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
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