Enterprise Pulse on Third-party Platforms Services in BFS: Fostering Innovation and Deriving Value During a Talent Crunch

The global Banking and Financial Services (BFS) industry is looking at IT modernization and digital transformation as ways to tackle the impending recession, shrinking profitability during the economic slowdown, rising competition, and changing customer demand.

The BFS industry is realizing that the move to platform-based models will help create superior customer experiences, improve agility and scalability, and adopt next-generation technologies to compete with FinTechs and neo-banks.

To implement these platforms, BFS enterprises are increasingly partnering with third-party providers and, in fact, leveraging them for activities beyond IT services. Enterprises are satisfied with their providers in terms of their technical expertise, account management, and commercial models; however, they remain dissatisfied with talent management, innovation, and partnership mindset. Increasingly, enterprises have started expecting their providers to act as strategic partners in these engagements and bring innovation to the table.

This report features buyer feedback on providers’ capabilities in offering BFS platform IT services. The report also lays out BFS enterprises’ expectations from providers and captures quantitative and qualitative insights across multiple assessment parameters and enterprise perspectives on individual providers.