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Digital Banking Services: Transforming the Financial Services Industry

Market Analysis

by Andy Efstathiou

published on Feb 18, 2022

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Report Overview:

Andy Efstathiou, NelsonHall's Banking Practice Director, briefly introduces his latest global market report on ‘Digital Banking Services: Transforming the Financial Services Industry’.

 

Watch video

 

 

Who is this Report for:

NelsonHall’s “Digital Banking Services: Transforming the Financial Services Industry” report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating sourcing developments within the financial services industry
  • Vendor marketing, sales, and business managers developing strategies to target service opportunities within the financial services industry
  • Financial analysts and investors specializing in the financial services industry sector.

Scope of this Report:

The report analyzes the global market for digital services in the financial services industry and addresses the following questions:

  • What is the current and future market for digital services in the financial services industry?
  • What is the size and growth of digital services in BFS by market segment?
  • Within digital services in BFS, which processes are emerging strongly?
  • What are the market segments for digital services in BFS and their characteristics? What are the drivers, benefits, and inhibitors for each segment? What are vendor capabilities by segment?
  • What technologies and platforms are being utilized and what are the implications by market segment?
  • What are vendor challenges and critical success factors by market segment?
  • How vendors are positioned within each digital services segment?
  • Additional topics include contract lengths; pricing models; partnerships; acquisitions; delivery center locations and the use of offshoring; vendor targeting by client size, geography, and industry.

Key Findings & Highlights:

Digital banking services vendors are delivering less consulting into a maturing market, but more IT services and managed services. Digital operations services is a mature business with tier 1 banks, which primarily demand design and deploy services. Adoption and usage models for hosting and managed services are growing for the mid/small/startup tier market. Vendors are delivering engagements focused on cloud migration services to support business model changes at established clients.

In the future, digital banking services vendors will deliver open banking enablement, including core platform transformation, from shared service or cloud facilities (often BPaaS) to support business model change and expand the client bank’s partner ecosystem. Operational delivery will be agile to support large scale product introductions and manage volume fluctuations which previously would not have been possible.

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Digital Banking 2022

published 2022-02-08 | Project by Andy Efstathiou

This NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyzes the performance of vendors offering digital banking services. The NEAT tool allows strategic sourcing managers to assess the capability of vendors across a range of criteria and business situations and identify the best performing vendors overall, and with specific capability in professional services, managed services/BPS, and support for new digital banking models. Vendors evaluated for this NEAT are: Accelirate, Capgemini, Coforge, Cognizant, Fidelity Information Services, Happiest Minds, Infostretch, Infosys, LTI, Mindtree, Quantiphi, Sopra Steria, TCS, UST, Virtusa, Wipro, and WNS. To find out more, contact Guy Saunders at [email protected].
view NEAT report all NEAT reports about NEAT
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