Vendor Analysis
published on Oct 20, 2021
Report Overview:
This NelsonHall vendor assessment analyzes UST' offerings and capabilities in Digital Banking Services.
Who is this Report for:
NelsonHall’s ‘Digital Banking Services: Transforming the Financial Services Industry’ Vendor Assessment for UST is a comprehensive assessment of UST’s banking industry digital services offerings and capabilities designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of digital processes and identifying vendor suitability for digital services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of digital services offerings, capabilities, and market and financial strength, including:
- Identification of the company’s strategy, emphases and new developments
- Analysis of the company’s strengths, weaknesses and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
UST began its digital banking services activities in 2014, delivering an engagement to a tier-one global Spanish bank. The goal of the engagement was twofold:
Accelerate product lifecycle introductions
Increase the level of innovation in product development
The client had been heavily investing in technology for many years, but at that time, they were not able to leverage their digital investments to create the value they wanted in the market. Thus they were looking for a way to accelerate their move to a digital banking model supported by a more agile product development and deployment process. Ultimately, the process needed to be rolled out across all their global operations.
The engagement included:
- Implement methodologies for agile digital product development and deployment
- Organize the product portfolio and innovation to market roadmap
- Implement methodologies and tools to manage the environment with agility and reduced time to market
The engagement involved digital technology implementation (40% of the engagement), with the remainder being practices, methodologies, and frameworks. The engagement was able to reduce time to market by 73% and increase CSAT by 80%.
Today, UST’s BFS services business is 80% focused on digital technology innovation.