Market Analysis
published on Jun 19, 2019
Report Overview:
NelsonHall’s “Impact of Digital on Retail & Commercial Banking Sector: 2019” 56-page report is based on global interviewing of senior executives across the Retail & Commercial Banking sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.
The report identifies the principal business issues faced by Retail & Commercial Banking firms over the period 2019-2020, the IT and digital initiatives planned in response to these issues, and their anticipated changes in IT spend and sourcing.
In particular, the report analyzes the importance of digital to Retail & Commercial Banking companies and focuses on the nature of the digital initiatives planned by Retail & Commercial Banking companies by application and technology, together with the key benefits required from digital by Retail & Commercial Banking organizations and their supplier selection criteria when purchasing digital services.
Who is this Report for:
NelsonHall’s “Impact of Digital on IT Services in Retail & Commercial Banking Sector: 2019” report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the Retail & Commercial Banking sector
- Vendor marketing, sales and business managers developing strategies to target IT services (ITS) opportunities within the Retail & Commercial Banking sector
- Financial analysts and investors specializing in the IT services and BPS sector
Scope of this Report:
The report is based on interviews with executives in the Retail & Commercial Banking sector in the U.S., U.K., Continental Europe, and Asia Pacific.
The report analyzes the worldwide market for IT services within the Retail & Commercial Banking sector and addresses the following questions:
- What are the principal business priorities faced by organizations in the Retail & Commercial Banking sector?
- What IT initiatives are planned by organizations in the Retail & Commercial Banking sector?
- How relevant are digital initiatives to organizations in the Retail & Commercial Banking sector?
- What digital initiatives are planned by organizations in the Retail & Commercial Banking sector?
- What business areas are targeted for digital initiatives by organizations in the Retail & Commercial Banking sector?
- What digital technologies are planned to be introduced by organizations in the Retail & Commercial Banking sector?
- What are the key selection criteria used by organizations in the Retail & Commercial Banking sector to select suppliers to implement digital initiatives?
- What shifts in sourcing approach are expected by executives in the Retail & Commercial Banking sector over the next three years?
- How do companies in the Retail & Commercial Banking sector expect their spend on ITS services to change over the next three years?
Key Findings & Highlights:
Retail and commercial banks are primarily focusing on initiatives to grow their business and increase the efficiency of delivery. Two major business priorities to drive growth and improve operating efficiency identified unprompted by retail and commercial banks were:
- Identify new growth opportunities and reduce customer churn
- Increase the efficacy of operations through expanded use of digital.
Accordingly, retail and commercial banks are:
- Identifying and pursuing digital initiatives to improve customer experience and improve operating efficiencies through the application of analytics and expanded mobile offerings
- Adopting DevOps and digitalizing applications landscapes to accelerate time to market and reduce IT service costs
- Prioritizing the engagement of vendors with deep industry knowledge and UX consulting and design capabilities to implement cloud and SaaS solutions.