Establishing a Strategic Business Case for IT Automation in BFS

29 Nov 2019
by Chirajeet Sengupta, Aaditya Jain, Kriti Gupta, Pranati Goswami

Changing consumer preferences and the emergence of born-digital disruptors are rapidly changing the traditional Banking and Financial Services (BFS) industry. To stay relevant, BFS enterprises are trying to reinvent themselves to find answers that resonate with customers, their business strategies, and their operating models. In this transformation journey, banks would need to move away from a banking-as-a-product model to banking-as-a-lifestyle approach, which offers end-to-end customer experiences instead of capital. In this model, banks will lie at the center of an enhanced ecosystem, comprising a multitude of partners and channels that offer an expanded scope of services and customer coverage. These banks will be customer oriented, which would necessitate changes in their business processes, IT architectures, cultures, as well as operating models.

IT automation is expected to play an instrumental role as financial services firms navigate their way through this transition. BFS firms need to initiate IT automation keeping in mind their business objectives, so that the initiatives capture the desired outcomes across the business value chain. Thus, a clear and detailed articulation of business objectives, linked with relevant KPIs across the value chain, can allow these BFS firms to realize lost business value by connecting and orchestrating value across front-to-back office channels.

This report tries to capture the role and potential of IT automation in the BFS industry by:

  • Making a case for a business-led approach to IT automation
  • Outlining the business value continuum for enterprises, and exploring illustrative use cases across the different BFS lines of businesses
  • Laying out the IT performance features associated with these specific BFS use cases
  • Suggesting key considerations for BFS firms

Membership(s)

Banking and Financial Services (BFS) – IT Services

 

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