featured posts:
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Capgemini & Salesforce: Enabling Banks to Deliver Customer-Centric Buying Experience
Mar 18, 2024, by Andy EfstathiouFinancial institutions have complex portfolios of products presented to customers in a siloed, product-centric fashion, which makes shopping for financial products inefficient and reduces the overall customer experience. However, digital delivery promises to improve customers' shopping experience, CX, and CSAT. Some firms in other industries have been doing this successf[...]
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Infosys Delivering Financial Services Ops Transformation with AI-First Strategy
Mar 14, 2024, by Andy EfstathiouNelsonHall recently attended the Infosys U.S. Analyst Day in Dallas, the theme of which was “Being AI First”. It demonstrated clear progress since last year’s conference in Infosys’ thinking and approach to the critical steps for effective implementation and operational deployment of AI. Key components of AI-led operational transformation Infosys and its[...]
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ESG Services Transforming Data Management in Banking
Nov 30, 2023, by Andy EfstathiouESG services are an emerging set of tracking and reporting capabilities for enterprises. Emerging technologies do not mature in a straight line but cycle through peaks and valleys of development and adoption as they mature. In the past year, ESG services have passed from the euphoria stage of market adoption to the valley stage as the hype has been confronted by the real-world challe[...]
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IA Transforming Financial Services by Improving Operational Delivery
Jul 19, 2023, by Andy EfstathiouNelsonHall has just completed the research for a market assessment and forecast report on Transforming Intelligent Automation Services in Banking. We found that banks have accelerated the adoption of IA services in operations over the past two years, a shift that has been driven by: Declining operating margins on legacy businesses Pursuit of new customer demographics to repla[...]
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Capgemini Bringing Hyper-Personalization to Financial Services
Jun 27, 2023, by Andy EfstathiouCapgemini has partnered with Microsoft to develop and market a dynamic hyper-personalization offering for the financial services industry. This blog explores how hyper-personalization capabilities can be adapted to the unique needs of the financial services industry. Background Enterprises want to increase the personalization of their offerings to customers to increase CSAT an[...]
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Financial Institutions Using IA to Deliver Greater Operational Agility
Apr 14, 2023, by Andy EfstathiouIn the financial services industry, there was an initial expectation that demand for intelligent automation (IA) would fall off as clients changed platforms and moved to a microservices architecture. Instead, the application of IA in financial services has grown rapidly. The initial evidence from my current study shows that despite challenges deploying the technology effectively, the[...]
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Financial Industry Driven to Transform Operational Delivery to as-a-service
Apr 06, 2023, by Andy EfstathiouNelsonHall recently completed a market assessment and forecast report on Transforming Financial Services with Cloud, SaaS, and BPaaS Services. It reveals that the financial services industry is responding to the industrialization of cloud services from hyperscalers and IT services vendors by transforming its platforms to microservices architectures and then moving them to the cloud. [...]
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AI FinTech: What to Expect in 2023
Dec 09, 2022, by Andy Efstathiou2022 has been a very strong year for IT services firms delivering cloud, digital, and AI services to the financial services industry. 2023 looks to be a very different year for these vendors as they are finding it difficult to hire skilled resources, find clients able to fund new large projects, and partner in strategic growth areas. Successful BFS technology consultants will need to[...]
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Capgemini’s Approach to Building DeFi Offerings
Mar 25, 2022, by Andy EfstathiouIndustry 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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Digital Banking Driving Profound Change in Financial Services
Feb 23, 2022, by Andy EfstathiouIn 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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Two High-Growth Areas for Banking ITS & BPS in 2022
Jan 11, 2022, by Andy EfstathiouIn 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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Kyndryl: Key Lessons in Moving a BFS Provider to the Cloud
Dec 20, 2021, by Andy EfstathiouOn 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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WNS: Helping B2C Digital Startup Banks to Scale Rapidly
Aug 16, 2021, by Andy EfstathiouDigital 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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Infosys’ Toolbox to Accelerate Banks’ Enterprise Journeys to the Cloud
Jun 22, 2021, by Andy EfstathiouBanks 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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Capgemini’s Framework for Digital Transformation in the Financial Sector
May 18, 2021, by Andy EfstathiouThe 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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Intelligent Automation Driving Profound Changes in Financial Services
Apr 08, 2021, by Andy EfstathiouNelsonHall 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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3 Key Growth Segments for Banking ITS & BPS in 2021
Dec 18, 2020, by Andy EfstathiouBanks 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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Banks Accelerate Efforts to Digitalize Operations to Deliver Customized Experiences
Oct 14, 2020, by Andy EfstathiouI recently participated in a webinar panel during the Consumer Banking Association conference with Genpact and TD Bank. The panel topic was Genpact: Turning Crisis into Opportunity for Consumer Banking, and it addressed three core topics: The global health and economic crises have reshaped consumer banking Banks are adjusting to serve customers digitally while trying to maint[...]
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Genpact’s Agile Approach to Collections to Support Scaling Operations
Jun 12, 2020, by Andy EfstathiouThe past decade since the global financial crisis (GFC) has been good for the lending industry. Loan delinquencies in the U.S. reached their highest level after the GFC in the first quarter of 2010 at 7.4% of commercial bank loan portfolios. Since then, loan delinquencies have fallen to 1.44% of loan portfolios as of the fourth quarter of 2019. At the same time, loan portfolios[...]
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Update: How COVID-19 is Impacting the Financial Services Industry
Apr 21, 2020, by Andy EfstathiouThis is an update on my last blog on the impact of COVID-19 on the financial services industry. Since then, I have interviewed many more industry executives both at banks and at operations services vendors. Industry responses are still muted, but clear signs are emerging that banks will be focused on prioritizing those activities which maintain continuity and support adaptation [...]
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Establishing Digital Banks Requires Commitment and a Clear Roadmap
Feb 03, 2020, by Andy EfstathiouBanks 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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NIIT Technologies Delivers Digital Transformation with Capacity & Capability at Speed and Scale
Oct 10, 2019, by Andy EfstathiouAt 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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Infosys Accelerates BFS Growth in NA with Platform-Based Digital Services Sales
Sep 17, 2019, by Andy EfstathiouAt 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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HCL’s EXACTO Intelligent Automation Streamlines Bank Trade Processing
Jul 16, 2019, by Andy EfstathiouThe 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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The Characteristics of Successful Blockchain Deployments in Banking
Jul 01, 2019, by Andy EfstathiouBlockchain 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[...]