As banks embark on the digital transformation journey, they will move from a banking-as-a-product model to banking-as-a-service model. Signs of this transformation can already be witnessed in Europe, where the Payment Service Directive II (PSD2) has mandated banks to open their core through Application Programming Interfaces (APIs). Banks are moving toward a plug-and-play model that will allow multiple participants (sellers and buyers) to connect to them to gain value.
In the future, banks will become more and more invisible and will be ambient. Link to banking will be integrated into every end-user device / business system and will become part of our lifestyle, on the lines of Facebook or Google. Banks will become a network of assets and instead of capital, will offer end-to-end customer experiences.
Further, they will also need to reorient themselves to a customer-centric model, which would require changes in business processes, IT architecture, culture, as well as operating model.
In this report, we look at trends in the banking industry and their implication for application services outsourcing. We focus on:
This report is structured across two key sections, each containing insights into application outsourcing in the global banking sector: