Closing the Gap for FinTech and BigTech Operations – Non-banks' Sourcing Opportunity
Thematic Report

26 Mar 2021
by Robin Jain, Rohit Sharma

The financial services industry experienced significant disruption during the last decade. The number, diversity, and scale of new organizations in the market have also grown significantly in recent years. As non-banks scale, they face the challenge of running operations efficiently at a low cost; as a result, they are seeking the support of third-party service providers to tackle operational challenges.

As some nonbanks are developing their association with third-party service providers, the industry is realizing that this support offers benefits beyond primary outsourcing drivers of staff augmentation and cost reduction. Service providers can combine their strengths, such as access to resources, trust of customers, and expertise in core banking services, with the innovative offerings of nonbank firms or to cope with the significant challenges they are facing in the marketplace.

Scope

Industry: Banking and Financial Services (BFS)

Geography: global

Contents

In this paper, we discuss:

  • Nonbanks in the financial services market
  • Operational challenges faced by nonbanks
  • How are outsourcing service providers helping in overcoming those challenges
  • Nonbank and service provider collaboration models

Membership(s)

Banking Business Process

Sourcing and Vendor Management

 

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