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HCL - FinTech Services in Banking BPS
Vendor Analysis
published on Feb 14, 2017
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Report Overview:
This NelsonHall assessment analyzes HCL's offerings and capabilities in FinTech services for the banking industry. HCL is one of a number of banking services vendors analyzed in NelsonHall’s comprehensive industry analysis programs.
Who is this Report for:
NelsonHall’s retail banking BPS vendor assessment for HCL is a comprehensive assessment of HCL’s FinTech offerings and capabilities for the banking industry designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of FinTech services and identifying vendor suitability for banking industry (consumer banking, commercial banking, and capital markets) FinTech 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 HCL’s FinTech services for banking 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:
Five years ago HCL began observing that, in the IT services market, enterprises were being increasingly constrained by the cost of managing ongoing operations, and were unable to invest in adapting systems to the changing business environment. Based on these observations, HCL decided to create a new delivery model with two key features:
- Incorporating emerging technologies by partnering with start-ups and technology vendors
- Working more closely with both IT and LOB in clients by establishing coinnovation labs near clients.
HCL started its first FinTech engagement in 2012 with a global Continental European bank, out of its London office. The bank was experiencing difficulties in bringing new offerings to market in its capital markets division. To adapt its IT systems to new offerings, it was facing two impediments:
- The organization was rigid and not able to pull in resources to adapt systems
- Tools for IT enablement were not strong.
HCL created a co-innovation lab in London. It applied the principles of design thinking to the task and built a product innovation capability for the bank to address its challenges. The solution sits on top of existing legacy systems, which often have differing data fields and processes. The solution reaches across these systems and applies common taxonomies and outputs so that new offerings can be rolled out across the bank with a common look, feel, and integration for individual customers.