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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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Provide practical FinOps advice to drive better cloud economics
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
Transform HR operations to improve employee engagement

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.
Provide third-party risk management assurance and optimized governance solutions
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.

Read Here

Client Stories

UK Financial Services Company's Service Delivery Transformation

Jul 11, 2023, 16:21
A UK-based financial services firm benefited from ISG’s expertise in transforming its infrastructure and applications environment via a major sourcing program.
Title : UK Financial Services Company's Service Delivery Transformation
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This large UK-based financial services organization wanted to develop the organization into a high-quality service operation with a view to acting as a business enabler. 

This major transformation required a step change in service delivery models across both infrastructure and applications (application data maintenance (ADM)), including elements of automation and refreshed commercial constructs.

  • ISG conducted a comparison of current infrastructure and ADM services against the market to identify opportunities for improvement in relation to costs, commercial models and service delivery models.
  • We then developed a future-state vision, including request for proposal (RFP) documents to take advantage of emerging technologies and leverage the scale and expertise of service providers, the list of whom was developed using our unrivalled research database of provider capabilities.
  • We ran a series of sourcing transactions with a total contract value (TCV) of more than £500 million designed to match “service bundles” with the optimal providers.
  • The process used ISG’s intellectual property (IP), templates and accelerators to ensure an expedited process, run by a small team of sourcing experts.
  • Significant savings – ISG developed a cost model of the future state (service delivery model, commercial model and target operating model (TOM)) over a 5-year term, resulting in more than £200 million of savings.
  • Expedited process – ISG’s understanding of critical success factors, proven methodology and contractual templates enabled an accelerated process on budget.
  • Transformation delivered – By leveraging our unique understanding of the provider landscape, ISG was able to ensure that the financial services company secured market-leading solutions from a collaborative ecosystem of suppliers.
  • Best in class commercial terms – ISG is renowned in the industry for having developed outstanding contractual documents, ranging from general commercial terms to pricing units. Combined with our negotiation strategy, IP this ensured the financial services company secured best-in-class contracts.
Categories :
  • Banking & Financial Services
Article flags :
UK Financial Services Companys Service Delivery Transformation UK Financial Services Companys Service Delivery Transformation
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