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Jul 04, 2024, by Andy Efstathiou
Financial institutions are data-driven businesses, and because of decades of investment in technology, banks process data using heterogeneous legacy environments. Modern AI and GenAI solutions promise to enable banks to manage and analyze data more effectively. However, adopting new AI solutions is lagging far behind the market hype. In this blog, I look at how TCS is helping clients[...]
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Apr 08, 2024, by Bilal Chaudhry
NelsonHall recently attended the DXC Connect Insurance Executive Forum in Charleston, South Carolina, where the theme was ‘Connecting the world’s largest insurance community to solve challenges and drive value’. DXC focused on:
Its new product strategy to meet insurers’ transformation and investment needs
The ability to combine its SaaS solutions with [...]
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Jan 29, 2024, by Andy Efstathiou
Financial institutions are rapidly starting or growing existing wealth and asset management businesses. In the U.S., wealth assets under third-party management have grown over the last five years by 16.8% CAGR to 2023 (Source: Statista). Wealth advisors are looking to continue to invest in and grow their wealth management businesses because they see continued growth coming from:
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Mar 25, 2022, by Andy Efstathiou
Industry background
Financial services are very centralized, with exchanges, central banks, and custodians delivering platform-based services to any user who wants to make a financial transaction or own a financial asset/liability. Decentralized finance, DeFi, is a financial system built on distributed ledger technology (DLT or blockchain) that allows a user to transact and own w[...]
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Feb 23, 2022, by Andy Efstathiou
In NelsonHall’s newly published market assessment, Digital Banking Services: Transforming the Financial Services Industry, we found that financial institutions are changing their approach to digital services: from a focus on digital channels and CX to a focus on rapid solution development, cloud migration, data management, and STP.
The goal for financial institutions today i[...]
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Jan 13, 2022, by Andy Efstathiou
Digital transformation has accelerated in the banking industry since the start of the pandemic. This blog describes some recent digitalization activities a bank undertook with Xebia to improve its customer contact processes and provide differentiated service with increased efficiency.
The challenge
A U.S.-based neo bank began experiencing ongoing high call volumes in its call [...]
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Jan 11, 2022, by Andy Efstathiou
In 2022, the financial industry will continue to focus on building out its cloud and digital services infrastructure. This will be a deepening of capabilities for banks that have started their transformation, and the start of the journey for institutions that have not yet initiated their transformation. The growth rate of digital transformation is very high at ~20%.
Since most tec[...]
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Dec 20, 2021, by Andy Efstathiou
On December 15, 2021, Kyndryl and Viewpointe announced a cloud migration, modernization and management contract. The engagement provides insight for BFS executives into how banking services operations vendors are moving to the cloud to simplify operational delivery and enable business model change to expand and improve their business.
Current state
Viewpointe provides conte[...]
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Nov 25, 2021, by Andy Efstathiou
Wipro acquired Capco six months ago, and is Wipro’s largest ever acquisition which, if successful, should enable it to compete with tier-one technology and management consulting firms in large-scale, domain critical, transformation projects with financial institutions.
However, successful unions are not created at the strategic level, but with disciplined execution that driv[...]
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Oct 27, 2021, by Andy Efstathiou
The payments industry has been transforming away from physical payments and electronic closed networks into an open network, all-digital payment ecosystem, and the pandemic has accelerated this shift. From the consumer’s perspective, this has been characterized by:
A move to e-commerce and m-commerce, away from brick-and-mortar commerce
Aggressively reduced use of tradi[...]
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Sep 27, 2021, by Andy Efstathiou
Environmental, Social, and Corporate Governance (ESG) is a popular topic of conversation and one that most corporations claim to be actively pursuing. The financial industry is particularly active in ESG, and here I look briefly at what is being done to support ESG initiatives by IT services and BPS vendors who support financial institutions’ operations.
How vendors he[...]
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Aug 16, 2021, by Andy Efstathiou
Digital startup banks are built on FinTech functionality to deliver financial services in an omnichannel environment. There are two types of FinTechs: B2B businesses that have a proprietary platform to deliver service to clients, and B2C businesses that provide clients with an all-digital banking experience.
WNS: expanded focus on B2C FinTechs
While WNS supports B2B and B2C, it[...]
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Aug 02, 2021, by NelsonHall Analyst
In 2020, the U.S. healthcare payer BPS market saw accelerated growth in the adoption and design of digital solutions across all functional areas. The acceleration is driven mainly by consumer demand for an "Amazon" experience from their health plans and providers, to know the cost of care for associated benefit plans to assist in plan selection or inform decisions about ele[...]
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Jun 22, 2021, by Andy Efstathiou
Banks are accelerating their move to the cloud to respond to the pandemic, enable greater operational agility to reduce time to market, and develop open banking capabilities. At the same time, performance dispersion (the operational variance across institutions within the industry) has increased significantly.
Cloud delivery can change operational performance and hyperscale busine[...]
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May 18, 2021, by Andy Efstathiou
The pandemic has accelerated the adoption of digital transformation across all industries, and in the financial sector, operational transformation has grabbed the top spot in the priority list for investment and spending. At the same time, performance dispersion (the variance across institutions within the industry) has significantly increased.
So, how can banks make their transfo[...]
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Apr 08, 2021, by Andy Efstathiou
NelsonHall recently published a market assessment and forecast report on Intelligent Automation in Banking: Transforming Operations. We found that financial institutions must automate their operations if they are to compete successfully in a rapidly evolving marketplace. Currently, they operate with manual processes using a heterogeneous set of platforms, acquired over many years of [...]
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Jan 22, 2021, by John Willmott
WNS has a highly developed property & casualty (P&C) insurance practice handling 30 million claims transactions and ~$12 billion in claims spend annually. The company has extensive capability in property & casualty supporting motor, property, casualty, employer and public liability for insurers, fleet operators, MGAs, global corporates, and municipal authorities. WNS has [...]
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Dec 18, 2020, by Andy Efstathiou
Banks will spend 2021 pursuing different aspects of three key initiatives that have become more important since the advent of COVID-19. The first is process automation, which has become more important but needs to increase its delivery effectiveness. The second, work-from-home (WFH) has also accelerated under COVID-19 but will need to change in 2021 to continue to be effective.[...]
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Nov 20, 2020, by John Willmott
For some time, life & annuities carriers have suffered from a multitude of legacy platforms, with each implemented to handle a particular style of product that was either not handled by its predecessor or was added through the acquisition of a set of blocks from another carrier. The resulting stable of platforms has always been expensive to maintain. In recent years, this has bee[...]
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Jul 28, 2020, by Andy Efstathiou
NelsonHall recently completed a market assessment and forecast report on Transforming Mortgage and Loan Services. We found that the lending industry is undergoing profound operational change as it adapts to slowing loan growth and emerging customer populations that are younger and more technology savvy. For the past two years, lenders have been:
Variablizing and reducing the co[...]