featured posts:
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Genpact: Operationalizing AI for Actionable Insights
Oct 24, 2024, by Andy EfstathiouI recently attended the Genpact AI conference, where the Genpact employees I spoke to were energized by the changes AI is bringing and are focused on helping clients operationalize emerging technologies at scale. The company is investing in tools to provide greater ongoing feedback from employees: an HR executive described how they use an employee feedback system combined with a bene[...]
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Capgemini: Transforming Core Banking Platforms with Rigorous Governance & Prioritization
Oct 03, 2024, by Andy EfstathiouIn July, I published a blog outlining the latest evolving practices in core banking platform transformation. In this new blog, I outline Capgemini's approach to addressing core banking transformation challenges with its clients. The imperative of platform transformation Demand for core banking platform transformation continues to proliferate to enable banks to: Reduce[...]
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Evolving Practices in Core Banking Platform Transformation
Jul 12, 2024, by Andy EfstathiouBanks are undertaking core banking transformation projects at an accelerating pace. Typically, two-thirds of these transformation projects will fail. Most either fail to implement a new solution altogether, leaving the bank with the original legacy system, or (in the case of a successful implementation), fail to deliver the anticipated value. Some projects, such as those at TSB Bank [...]
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Accelerating Use of AI: How TCS is Helping Financial Institutions
Jul 04, 2024, by Andy EfstathiouFinancial 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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How EY is Rethinking Advanced Technology for Banks
May 22, 2024, by Andy EfstathiouI recently attended the EY Global Analyst Summit 2024, the theme of which was Rethink! The conference sought to answer the question, “How is EY rethinking the value it delivers?” and this blog looks at how EY is rethinking its activities in support of the BFS industry sector. EY has been growing its business rapidly, with the most recent numbers showing 15% revenue gro[...]
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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 [...]