featured posts:
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Infosys’ Digital Services Strategy for Banking & Financial Services
Oct 11, 2018, by Andy EfstathiouI recently attended the Infosys Confluence event in California to look at the vendor’s activities in banking & financial services (BFS). Here are the key takeaways. Under its current CEO, Infosys has taken a new software-agnostic approach to digital business, which is yielding results. Infosys has proprietary platforms, including Finacle, for core banking and NIA for AI. However, [...]
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Virtusa’s Open Innovation Platform: Enabling Curated Access to FinTech Vendors
Sep 19, 2018, by Andy EfstathiouThis is the latest in a recent series of blogs on open banking, which is likely to become the biggest driver of change in the banking industry since double-entry bookkeeping swept the industry in Genoa during the 1300s. I recently talked with Virtusa’s xLabs, a digital innovation hub within Virtusa, about their approach to open banking and what their roadmap is for the future. Open In[...]
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TCS Takes Agile Value Stream Approach to Bank Enterprise Transformation
Sep 18, 2018, by Andy EfstathiouI recently attended the TCS Business 4.0 conference in Boston to understand TCS’ latest developments in the BFSI sector. Here are the key takeaways. BFSI represented 32.5% of TCS’ Q2 2018 revenues and generated $7.7bn in revenue over the latest twelve months. TCS reports 20% of BFSI revenues are derived from its digital offerings, with BFSI clients adopting digital tec[...]
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TCS: Advances in KYC Processing Require a Comprehensive Approach to Data Management
Aug 23, 2018, by Andy EfstathiouSince the financial crisis, regulators have been tightening the KYC processes banks are required to undertake. Enhanced KYC requirements have been applied across many regulations, including MiFID, PSD2, and ultimate beneficial ownership requirements (U.S. CDD Rule). And, as compliance requirements have increased, banks have spent increasing amounts of time and resources on addressing[...]
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Mphasis’ Strategy for Financial Services Business Growth
Aug 15, 2018, by Andy EfstathiouNelsonHall recently attended Mphasis’ analyst summit in Foxboro, Massachusetts. Key takeaways are that the company is now focusing on digital and cognitive services applied to legacy systems, and on geographic expansion, specifically in North America and continental Europe. Mphasis is leveraging its industry experience, including BFSI, which accounts for ~75% of revenues, to[...]
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Avaloq’s Emerging Technology Strategy to Enable Faster Banking Transformation
Jun 27, 2018, by Andy EfstathiouI recently attended the Avaloq Community Conference in Zurich, where the key themes were cloud delivery, operations ecosystem, open banking platforms, and combined ITS/BPS engagements. Here I take a quick look at Avaloq’s strategy in each of these areas. Cloud delivery Avaloq recently announced a partnership with IBM for a global private cloud delivery capability for cust[...]
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Capgemini’s Digital Banking Strategy Focused on Tier One Legacy Transformation
Jun 01, 2018, by Andy EfstathiouI recently attended the Capgemini Financial Services Industry Conference in London, also meeting up with several banks to learn more about where they are spending their digital services money, what they are looking for from digital projects, and where the market is headed. Bank demand for digital services has grown and matured over the past few years. In 2015 and 2016, IT services[...]
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Infosys Builds Foundations of a Successful Open Banking Ecosystem
May 16, 2018, by Andy EfstathiouThe banking industry is undergoing significant legal and operational transformation, including the move towards open banking, a regulatory requirement whereby banks open their platforms to third-parties for them to transact business with the banks’ customers and suppliers. Here I look at how Infosys, with its Finacle suite of solutions, is working with banks to support the tran[...]
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How Citibank & Unicredit Are Delivering Digital Loan Origination
Apr 11, 2018, by Andy EfstathiouLoan originations are a key part of the digital revolution taking place in the banking industry, and banks have two key goals when they replace their legacy loan origination systems (LOS): Enabling omnichannel delivery of LOS services Reducing time to fulfillment (turnaround time). Long-established banks are adopting digital solutions to achieve these goals with the expe[...]
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The Key Business Outcomes From Digital Banking Services
Mar 09, 2018, by Andy EfstathiouI am currently working on a global market assessment of digital banking services, and my interviews with banks and service providers alike are showing that technology implementation is less of a concern than how digital services will change the way customers and banks interact. As customer/bank interactions change, the industry’s competitive forces will change, and this will ev[...]
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Open Banking’s Early Initiatives & Likely Winners
Feb 02, 2018, by Andy EfstathiouOpen banking is the concept that banks will open their platforms to third-parties for them to transact business with the banks’ customers and suppliers, and is required by regulations which are coming into force. Many advocates believe that this will spur innovation in financial services and create new business models. Here I look at the open banking landscape and at initial ef[...]
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Adventures in Blockchain: Mphasis Focuses on Client Revenue Growth, Supporting Compelling Use Cases
Dec 12, 2017, by Andy EfstathiouIn this article, I look at Mphasis’ Blockchain initiatives and at the segments they are focusing on for further development with their financial services clients. Mphasis began its Blockchain initiatives in 2016, initiating internal experiments and POCs to understand the technology and how it can be applied to business challenges. Mphasis is working with a global financial s[...]
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How NS&I Transformed its Digital Banking Customer Experience
Nov 24, 2017, by Andy EfstathiouNelsonHall recently hosted a webinar in which U.K.’s National Savings and Investments (NS&I) discussed how it has transformed its customer experience and operations delivery, and in so doing increased the value of assets managed by 245% and annual contact volumes by 660% while reducing delivery staff by 76% and cost of operations, calculated on a per assets under management[...]
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Adventures in Blockchain: Capgemini Focuses on Helping Clients Develop Their Roadmap
Oct 25, 2017, by Andy EfstathiouIn this blog, I look at Capgemini’s Blockchain initiatives and what segments they are focusing on for further development with their financial services clients. Initially, Blockchain engagements were focused on: Using POCs to develop an understanding of the capabilities and limitations of distributed ledger technology (DLT) Developing business use cases, trying POCs to d[...]
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Digital Services Drive Capgemini’s Financial Services Industry Engagements
Sep 28, 2017, by Andy EfstathiouNelsonHall recently attended Capgemini’s financial services analyst conference in Boston, where the company discussed its activities and roadmap for the industry, which is focused on digital services. Here I look at how digital services are now driving Capgemini’s financial services business, with client examples. Capgemini’s shift to digital financial services [...]
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Adventures in Blockchain: Virtusa Focuses on Security & Privacy Issues in Permission-Based Environments
Aug 31, 2017, by Andy EfstathiouMost Blockchain use cases have focused on reducing the need for (and cost of) infrastructure. And in Virtusa’s case, the vendor has focused on engagements where it can combine Blockchain technology with other emerging technologies such as QR codes, IoT, and encryption algorithms to deliver enhanced security and cost savings for environments lacking adequate supporting infrastructure. Her[...]
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Adventures in Blockchain: TCS Focuses on the Building Blocks of a Successful Blockchain Ecosystem
Jul 11, 2017, by Andy EfstathiouMany Blockchain services vendors have observed that up to 75% of proofs of concept for Blockchain fail to meet their goals. Analysis of drivers for such widespread failure indicates that the initial use case was flawed because it was constructed to justify experimentation rather than solve business challenges. However, TCS has focused its Blockchain efforts on developing uses cases that can dr[...]
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Avaloq Combines Tech & Ops Delivery to Help Wealth Managers Slip the Surly Bonds of Legacy Environments
Jun 27, 2017, by Andy EfstathiouI recently attended the Avaloq client conference in Zurich. The conference was well attended, with ~400 attendees. Avaloq is on a roll, adding clients across offerings and markets for the past several years. Here I outline how they are doing it and what their next steps are. Background Avaloq is a privately held vendor of technology-based solutions and services to the financial[...]
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Adventures in Blockchain: Wipro Focuses on Rapid Innovation with Ethereum & Hyperledger
May 12, 2017, by Andy EfstathiouThis is the second in a series of blogs on current activities, use cases, POCs, and pilots with Blockchain in the financial services industry. In this one, I look at some of what Wipro is doing to support banks and financial services companies in deploying Blockchain solutions. Blockchain technology & services Wipro has been active for the past three years in offering Blockchain cons[...]
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Adventures in Blockchain: Genpact Tackles O2C
May 08, 2017, by Andy EfstathiouThis is the first in an occasional series of blog articles over the next year on Blockchain initiatives related to the financial services industry. Blockchain is an emerging technology for which there are no current operational deployments, with initiatives still primarily at the consulting and design stage. Pilots have been deployed, but are relatively rare despite the rapid growth in experim[...]
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HCL Acquires UFS’ Mortgage BPS Business to Build As-A-Service Consumer Loan Business in U.S.
Jun 19, 2017, by Andy EfstathiouAs discussed in my blog of April 12, 2017, the mortgage processing industry in the U.S. is challenged to remain profitable because, from 2012 to 2016, loans outstanding grew 1.8% per year, while processing costs grew at 7.3% per year. This is leading to industry consolidation and operational restructuring. A recent example of a BPS vendor consolidating in order to drive greater effic[...]
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WNS’ Banking BPS Strategy Focused on FinTech Service Enablement for U.S. Regional Banks
Apr 21, 2017, by Andy EfstathiouNelsonHall attended the WNS analyst conference in New York last week for a business update and to hear about their current initiatives. Here I take a quick look at WNS’ banking industry business specifically, and at how it is focused on applying FinTech to BPS delivery to support large productivity gains for its U.S. regional banking clients. Market conditions are driving c[...]
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Mortgage & Loan Industry Challenged to Achieve Profits, but Turning to FinTech to Drive Efficiency Gains
Apr 12, 2017, by Andy EfstathiouThe mortgage and loan servicing industry is beginning a period of rapid change in the way business process services are delivered. Over the past few years, mortgage portfolios have not grown rapidly. For example, in the U.S., the largest residential mortgage market in the world, loans have grown only 7.3% from year-end 2012 to year-end 2016, a CAAGR of 1.8%. Some lines of loans have [...]
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Atos' Banking Business Focuses on Digital Transformation Opportunities Where it has Unique Capabilities to Grow Fast
Mar 16, 2017, by Andy EfstathiouAtos’ recent analyst event in Boston provided insight into its roadmap for 2017-2019. This note focuses specifically on its digital roadmap for the banking and financial services sector. While financial services is Atos' smallest industry segment (17% of 2016 revenues), it was Atos' fastest growing vertical in Q4 2016, delivering 10.6% organic growth v[...]
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Top 3 Predictions for Banking BPS & ITS in 2017
Jan 13, 2017, by Andy EfstathiouBased on NelsonHall research conducted during late 2016, I have identified three key predictions for business process services (BPS) and IT services (ITS) in the Banking sector in 2017. 1. Compliance initiatives move from industry headwind to tailwind The first prediction is that compliance operations change initiatives will decline, and the resources released from th[...]