Market Analysis
published on Sep 07, 2020
Report Overview:
NelsonHall’s “Impact of Digital on IT Services in the Commercial Banking Sector: 2020” 57-page report is based on global interviewing of senior executives across the Commercial Banking sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.
The report identifies the principal business issues faced by Commercial Banking companies over the period 2020-2022, 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 Commercial Banking firms and focuses on the nature of the digital initiatives planned by Commercial Banking companies by application and technology, together with the key benefits required from digital by Commercial Banking companies and their supplier selection criteria when purchasing digital services.
Who is this Report for:
NelsonHall’s “Impact of Digital on IT Services in Commercial Banking Sector: 2020” report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the Commercial Banking sector
- Vendor marketing, sales and business managers developing strategies to target IT services (ITS) opportunities within the 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 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 Commercial Banking sector and addresses the following questions:
- What are the principal business priorities faced by organizations in the Commercial Banking sector?
- What IT initiatives are planned by organizations in the Commercial Banking sector?
- How relevant are digital initiatives to organizations in the Commercial Banking sector?
- What digital initiatives are planned by organizations in the Commercial Banking sector?
- What business areas are targeted for digital initiatives by organizations in the Commercial Banking sector?
- What digital technologies are planned to be introduced by organizations in the Commercial Banking sector?
- What are the key selection criteria used by organizations in the Commercial Banking sector to select suppliers to implement digital initiatives?
- What shifts in sourcing approach are expected by executives in the Commercial Banking sector over the next three years?
- How do companies in the Commercial Banking sector expect their spend on ITS services to change over the next three years?
Key Findings & Highlights:
Commercial banks are placing a primary focus on improving operational efficiencies and expanding the customer base. Areas of operational efficiency focus include security and regulatory compliance. This is, in part, supported by a modernization of the IT landscape. Two major business priorities to do this, identified unprompted by commercial banking companies were:
- Apply automation to reduce administrative effort
- Expand market and revenue base.
Accordingly, commercial banking companies are:
- Improving digital banking platforms
- Leveraging cognitive and analytics to better identify and mitigate fraud
- Expanding the use of analytics, cognitive and machine learning to better understand customer needs and target marketing campaigns
- Migrating a larger proportion of the IT landscape to cloud environments and SaaS-based applications to reduce operating costs.