners in their clients’ journey toward operational excellence and strategic growth. This comprehensive approach ensures that providers can deliver value-added services, helping clients navigate complex financial landscapes and achieve their business objectives.
In today’s rapidly evolving world, where technology is advancing at an unprecedented pace and business models are constantly changing, the finance and accounting (F&A) industry is at the forefront of a transformative movement. This industry plays a crucial role in enhancing the operational efficiency and strategic decision-making capabilities of global businesses, which are currently undergoing significant changes. The driving forces behind this change include the integration of AI and ML and the emerging influence of generative AI (GenAI) technologies. These technologies promise to revolutionize financial operations by providing unparalleled automation, precision and insight.
Every expectation of the contact center got slammed by the pandemic– from staffing, security, infrastructure, training, shoring locations, providers/captives, channels, performance to workforce management. ISG’s Sandra Williams discusses how banking contact centers became prime examples of Darwin’s theory that only the one most responsive to change will survive.
Automation can drive efficiency, resiliency and flexibility across the enterprise. ISG’s Jay Woldar explores how evolving technology from business process automation to robotic process automation to cognitive can transform applications and maximize return on investment.
