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Mar 19, 2020, by Andy Efstathiou
COVID-19 is impacting banking operations and, as a consequence, related business process services (BPS). Banks are already restructuring operations to address the emerging challenges from COVID-19 (see below for those challenges). The changes are just beginning and will continue to evolve over at least the next four months. While the global adaptation to COVID-19 will take much longe[...]
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Feb 03, 2020, by Andy Efstathiou
Banks have been aggressively transforming their operations to a digital delivery model. It is well known that a key driver, across all industries, is the need to attract new, primarily young, customers who prefer omnichannel interaction with vendors and demand high-quality CX in their business interactions. Less well known are two key drivers that make speedy transformation imperativ[...]
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Jan 22, 2020, by Andy Efstathiou
Banks will spend 2020 pursuing three key initiatives that have not been a priority in the past. Two of them, open banking and cloud delivery, are technology environments that have just recently matured to the extent that banks are able to drive business model change with them. The third priority is M&A driving large ITS engagements, and is typical of late-stage economic cycle act[...]
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Oct 10, 2019, by Andy Efstathiou
At its 2019 Engage Client Forum last week, NIIT Technologies explained how it is adapting to a continuously changing business and technology environment to deliver digital transformation for its clients.
At its 2019 Engage Client Forum, NIIT Technologies explained how it is adapting to a continuously changing business and technology environment to deliver digital transformation fo[...]
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Sep 17, 2019, by Andy Efstathiou
At the 2019 Infosys Confluence North American event last week, we spoke with execs about how Infosys has been driving accelerated growth in the BFSI sector in North America. Most of Infosys’ revenues in BFSI are in Banking and Financial (BFS) services, where the recent growth been based on the following major activities:
Installations of Finacle: in the past two years, Fi[...]
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Aug 29, 2019, by Andy Efstathiou
Improving efficiency and reducing manual processing of trade finance services has been a difficult challenge for over a century. However, the industry is on the cusp of a transformation which promises to standardize and automate this highly idiosyncratic, manual ecosystem. This blog identifies some of the key trends in trade finance transformation and how one vendor, Capgemini, is su[...]
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Jul 16, 2019, by Andy Efstathiou
The BFSI industries are increasingly looking to intelligent automation (IA) to address key challenges in their business. A recent NelsonHall survey of 50 BFSI executives found that they perceive that IA is able to replace manual processing and human decision-making, allowing the bank’s operations to decouple processing volumes from headcount. Key benefits respondents expect to [...]
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Jul 01, 2019, by Andy Efstathiou
Blockchain has been a focus of technologists, VCs, and media pundits for several years now. However, to date, operational deployment remains minimal. Of all enterprises already working with blockchain, only a few percent have a scale operational deployment. Blockchain has seen three stages in its short history:
Lab testing of the technology: 2014 to 2016. Key events include the[...]
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May 16, 2019, by Andy Efstathiou
NelsonHall recently attended the TCS Innovation Forum 2019 in New York. The forum demonstrated clear progress in TCS’ thinking and approach to Business 4.0 since last year’s conference – TCS has identified human engagement and buy-in with the principles of Business 4.0 as critical to successful implementation and value realization in business transformation. And human buy-in [...]
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May 08, 2019, by Andy Efstathiou
NelsonHall recently attended the EY Global Analyst Summit in Boston. EY has grown its revenues at 8.5% CAAGR over the past five years, while investing heavily in technology and adapting its business model to become an IP-based services vendor rather than a provider of pure labor-based services.
Here I take a quick look at EY’s wavespace offering and how it is being use[...]
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Apr 29, 2019, by Andy Efstathiou
I recently attended the WNS influencer conference in New Orleans, the theme of which was 'Co-create to Outperform’. WNS believes that the marketplace understands what transformation means for their businesses, but the challenge is how to achieve this vision. WNS’ view is that, for transformation to be effective, it needs to be customized for the client with their full[...]
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Feb 19, 2019, by Andy Efstathiou
I recently attended the official opening of Infosys’ design center in Providence, Rhode Island. In 2017, Infosys committed to hire 10k workers in the U.S. by 2022. Part of that commitment is a plan to open six training and delivery centers across the U.S. intended to provide benefits including:
Partnering with local colleges who have specific capabilities such as des[...]
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Jan 31, 2019, by Andy Efstathiou
The banking industry cycle has turned towards austerity for 2019 as indicated by recent events, including:
Labor cost cutting: State Street announced 1.5k executive layoffs, and Santander will close 20% of its bank branches in the U.K. Both are part of long-term trends incurred by automation and the shift to omni-channel delivery
M&A activity: Cost pressure is driv[...]
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Dec 06, 2018, by Andy Efstathiou
The primary purpose of Wipro'ss Digital & Big Bets Analyst Relations day in Boston at the end of November was to outline its digital and automation strategy, including presenting some startup partners Wipro is working with (and has invested in through Wipro Ventures) to help drive forward this strategy. Wipro believes its key technology bets will enable it to help clients reinvent thei[...]
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Nov 05, 2018, by Andy Efstathiou
The recent NIIT Tech (NIIT Technologies Ltd.) analyst conference was an opportunity for the current administration, most of whose executives have been at the company less than 18 months, to discuss their strong business success. FY19 (ending March 31, 2019) has so far added 19 new clients. The BFS industry sector added four large clients.
NIIT Tech has accelerated its growth under CEO Sudhi[...]
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Oct 11, 2018, by Andy Efstathiou
I 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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Sep 19, 2018, by Andy Efstathiou
This 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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Sep 18, 2018, by Andy Efstathiou
I 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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Aug 23, 2018, by Andy Efstathiou
Since 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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Aug 15, 2018, by Andy Efstathiou
NelsonHall 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[...]