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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.
There was recognition within the senior management of the CST of this investment bank that the current operating model and workforce distribution would not deliver the bank’s savings targets. It wanted a workforce strategy that would provide a “top down” view of overall workforce distribution by roles, capabilities, skillsets and location to inform a future state which could then be implemented. There were multiple drivers for this work:
ISG adopted our proven 3-phase approach to develop the strategy. We commenced with data collection and a collaborative engagement with key stakeholders, ensuring buy-in from the beginning and on an ongoing basis.
ISG analyzed workforce data through 3 lenses: (1) location, (2) services/activities and (3) technology. ISG was then able to play back insightful facts on the current-state assessment to the bank. We identified hot spots where there was shortage of skills and sub-optimal, resource-augmentation type sourcing arrangements at high-cost locations resulting in value leakage.
We adopted a bifurcated approach for differentiating and non-differentiating services. ISG also developed future-state scenarios that were supported by a business case and a firm recommendation to the steering committee. We delivered a roadmap and transition plan to the future operating model to enable effective strategy execution.
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Learn MoreIn 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.
Banks 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.
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.
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