Changing customer preferences, demand for digital experiences, and competition from FinTechs are impacting banks’ digital strategies and transformation initiatives. Furthermore, with the global economy recovering from the pandemic, supply chain disruptions due to the Russia-Ukraine conflict, and increased price volatility, banks will need to relook at their strategies to serve customers and customize their services, products, and experiences. Moreover, as central banks work on greener mandates and introduce regulations around open banking, banking enterprises will have to manage Environmental, Social, and Governance (ESG) risks and prepare for collaboration with other market participants.
Data will be the primary lever to drive product innovation and enhance customer experience. Banks will need to start thinking of themselves as data-driven organizations to unlock value and gather insights from the vast data pools they possess. They will also need to carefully assess their legacy estates and develop a sound modernization roadmap to serve new customer demands while keeping up with evolving regulatory requirements around embedded banking and ESG.
In this report, we present Everest Group’s investor/harvester thesis to delve deeper into how banking enterprises can assess their modernization roadmap better. From a technology standpoint, a microservices-based architecture, in conjunction with data-driven operations, will help drive the foundation for Event Driven Architecture (EDA). This architecture, complemented by Customer Data Platforms (CDPs), will help unlock significant business value for banks.
The study also features a banking IT outsourcing spend analysis across various Lines of Business (LoBs), geographies, and IT service segments.
Scope
Industry: banking and financial services
Geography: global
Contents
In this report, we study:
- Forces shaping the future of the banking industry
- The role of embedded finance, sustainable finance, and hyper-personalization in shaping customer experiences
- EDA adoption to drive efficiency within banking enterprises and CDP leverage to enhance hyper-personalization
- Banks’ IT outsourcing spend analysis across LoBs, geographies, and service segments
- Implications for banking enterprises and providers
Membership(s)
Banking Information Technology
Sourcing and Vendor Management
