Category: Blog

Protecting Against Remote Cyber Threats with a SASE Framework | Blog

Remote and hybrid work models combined with the shift to cloud services have exposed enterprises to complex digital threats and cyberattacks that traditional security measures can’t effectively thwart. But a next-generation framework called Secure Access Service Edge (SASE) can help transform enterprises’ IT infrastructure by unifying network and security features. Learn more about the SASE solution in this blog. 

Contact us if you would like to discuss this topic further or if you have any questions.

Today’s cyber threats introduced by the rise in remote work have made securing data with traditional network and security measures like firewalls and virtual private networks (VPNs) increasingly challenging. A new solution, Secure Access Service Edge (SASE), can help enterprises address the following key needs:

Zero trust: Enterprises’ post-pandemic move to hybrid and remote work models essentially means employees can “connect from anywhere.” Traditional security models based on perimeter-based defenses have proven ineffective against sophisticated attacks such as phishing, ransomware, and credential theft. Most enterprises realize the immediate need for zero-trust security services, given the possibility and evolution of different threat vectors.

Cloud visibility: With the increased adoption of cloud-based resources, applications, and services, traditional network security approaches are becoming less effective. All enterprises need to monitor and understand the usage, performance, and security of their cloud resources. Challenges like shadow IT, unauthorized data access, compliance violations, etc., must be addressed to maintain a secure cloud environment.

Real-time threat detection: Cyberattacks are becoming increasingly sophisticated in today’s threat landscape, and enterprises must have the capability to detect and respond to threats quickly to minimize the impact of attacks.

Single pane of glass monitoring: Traditional security solutions offer products and point solutions from multiple vendors, which can create a complex and disjointed security stack solution. This can result in overlapping and redundant security controls, increased costs, management overhead, and potential security gaps.

How the SASE Framework addresses these challenges

SASE is a cloud-based framework that integrates multiple security services and network functions into a single platform. SASE can help enterprises address the complex and evolving cybersecurity landscape by providing a flexible, scalable, and unified network security approach.

By combining multiple technologies into a single platform, it provides a holistic and efficient way to protect an enterprise’s digital assets while ensuring employees can work securely from any location.

This integrated approach enables organizations to simplify their security stack, improve their security posture, and reduce the time and cost of managing multiple security solutions.

Implementing a SASE solution

Here are some recommendations to consider when moving to SASE:

  • Choose the right vendor

Selecting a SASE vendor that aligns with the enterprise’s requirements will increase the probability of success. Factors such as technology innovation, industry experience, and customer satisfaction should be considered

  • Integrate with existing technologies

Devising a comprehensive plan for integrating the enterprise’s existing network infrastructure with the new SASE solution can help ensure seamless compatibility with network components such as routers, firewalls, etc.

  • Phase the implementation

Implementing the SASE solution in phases, starting with the most critical applications and services, can help identify and address any issues or challenges before rolling out the solution across the entire organization

  • Define the requirements

Defining the enterprise’s requirements and objectives, including security needs and network performance, can help the enterprise select the right solution

Key elements in the complexity of a SASE solution

Implementing and managing SASE solutions is complex because of the many different factors involved, including the end users, technology stack, cloud service providers, and data centers, as illustrated below:

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SASE managed services commercial models   

As a relatively new technology, SASE pricing depends on several factors like specific features and capabilities offered and the number of end users. Below are some pricing models offered by service providers that we see in the market:

  • Per-user pricing

Providers offer a per-user pricing model, where the organization pays a fixed monthly fee per user. This model is observed in variable user environments.

  •  Tiered pricing

A few SASE providers offer pricing based on tiers, where varying sub-services are available at different price points. For example, a basic plan may include essential features like a firewall, and an advanced plan may include features like a Cloud Access Security Broker (CASB), Zero Trust Network Access (ZTNA), etc.

  • Fixed fee pricing

The SASE provider charges the client a fixed fee for a particular set of pre-defined services and may charge more for additional features or services. This is typical in organizations that have more predictability in users.

With the rise of remote and hybrid work models, we expect many enterprises to adopt the SASE framework as a solution to their networking and security needs as part of their short- and long-term strategies.

For insights on the SASE framework, pricing, and benchmarks, please reach out to [email protected] and [email protected].

Pension Risk Transfer: The Next Greenfield Opportunity in Retirement and Insurance | Blog

With pension risk transfer (PRT) activity hitting post-pandemic record highs of $53 billion in North America market volume last year, this growing market represents a massive untapped opportunity for technology and services providers to leverage their retirement and pension expertise to deliver new solutions. Read on to learn about the possibilities this option opens. 

Even with the general shift towards defined contribution (DC) plans, defined benefits (DB) assets still contribute to the majority of retirement Assets Under Management (AUM) in the US. However, defined benefit plan providers often struggle to guarantee the security of retirement benefits because of the following risk factors:

  • Unpredictable investment returns due to variable interest rates, market volatility, and the geopolitical environment
  • Volatile interest rates
  • Increasing life expectancy and longer service tenure of plan participants
  • Underfunded pension liabilities

To shield against this unpredictability, plan sponsors are adopting pension risk transfer strategies to guarantee retirement and pension benefits for DB plan members. Under this approach, DB plan providers transfer their entire/partial pension liabilities to other firms, usually a life insurance firm, to remove their obligation to pay plan participants guaranteed retirement income or post-retirement benefits.

In the past four years, PRT transactions have increased as DB plan providers seek to de-risk huge pension liabilities. Many large and mid-sized plan sponsors are hedging these risks through PRT transactions with the intent of transferring or terminating existing DB plans.

The pension risk transfer market peaked in 2022 as retirement plan sponsors urgently felt the need to secure pension benefits in an increasingly uncertain world following the pandemic.

The growth momentum is expected to continue due to favorable transaction terms for sponsors and insurers’ continued desire to de-risk pension assets. North America accounted for approximately two-thirds of global PRT sales (US$60 billion) in 2021 and grew by 40% in 2022. In both these years, almost half of the PRT transactions were near US$1 billion or more, according to the LIMRA Secure Retirement Institute.

Pension risk transfer types

The following two PRT transactions are most prevalent in the market:

  1. Buy-in – The insurance firm takes the liability of benefit payments for plan participants to the plan trust. The sponsor retains fiduciary and administration obligations and holds the pension plan contract as an asset on its balance sheet
  2. Buy-out – The insurance firm takes the liability of benefit payments for plan participants entirely and all of the administrative responsibilities. This is the most common transaction type, as the entirety of pension obligations are transferred

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Implications of pension risk transfer for services and technology providers

Transferring pension liabilities to an insurer comes with many challenges. Providers have several opportunities to support insurance enterprises, recordkeepers, plan sponsors, and third parties involved in such transactions in the following key areas:

  • Technology systems: Insurers need support to transform their technology landscape to meet the increasingly complex market requirements, including data migration, fund transfer, benefits administration, contracts and provisions management, and pension administration for the full participant lifecycle.

Varying technology maturity levels among recordkeepers, insurers, and plan sponsors presents a big challenge. A service provider or platform provider’s solution can help with the entire process of transferring liabilities (sometimes along with plan termination) and all the relevant data, provisions, rules, funds, and critical participant details. This presents an opportunity for system integrators (SI) and platform providers to work together to efficiently manage the process lifecycle

  • Strategic partnerships: As this business achieves scale, insurers will strategically view this as an alternate revenue stream. Insurance firms can partner with technology and service providers to enable user-friendly onboarding, payment/annuity processing, automated query resolution, and analytics-based PRT transaction pricing, as well as building newer underwriting and actuarial capabilities for deciding PRT transactions’ premiums
  • Regulatory compliance: Technology and service providers need to assist insurers and sponsors in complying with the changing regulatory environment, varying state and regional taxation laws, and accounting nuances of different transaction types such as buy-ins and buy-outs
  • Cyber security: The significant amount of sensitive participant data being exchanged between recordkeepers, insurers, and sponsors’ systems poses substantial security risks. With the varying complexities and formats for different plan sponsors and record keepers, traditional file formats of participants’ data are difficult to maintain. Technology and service providers can securely manage the migration of pension data from on-premise systems to cloud, on-prem systems to other on-prem systems, and between different cloud environments

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With the transaction volume increase in the PRT market expected to continue, technology and service providers have many opportunities to seize this underserved industry segment by leveraging their existing business expertise in the retirement and pension domain to build new solutions catering to this market.

To discuss pension risk transfer further, please reach out to [email protected] and [email protected].

Learn about the evolving digital requirements for the insurance industry in the blog, Reinventing the P&C Insurance Claims Value-Chain: Moving to the Claims of the Future Vision.

How GBS Organizations Can Help CEOs with Cost Optimization and Future-proofing Their Talent Strategy | Blog

Global Business Services (GBS) organizations have become essential to the enterprise as these shared service centers help to optimize costs and build talent strategies for the future. Read on to learn more about the benefits GBS offers.

In today’s rapidly changing business landscape, enterprise CEOs face unprecedented organizational pressure to cut spending across technology, operations, and talent. To achieve these goals, CEOs are turning to GBS organizations for support. Designed to provide a broad range of shared services, GBS organizations can help enterprises streamline operations and resources, reduce costs, and reach needed talent, all while driving innovation.

Learn more about our latest thinking on how GBS leaders can accelerate impact for the enterprise.

Three optimization approaches

To help bring about cost optimization for enterprises, GBS leaders are adopting the following three key approaches to drive critical transformation:

  • Increasing talent model resiliency by improving and optimizing the locations mix to expand access to skilled talent – especially for niche skills – and build a solid presence in markets, creating a stronger employee value proposition
  • Optimizing near-term costs through a mix of salary structure and delivery pyramid rationalization, automation, and productivity improvements
  • Accelerating the expansion of GBS’ scope of services across operations, technology, and corporate functions to drive cost savings and reduce the cost of talent acquisition and retention in key markets

Building talent model resiliency at the right cost in the right locations

Enterprise executives are looking beyond the obvious measures to drive structural cost takeout, and we are seeing GBS leaders leverage workforce and locations strategy to aid in this pursuit. While some are reviewing the competitiveness and sustainability of existing locations, others are carefully adding newer locations that offer lucrative cost propositions and access to diverse talent pools.

With a carefully structured locations mix, enterprises are finding that they are better positioned to balance and optimize their locations portfolios and increase offshoring to optimize costs. We’ve observed that:

  • More than 50% of new GBS center setups in 2022 were concentrated in Asia Pacific (APAC)
  • Center setups in tier-2/3 locations increased from 72 (in 2021) to 103 (in 2022)
  • 65% of GBS organizations are actively evaluating adding satellite/spoke offices

With the right approach, executives can leverage a variety of locations to find the right talent for the right cost, allowing them to drive growth, optimize cost, and stay competitive in the market.

Strategies to optimize near-term costs

Inflation is putting cost takeout pressure on businesses worldwide. In fact, cost pressure was ranked as the number one business challenge in our annual key issues survey for 2023.

Enterprises expect their GBS organizations to help alleviate some of the cost pressure by reducing operations costs or by doing more with the same, or lower, budget and

resources. With costs inflating in 2022, enterprises see opportunities now to optimize costs across the business, and GBS organizations are in a position to help lead this effort.

GBS leaders can help enterprises achieve their cost-takeout goals by deploying one or more of the following cost-saving methods:

  1. Effectively optimize the cost of talent by implementing a mix of salary structure, pyramid optimization, and improved talent acquisition and retention strategies
  2. Do more with less or the same resources by incorporating process automation, productivity enhancement measures, and providing cross- and up-skilling opportunities for employees
  3. Optimize location and sourcing strategies by leveraging tier-2/3 cities, outsourcing functions, and implementing vendor rationalization processes

Expanding GBS’ scope of services to streamline operations and lower costs  

The increased need for transformation and cost optimization initiatives among global CEOs is driving enterprises across industries to leverage the GBS model to improve services delivery and cost competitiveness. Here are a few key statistics that illustrate the growth of GBS globally:

  • The in-house delivery model share of the overall sourcing mix increased by 50% in the last ten years
  • More than 250 new GBS centers were established in 2022
  • GBS organizations are expected to create more than 360,000 new jobs from 2023 – 2025 in India, and over 500,000 jobs globally
  • More than 60% of GBS organizations are adding more work, including additional scale, new processes, and new functions

A significant push is underway by enterprises to insource and outsource more work across core operations, IT, and corporate functions. The GBS model is proving to be an effective choice to improve operations and remove unnecessary costs. By enabling enterprises to reach their budget requirements without losing competitive advantage, GBS leaders are strengthening their foothold as trusted and vital partners.

To discover how GBS leaders are using these strategies for cost optimization and about our latest research, contact [email protected], [email protected], or [email protected].

Learn about the three key themes to deploy near- and medium-term strategic and operational levers to optimize cost for the enterprise.

Evergreen Services: The New Age Answer to Capex Crunch | Blog

In today’s fiscally and environmentally conscious times, a differentiated technology asset ownership model can help enterprises both reduce capital expenditures and improve sustainability. Read on to learn about the rise of evergreen services.

Now more than ever, enterprises are under increased pressure to rationalize expenses in the current unpredictable global business climate with the ongoing Ukrainian war, recession clouds, etc.

At the same time, enterprises around the world are quickly pivoting and incorporating sustainability as a key component of their innovation charters. Topics like reuse, recycle, and electronic waste (E-waste) management are looked at with increasingly serious and concerned lenses.

Over the last few years, device as a service (DaaS) and especially evergreen services (as a variation of DaaS) have emerged as an attractive option for enterprises to simultaneously tackle both Capex reduction and environmental sustainability commitments. Overall, DaaS is projected to grow at a compound annual growth rate of 10-15% this decade, and evergreen service is expected to contribute heavily to this growth.

What are evergreen services?

DaaS is the bundling and offering of management services and IT equipment – like personal computers, smartphones, and mobile devices – in a paid subscription model, as an alternative to purchasing these devices individually.

By extension, evergreen service is an end-user asset ownership model that helps customers convert their device acquisition-related Capex to an operating expense (Opex) while simultaneously rationalizing management overheads and providing users with increased flexibility and improved experience.

In contrast to DaaS, evergreen service puts a greater emphasis on sustainability and device performance management, and reusability. The primary focus is on meeting pre-set device performance standards, regardless of the age of the device. It also allows customers access to the latest technologies and customized services, such as device configuration, installation, data migration, on-site support, technology refresh, etc., without incurring large upfront costs.

Evergreen services: The key benefits

Evergreen services can help enterprises achieve their sustainability goals. The core philosophy of this construct is reducing e-waste by upgrading existing devices to meet performance parameters versus replacing devices outright. Existing devices are kept current and performant via updates/upgrades, spare replacement, etc. This is a stark departure from the traditional DaaS model, where devices are mandatorily replaced at the end of a pre-defined number of years.

Evergreen service also improves the user experience, creates a more stable environment, and reduces overall incidents. Due to an increased focus on proactive monitoring and managing end-user devices, a large portion of device issues are proactively identified, and preventive actions are taken to avoid service interruptions to end users. To enable this, a dedicated/shared monitoring team is deployed to perform eye-on-the-glass monitoring of the device estate using a digital experience management (DEM) tool.

The table below summarizes the key differences between evergreen and traditional DaaS models:

Parameter Evergreen Services DaaS
Proactive/preventive monitoring Higher Lower
Ticket volume Lower Higher
Onsite support requirement Lower Higher
User experience Higher Lower
End of Life refresh As needed Fixed Timeframe
E-waste generation Lower Higher

Evergreen services are slightly more expensive on paper compared to traditional DaaS services. But the long-term benefits of improved user experience, reduced incidents, and sustainability value make evergreen services an attractive proposition for today’s environmentally conscious businesses.

If your enterprise is interested in evergreen services, its pricing model, and price benchmarks across geographies, please email [email protected].

Learn more about current pricing and tech services our recent blog, Demystifying Common Low Code Pricing Models and How to Choose the Right Platform.

Concentrix Acquires Webhelp: A Game Changer in the Global Customer Experience Management (CXM) Landscape | Blog

The combination of Concentrix and Webhelp will create a global customer experience management (CXM) titan that can significantly shape the industry’s future. Let’s explore the benefits and other implications of this mega deal.

The recent announcement of Concentrix’s planned acquisition of Webhelp in a US$4.8 billion deal is a major milestone in the growing trend of mergers and acquisitions in the CXM industry over recent years.

With an estimated pro forma 2023 annual revenue of US$9.8 billion across multiple businesses, including CXM, trust and safety, and legal services, the combined entity will emerge as a global service powerhouse with the potential to significantly shape the CXM industry.

Key drivers of the acquisition

The strategic benefits of this acquisition include:

  • Stronger operational presence beyond North America: Webhelp has a strong presence in sales, marketing, and payment services across Europe, Latin America, and Africa. With this acquisition, Concentrix will be able to strengthen its operations beyond North America in these geographies. Concentrix is further set to bolster its extensive operations in the Asia-Pacific region by leveraging Webhelp’s existing operational presence and partnerships with regional CXM providers in China and Japan through joint ventures with Kingwisoft and Telenet, respectively. This will result in the combined entity having a diversified revenue contribution across the Americas, Europe, and Asia Pacific
  • Enhanced delivery capabilities in Europe, Latin America, and Africa: Webhelp adds more than 25 new countries to Concentrix delivery locations, including Denmark, Greece, Estonia, Finland, Norway, Madagascar, Peru, and South Africa, thus, strengthening Concentrix’s delivery presence in Europe and Latin America, as well as helping it establish an African footprint. This collaboration will establish a robust and well-balanced global footprint, which can attract global enterprises looking to partner with service providers who can offer the right shoring mix to their end customers across geographies
  • Varied customers: Webhelp’s customer base is primarily situated outside of North America leading to limited client overlap with Concentrix. With this acquisition, Concentrix is set to gain around 1,000 new clients from Webhelp, consisting of over 25 Fortune Global 500 clients, and more than 200 clients from emerging economies. This will significantly increase the combined entity’s client base to approximately 2,000 clients, of which 155 are Fortune Global 500 clients and 320 are from the new economy sector. By expanding and diversifying its client base, Concentrix can increase revenues, broaden service offerings, and gain economies of scale, while its clients also will benefit from access to a wider range of resources and expertise
  • Operational synergies: Combining Concentrix and Webhelp will enable the sharing and cross-selling of digital capabilities, including Concentrix’s Catalyst platform and ServiceSource’s expertise in the fast growth-technology (FGT) segment, as well as Webhelp’s Lead Factory and consulting firm Gobeyond Partners. This will allow the combined entity to offer clients high-value services, addressing their needs more comprehensively and efficiently. Moreover, the partnership is expected to broaden the global reach of Concentrix Catalyst and accelerate its expansion by leveraging Webhelp’s engineering know-how in Europe and Latin America. Sharing resources also can lead to operational efficiencies, enabling the merged entity to enhance profitability and market competitiveness. Expected cost synergy benefits will be US$75 million in the first year after the closing of the transaction and will reach a minimum of US$120 million (after accounting for investments) by the third year
  • Expansion of other service lines: Concentrix can expand its trust and safety service lines by utilizing Webhelp’s delivery footprint and in-house solutions, such as Contentus.AI for more efficient moderation, Navigatus for enhancing work quality, and Moderatus for detecting and removing false news and hate speech. In addition, Concentrix can leverage Webhelp’s expertise in legal services, including legal claims management and Know Your Customer (KYC) services, to further expand its Business Process Services (BPS) portfolio

Key considerations

  • Integration challenges: Varying technology systems and processes, as well as the difficulty of integrating and managing data, can potentially hinder the Webhelp and Concentrix union. Bringing the respective customer service models and training programs into alignment also can pose challenges. Furthermore, integrating human resources and payroll systems, benefits, and compensation programs can be complex and will require careful planning and execution. However, contrary to other recent CXM acquisitions, we do not foresee a significant culture clash challenge between Concentrix and Webhelp
  • The emergence of a new category of global CXM Titans: In recent years, the CXM market has witnessed a significant trend towards consolidation, with several high-profile mergers such as Sitel Group’s merger with SYKES to form what is now known as Foundever and Comdata Group’s merger with Grupo Konecta. The upcoming collaboration between Concentrix and Webhelp is poised to contribute to this consolidation trend, with the combined entity expected to control a considerable market share of roughly 6-8%. Similar to the super-major formation era of the late 1990s and early 2000s in the oil and gas industry, Concentrix, Foundever, and Teleperformance are poised to form a new category of global CXM Titans that have the potential to dominate the market due to their extensive resources, expertise, and global reach. Their emergence validates the growing appetite for comprehensive CXM solutions and the need for providers who can meet these demands on a large scale
  • Competition and opportunities for other providers and specialized players: The consolidation of these two forces may create challenges for other CXM players who might struggle to compete with the resources and scale of the merged entity. However, this also could create opportunities for providers to thrive with tailored offerings targeted at specific customer service areas or industry sectors, such as IGT Solutions and ResultsCX with their focused offerings for travel and healthcare, respectively

The announcement of Concentrix’s acquisition of Webhelp has generated a significant buzz in the CXM industry. Certainly, we expect this pending acquisition to fuel more CXM market consolidation, which may potentially limit buyers’ choices for transformation-oriented strategic partnerships.

Despite these concerns, the Concentrix and Webhelp combination creates a formidable CXM force that will likely shape the industry’s trajectory for years to come. Monitoring the impact of this collaboration on the CXM landscape as well as watching other market players respond to the ongoing consolidation trend will be fascinating. Who will be the next global CXM titan to join their ranks?

To discuss global customer experience management topics, contact Shirley Hung [email protected], Sharang Sharma [email protected], or Divya Baweja, [email protected].

And watch our LinkedIn Live event, Delivering CXM Services from Africa: Who, Where, Why, and How, to learn why Africa has become an ideal option for global customer experience management.

Demystifying Common Low Code Pricing Models and How to Choose the Right Platform | Blog

Selecting the right low code/no code pricing model is essential for enterprises to realize the many cost savings benefits these popular citizen-led development platforms offer to enterprises. Read on to learn about the various factors to consider to make the best choice for your organization. 

The case for no code/low code

The last few years have been rough for most enterprises, to put it mildly. The COVID-19 pandemic disrupted supply chains and forced many businesses to close their doors. The subsequent war in Ukraine and its ramifications, such as energy crises, supply chain disruptions, etc., left many business leaders struggling to make difficult decisions and pushed enterprises to quickly adapt to new ways of working.

With market uncertainty and macroeconomic impacts looming, enterprises are seeking innovative, cost-effective tech solutions to adapt to changing demands. Low code/no code platforms aim to bridge this gap of unrelenting business needs and the restricted bandwidth of IT teams through the rise of the citizen developer.

Plethora of low code pricing models – boon or bane?

The increasing popularity of low code/no code platforms can be partially attributed to the diverse pricing options that cater to various customer needs. The extensive options offer customers greater flexibility to select the most suitable pricing to meet their requirements, enabling them to leverage low code/no code platforms and remain within budget constraints.

While offering a wide range of choices provides flexibility to procurement teams, it also can make it confusing and difficult to choose the option that works best in each context. Let’s simplify the different scenarios.

How to choose the right low code pricing model for your organization

First, pricing options can be divided into these two categories:

Perpetual licensing – Customers pay a one-time fee to use an application indefinitely.

Subscription-based licensing – Customers pay a per user/application fee. This pay-as-you-go model has gained greater acceptance among enterprises, with over 80% of clients preferring it

Now, let’s compare the two most frequently used subscription-based licensing models below:

  • Application-based pricing, as the name suggests, is based on how many end applications the enterprise builds using the low code/no code platform. Typically, platform providers offer either per-application-based pricing or a bundled price for a predefined number of applications. Bundled plans are billed for the entire contracted bundle regardless of the actual number of applications the client deploys. For example, if a client opts for a 100-application bundle, the provider will charge for the entire bundle whether the client deploys one application or 99 applications.

When does application-based pricing make sense? Application-based pricing models usually are starting points for organizations to explore low code/no code platforms. It allows them to dabble with the trend without breaking the bank because it is easier to control the number of applications. For example, an organization might use application-based pricing when replacing an HR Management System with a group of three applications (for core HR, learning and development, and payroll) built on low code/no code platforms

  • User-based pricing is more focused on how frequently the application is used versus the number of applications built. Platform providers usually classify users into the following two categories:
    • Internal users – Individuals within the organization who use the platform to access or build and deploy applications. Usually, platform providers provide a lower band on minimum commitment for the number of internal users (For example, enterprises can’t contract for five internal users)
    • External users – These are named individuals or entities outside of the organization who interact with the applications developed using the low code platform

When does user-based pricing make sense? More mature enterprises that have had successful proof of concepts and are looking to scale this organizational capability will probably find user-based pricing more convenient. At this point, their objective typically will be to democratize low-code capabilities across the organization rather than to target specific use cases.

Keeping the number of internal and external users of low-code applications as one of the primary metrics for measuring success makes sense in scale-up mode. This model also allows enterprises to pay for actual usage rather than committing to a bundle of applications they may not deploy to production

Choose a pricing model that works for your organization

Low code/no code platforms are the superheroes that enterprises need in the current uncertain and rapidly changing business environment. However, to achieve the elusive return on investment (ROI) that all enterprises look for, selecting the correct platform from the plethora of available offerings is equally essential to choosing the right pricing model.

Selecting an appropriate pricing model hinges on multiple factors, including an organization’s goals, development level, and intended use cases. Failing to properly align these requirements to the available models and pricing options can lead to either overpaying (by double or triple) for the requirement or result in dissatisfaction due to feature or usage restrictions at the chosen price point.

If your organization needs help in determining the right low code pricing model and the market price benchmarks for your low code/no code platform, email [email protected] or contact [email protected] or [email protected].

Watch the Software and Cloud Pricing and Contract Negotiations: Keep Spend in Check webinar to hear Everest Group’s software pricing experts discuss recent pricing trends, key tactics enterprises use to keep their software spend in check, and the outlook for software and cloud pricing in 2023.

Introducing Talent Genius™: The AI-powered Insights Platform for Workforce and Location Strategies | Blog

Making the best location and workforce decisions to optimize for risk, cost, and talent pipeline sustainability is critical in the constantly changing global services market. Having uniquely targeted, up-to-date data and insights to develop strategies and future plans are now key to success. Read on to learn about Talent Genius™, Everest Group’s new interactive, on-demand platform delivering the insights and intelligence IT and BPS organizations need today.   

Uncovering the right talent and locations amid economic uncertainty, shifts in geopolitical climates and monetary policies, inflation, attrition, and skill shortages is one of the biggest challenge Information Technology (IT) and Business Process Services (BPS) industries must overcome today.

The wrong workforce and location strategies in an unstable market could lead to suboptimal costs and waste, a lack of long-term growth and sustainability, continued challenges in acquiring and retaining talent, the inability to deliver on organization or client commitments, and overall increased risk. It is critical organizations have market visibility to build the right strategies, but they lack the data they need to make confident location and talent decisions.

That’s where Everest Group’s recently launched Talent Genius™ comes in.

This dynamic, Artificial Intelligence (AI)-powered insights platform has been purpose-built to guide IT and BPS location and workforce decisions with the most comprehensive, reliable, and current location and talent data. With Talent Genius, global IT and BPS firms can build, monitor, and optimize their location portfolio and talent hubs by staying on top of talent market trends.

With Talent Genius, business leaders can find the guidance needed to understand the latest market trends and get a step up when planning for the coming years. The interactive, on-demand platform identifies and analyzes key trends in the global labor market so leaders can quickly develop data-driven location and workforce management strategies.

Let’s take a closer look at this new solution.

How does Talent Genius work?

Everest Group is committed to creating sustained value for the IT and BPS sectors by applying practical research to specific workforce problems. Talent Genius combines Everest Group’s years of extensive location and talent insights with ongoing market research. It offers a range of data-driven insights and analytics to help global organizations understand the rapidly changing talent market and make well-informed talent and locations decisions.

Through intuitive dashboards, IT and BPS firms get a clear view into locations around the world for country and city assessments, demand hotspots and trend monitoring, salary benchmarking, language skills scalability, peer demand and hiring trends, and peer employer brand perception.

Talent Genius offers organizations the capability to be competitive, future-ready, and confident as they build their talent and location strategies with the ability to:

  • Evaluate 100-plus cities and more than 30 countries for economic, geopolitical, and competitive risk, wage inflation, attrition, and IT and BPS talent supply and demand
  • Assess talent demand as markets change by function, roles, skills, and city or country, and select from 25-plus languages to quickly identify the right markets for specific needs
  • Optimize for cost as budgets fluctuate while attracting and retaining talent by offering competitive salaries and choosing the right locations to grow
  • Detect competitive hiring opportunities and threats to determine where competitors are hiring and the functions and roles they’re hiring for
  • Understand how competitor employees perceive important factors such as compensation, benefits, and career growth and get an inside look into how employees perceive your organization compared to competitors

Using this tool, location and talent strategy leaders can easily determine where they should expand to optimize costs while improving access to talent. They also can assess if they are in the right countries and cities to maintain a robust, risk-managed portfolio.

Why you’ll get the right data and outcome with Talent Genius

As the leading research firm in the global service space, Everest Group has decades of experience partnering with global IT and BPS organizations to provide location and talent insights to enable confident decisions.

With Talent Genius, IT and BPS companies can prepare for the future with clarity and confidence. Powered by deep research and a client-first approach, Talent Genius is more than just a software platform. IT and BPS organizations can also directly engage with Everest Group analysts for further insights and support. The unique combination of on-demand data and expert insights ensures organizations have the right level of support to make the best decisions, while still providing the analyst support and guidance Everest Group is known for.

Talent Genius will become IT and BPS organizations’ competitive advantage to create a more agile, data-driven location portfolio. From workforce management strategies to global talent sourcing, Talent Genius offers the data and insights needed to make informed decisions.

“The global services market runs on the power of talent. It’s critical that organizations make the right decisions when it comes to creating and optimizing their workforce and location strategies. That is why we are excited to expand our services portfolio with this new cutting-edge location and talent intelligence tool. With Talent Genius, at the click of a button, our clients will have the highly-contextualized, expert-vetted information they need to confidentially make those decisions. With our commitment to innovation and excellence, we are certain that this new offering will provide unparalleled value to our clients. – Everest Group Vice President Sakshi Garg.

Learn more about Talent Genius or contact us to book a demo.

Reinventing the P&C Insurance Claims Value-Chain: Moving to the Claims of the Future Vision | Blog

Heightened momentum for technology-first and automated operations is elevating customers’ need for greater convenience, instant gratification, faster turnaround time, and more self-service options. Today’s digitally-immersed consumers have grown accustomed to doing business anywhere, at any time, and with any device, and this is shaping up the new normal of the insurance industry; transforming the insurance claims journey becomes a pivotal priority for Property and Casualty (P&C) carriers to meet demands for a customer-centric hyper-personalized experience driven by digital technologies. Read on to learn more about the zero-touch claims of the future vision and how to achieve it.

Leading InsurTechs with pure-play digital models are heating up the competitive landscape, making it imperative for traditional insurers to optimize their claims functions. An insurer can achieve future goals by accelerating the adoption of next-generation capabilities.

Amid the digital shake-up and rising demand for delivering an “Amazon-like” experience, insurance operations are plagued with workflow complexities caused by multiple intermediaries and legacy systems. Digital and emerging technology solutions can help insurers reshape the customer claims journey and improve turnaround time while reducing information leakages and fraud and delivering a superior customer experience.

Foundational pillars of a digital-claims future

To embark on a transformational claims journey, insurers need to go beyond traditional after-the-fact claims management, tap into the plethora of available data to unlock immense value, and focus on offering omnichannel experiences powered by intuitive digital technologies. P&C carriers will need to excel at the 3Es: experience, efficiency, and effectiveness.

Winning P&C digital claims offer a compelling digital experience and strengthen customer loyalty. Insurers can differentiate themselves by supporting each touchpoint in the claims journey – starting even before an incident occurs – with data, artificial intelligence (AI), analytics, and other emerging technologies—all while retaining the human touch.

By offering seamless omnichannel customer experiences across claims registration, disputes, timely process updates, final settlements, insurers can improve customer satisfaction and retention rates. This is crucial given that Everest Group’s research shows ~35% of P&C insurers’ priorities across claims management are focused on enhancing customer experience (based on an analysis of 60+ case studies involving claims modernization/transformation).

Insurers also need to drive superior efficiency by enabling data-driven and analytics-driven claims processing. This ensures focus on effective service delivery to reduce claims expenses, while improving claims handling accuracy and ensuring greater customer satisfaction.

Bridging the gap between current and future digital claims-processing

With innovation growing throughout the P&C insurance industry value chain, AI/Machine Learning (ML)-enabled tools eventually will help insurers redefine their roles from claim handlers to claims preventers. P&C carriers flourish when they embrace this mindset shift from a risk transfer to a risk mitigation model.

Insurers can unlock value in the claims industry by employing the internet of things (IoT) and telematics capabilities combined with the connected devices ecosystem and third-party data to identify red flags and alert customers of risks before any loss occurs.

Insurers need to look beyond mere cost-savings, accurately utilize the wealth of data they possess, and transform claims from a necessary back-office function into a source of competitive advantage and market differentiation. Below is a look at the key steps to reach a seamless claims settlement:

Exhibit 1:

Future Enables Carriers
Source: Everest Group

Rigid legacy systems for claims processing can present challenges for insurers and prohibit them from adapting to the evolving customer requirements and optimizing their operations. Legacy IT processes slow progress and innovation, eventually affecting the end-user experience that holds the potential to make or break insurers’ reputations. Taking a one-size-fits-all solution approach for different business lines, failing to adopt modular design principles, and having limited advanced systems skills add to the overall complexity and further weaken the ability of insurers to thrive in today’s competitive environment.

To attain a competitive edge, insurers require instant resolutions and digital experiences on the go. Leading insurers are harnessing the power of unified and custom low-code/no-code platforms with advanced AI and analytics tools to streamline claims processes, modernize systems, and build modern layers on top of existing legacy systems or other core platforms without involving time-intensive and expensive upgrades. This allows insurers to build reusable codes and design “plug and play” environments to deliver enterprise-grade solutions at speed and scale. Low code makes it easy for carriers to simultaneously focus on profitability, enhance customer experience, and fulfill the vision of balancing quick wins with strategic initiatives.

The need for digitalization of workflows and customer interfaces, convenient user journeys, reusability of components and faster configurations, cost optimization, and skill management are the top drivers fueling the demand for low-code/no-code technology for insurers in modernizing the claims process.

For instance, a leading global insurer used a low-code platform to create an intuitive and dynamic first notice of loss (FNOL) prototype application in just 90 minutes and transformed it into a fully functional mobile application for 2,000-plus users in four weeks, delighting customers.

Where do the opportunities lie?

A combination of agile insurance claims process/operating model transformation, adoption of advanced technologies and telematics, a skilled workforce with technical and domain expertise, and a connected partner ecosystem are the fundamental facilitators for the probable future of zero-touch claims.

In the future of claims processing, P&C insurers will be able to facilitate touchless claims decisions, accelerate payment settlements, assess indemnity obligations accurately, prevent fraud, and mitigate claims litigation losses.

Exhibit 2:

Industry Frontrunners
Source: Everest Group

Below are the key elements needed to move from the current state to claims of the future:

  • Acting quickly and flexibly: The rapidly changing environment is compelling insurers to keep up with the pace. Incumbents need to act fast, develop and launch new products, accelerate FNOL processing, and streamline claims management quickly to stay relevant. The need for agility is greater than ever. Adopting the latest technologies and processes will propel P&C carriers to move faster and separate leaders from laggards
  • Adopting advanced analytics and AI: Real-time sensor and IoT data coupled with AI and ML-backed algorithms will enable insurers to process claims efficiently and manage fraud without any human intervention. For instance, leading insurers are using an AI model embedded within the claims workflow to assign a complexity score to each claim based on multiple parameters and process all low-risk claims under a certain threshold. Low-complexity claims are routed for straight-through processing while high-complexity claims are sent to the right team depending on the claims adjuster’s specialization and availability, thus ensuring speed and accuracy
  • Transforming talent management strategy: Modernizing the claims journey requires relying on advanced technologies and a skilled workforce to manage emerging risks. Insurers need to enhance their long-term value proposition to attract skilled workers with technical and domain expertise
  • Partnering with digital claims solution providers: Building partnerships with solution providers can support carriers in extracting maximum value by utilizing the provider’s end-to-end digital claims solutions portfolio. Advanced capabilities across core functions include claims notification, adjudication, and settlement to fulfill P&C carriers’ needs across the claims value chain

To achieve the zero-touch claims of the future vision and keep up with leading competitors, insurers will need to invest in advanced technologies and drive value creation by taking a more proactive and customer-centric approach.

Successful insurers who can deliver a hyper-personalized experience will generate superior efficiency and leverage data and ecosystem insights to proactively detect fraud. Above all, this transformation improves the claims ratio by building predictive and preventive capabilities. Insurers who take these steps will emerge as industry frontrunners.

To discuss transforming digital claims, please reach out to [email protected], [email protected], and [email protected].

To learn more about technology-first, automated customer experiences, watch our webinar, Strategies for Customer Experience (CX) Success in an Uncertain World, for trends and recommendations on what to prioritize to deliver exceptional customer experience.

How the Recent Seize of First Republic Bank and the UBS Takeover of Credit Suisse Will Impact the BFS IT Services Market | Blog

The recent seize of First Republic Bank and UBS’ takeover of longtime rival Credit Suisse in a rushed, deeply discounted deal has reverberations across the banking and financial services (BFS) IT services market and on service providers. Read on to learn the looming risks and what to pay attention to in this blog.

The aftershocks of the collapse of SVB and Signature Bank, followed by the UBS-CS deal, are still being felt by the banking industry. The recent seize of First Republic Bank by JPMorgan with warning bells around PacWest has brought back memories from the 2008 financial crisis of whether this will be a one-off event or end up spreading like a contagion to the banking sector, especially the mid-market banking sector in the US. The stock of First Republic Bank had been steadily losing value in the last few weeks, and the massive deposit outflows put the bank at risk of failure. In a hurried weekend bidding, JP Morgan was the winner, while others like PNC and Citizens were unsuccessful. Right after the rescue by JP Morgan, shares in other mid-market banks started to see a slide. Commercial real estate loans have emerged as one of the main culprits pulling down loans value.

One thing that is becoming abundantly clear from these events is that customer confidence in their bank’s ability to protect their uninsured deposits is waning. It is when quarterly earnings are reported that the full picture is coming up on deposit outflows. While technology advancements have helped the banking industry, digital banking has only shown how fast deposits can be moved, which, coupled with social media panic, can accelerate a bank run. The implications for the overall banking sector, along with the technology and services industry, are multi-fold.

Implications for the BFS IT services market:

  • The market will see the return of large deals as bank consolidation will see the larger acquiring entity consolidate the supplier portfolios
  • Higher regulatory scrutiny, especially on mid-market banks, coupled with plummeting stock value, will put a dent in banks’ IT spend in the near-term
  • Cost-saving measures will be put in place, leading to job cuts and even branch rationalizations in the short term; job openings have already slumped to 6-month lows in the US

Interestingly, it raises the question of whether large banks are becoming too big to fail, leading to an even higher concentration risk for the banking sector. While the takeover of First Republic Bank is expected to bring gains to JP Morgan in the wealth management business, will banking get consolidated in the hands of a few? This will have repercussions on technology spend and the competitive nature of the industry. Already, the US was behind the curve on open banking adoption. The added risk of bank failures may halt these initiatives for some time.

The rescue by UBS of Credit Suisse marks the latest explosion across global financial markets in the ongoing banking troubles sparked by the collapse of Silicon Valley Bank and Signature Bank in the US, as we covered in our last blog.

Let’s take a look at the factors leading up to the Swiss brokered last-minute emergency takeover of Credit Suisse at a 60% discount.

Impact of the UBS-CS transaction

Credit Suisse was already battling concerns when its biggest annual loss since 2008 exacerbated the situation. Falling investor confidence eroded its share price to an all-time low, and top investors refused to give the bank more money citing liquidity concerns and regulatory hurdles.

Because Credit Suisse is considered one of the global systemically important financial institutions (SIFI), concerns about its future existence were particularly troubling. While the deal was made to prevent further meltdowns and stabilize the banking industry, risks of further blight spreading exist.

The merger of the two giants will have ripple effects on the BFS market, including:

  • Slowed growth in Europe: If the crisis trickles down to other banks and lasts long, revenue growth in the banking, financial service, and insurance (BFSI) segments will be impacted in the near to mid-term. Other related sectors (such as retail and telecom) also can be affected as seen during the Great Financial Crisis of 2008
  • Hits to other business segments: Areas such as asset and wealth management will be impacted by UBS’ decision to exit its wealth management business in some markets. Also, the move to wipe out the holdings of Credit Suisse bondholders has damaged Switzerland’s global reputation as a stable, predictable international asset manager
  • IT consolidation: With duplicating technology platforms and applications, the new entity will have to rationalize vendor portfolios and IT estates to realize significant cost synergies. Merging the two banks will require increased short-term spending on integration activities and consulting. Partners that can create modernization roadmaps for the combined entity also will be needed to drive long-term value
  • Job loss: UBS’s rescue plan for Credit Suisse may result in the loss of thousands of jobs at a time when the Swiss financial sector is already under tremendous stress due to the sudden takeover. The bank has slashed 4,000 positions so far this year
  • Robust risk controls: Credit Suisse’s risk management practices will need a major revamp given its troubled history of scandals and management controversies (Archegos and Greensill scandals in 2021) that led the Swiss Financial Market Supervisory Authority (FINMA) to order remedial action. The required measures include periodic executive board-level reviews of the most important business relationships for counterparty risks

Additionally, suppliers in UBS and Credit Suisse’s IT portfolio should brace for an impact when these mammoths consolidate.

UBS-CS impact on service providers

Traditionally, UBS and Credit Suisse have been huge outsourcing shops, with two or three major service providers controlling most of the work. Both banks have actively been reducing their outsourcing headcount and shifting their focus to insourcing and building capabilities in-house over recent years. This direction, coupled with the dynamics of the takeover, will lead to a rebalancing in the overall service provider portfolio across both banks. Here’s a look at the current landscape:

Picture1 9

Typically in mergers, providers that have big contracts with both entities stand to lose revenue because the spending by the merged entity will not be as large as it was under the separate relationships, unless they gain wallet share from competitors.

Suppliers that only provide services to Credit Suisse are at risk of having their portfolio consolidated and moved to UBS. However, providers who bring intellectual property or a niche capability to the table may be able to maintain the business through the consolidation.

We are closely watching how the events will unfold in the next few weeks. UBS has a stronger balance sheet and is insured against any losses by the Swiss Treasury, which should lead to stability but settling cultural, and IT alignment will take time.

How Credit Suisse’s wealth management business shapes up is another element to consider. Already clients and asset outflows have begun, with competitors trying to take a piece of this pie.

BFS market outlook

The road ahead will be marred by the following challenges:

  • Banking industry consolidation: While the sudden implosion of SVB delivered a deep blow to a mid-market sector, the Credit Suisse collapse may have further repercussions across continental Europe and lead to further industry consolidation and mergers. This also will impact the technology sector, which is already reeling from layoffs, falling stock prices, and diminishing funding for startups
  • Business segments and markets reprioritization: Providers will need to reprioritize their efforts and pivot their go-to-market focus on high-growth segments. A critical need exists to align with growth segments across lines of business, marquee clients, and the partner ecosystem
  • Margin resilience: Our initial hypothesis indicates that service provider contract pricing should remain stable. However, revenue realizations could come under pressure with a lag due to portfolio shifts and the heightened competitive intensity. The US dollar has strengthened in past cycles in relation to the Indian Rupee so the cross-currency impact should be positive for margins

For more insights on the BFS technology and IT services market or to discuss the UBS-CS deal, please reach out to Ronak Doshi, Kriti Gupta, or Pranati Dave.

The Rise of Retail Investors in Global Capital Markets | Blog

Retail investors are here to stay. As global capital markets face macroeconomic headwinds and a liquidity crunch, retail investors are gaining volume in traditional equity and debt markets as well as emerging alternate investments. Read on to understand the new global capital market trends, the staying power of retail investors, and the impact on investment banks, asset and wealth managers, and service providers.

Watching global capital markets over the past few years has been a rollercoaster ride of issuances and investments. Concerns of market volatility and issuances softening started way before the recent collapse of global banking giants, Silicon Valley Bank (SVB) and Credit Suisse. As illustrated below, overall global equity issuance was stagnant from 2017-2019, while global debt issuance has been steadily rising since 2017.

Driven by the pandemic, total equity issuance increased significantly starting in the third quarter of 2020 and remained high until the fourth quarter of 2021, resulting from regulatory support, major rate cuts, and gradual liquidity pumped into the markets by governments across the world.

Similarly, global debts in capital markets witnessed a significant increase in borrowing levels from the first to the third quarters of 2020. Interest rates across the globe reached historic lows during 2020 and remained down in 2021, leading to continued low borrowing costs for activities such as refinancing existing debt or financing mergers and acquisitions.

After the booms in 2020 and 2021, equity and debt issuance slowed in 2022 due to various macro-economic headwinds that resulted in volatile and low-growth capital markets.

Picture1 5

The current market volatility has been impacted by the following factors:

  • Tightened money supply
  • Aggressive interest rate hikes
  • Inflationary pressures
  • Heightened geopolitical risks that triggered supply chain issues; Russia’s invasion of Ukraine has resulted in higher global costs for energy, minerals, and grains
  • Tensions between the US and China and regulatory pressures

Rise of retail investors

Despite the ups and downs in global capital markets through the recurring macroeconomic headwinds, the growth of retail investors reshaped investing trends starting in early 2020 and by 2022, individual investors held roughly half of all global wealth.

Picture3 5

The strength of retail investors has been fueled by both demand and supply side factors. The exhibit below shows the contributing demand-side factors that include:

Picture2 6

Drivers for expanded retail volumes

Now let’s explore the various supply-side drivers for the increased participation of retail investors:

  • Growth of blockchain technology-backed assets – Retail investors have had a huge influence on the performance of cryptocurrencies, non-fungible tokens (NFTs), and other similar assets/stocks
  • New retail investment platforms – Newly available stock trading, investment platforms, and apps that provide better customer experience and real-time information to investors at a low commission/brokerage or subscription model have grown
  • Innovative debt, equity, and other assets investment offerings – As the market matures, banks and fund managers are delivering innovative and customized offerings, bridging the gap between retail investors and the ticket size. Concepts such as fractional investments and ownerships have highly encouraged and facilitated market entry for retail investors with smaller trades. These fractional investments can cross investment classes, such as real estate investment trusts (REITs). These tokenized options to invest in real estate allow retail investors to gain returns from fractional investments in real estate that otherwise require huge investments with low liquidity
  • New equity investment options – Similarly, investing in private companies that are not yet listed through debt instruments, invoice discounting, or sale of shares in private markets have drawn retail investors’ attention to realize high returns that are less impacted by volatility compared to stocks
  • Central Bank Digital Currency (CBDC) – The introduction of a digital currency issued by a central bank is expected to especially appeal to cash-rich yet risk-averse retail investors
  • Alternative investment funds – Private investment funds such as private equity firms and hedge funds that historically catered to institutional investors are now increasingly looking to tap wealthy individuals. According to reports, individual wealth invested in alternatives will grow more than institutional capital allocated in the next decade

As retail investors increase their volume and market participation, enterprises are rapidly scaling operations to support demand from growing retail investors as well as institutional investors.

Enterprises also are building capabilities across the traditional equity-debt markets and exploring building alternative investment offerings such as gold commodities, invoice discounting, crypto, and NFTs. To enable this, enterprises require support for back-end operations and to manage declining margins.

What does it mean for Business Process Services (BPS) on the sell side:

Amid the global rise in interest rates and capital markets volatility, investment banks have begun to feel margin and cost pressure. The subdued demand was visible in the quarterly earnings results of some major investment banks. In the fourth quarter of 2022, Morgan Stanley reported a 49% drop in its investment banking business compared to the prior year, Goldman Sachs registered a 48% plunge, and Citi Group witnessed a 58% decrease, among others.

The margin strain trickled down to operational cost pressure that led to job cuts in the investment banking division of all the big banks, including Barclays, Citi Group, Deutsche Bank, and Goldman Sachs.

The volatile environment is expected to drive the industry to look for support from service providers to stem costs and sustain business profitability in the following ways:

  • Offshoring: Tier 2 and tier 3 banks that may feel more heat are expected to move more back-office and regulatory reporting operations to low-cost nearshore and offshore centers by partnering with BPS providers
  • Accelerated shift to digitally-enabled operations: Banks are keeping IT investments restricted to core offerings and focusing on intelligent automation transformation, cloudification, and deploying machine-learning-based platforms, among other strategies
  • Captive carve-outs: Banks scrambling with extreme cost pressures are expected to carve out their captives to service providers, giving them responsibility for operations and accountability for business risks

What does it mean for BPS on the buy-side:

Picture1 6

Increasing demand for retail as well as private investments is driving many banks, fintechs, private equity firms, and hedge funds to make inroads or expand their existing asset and wealth management operations.

For instance, Morgan Stanley acquired E*TRADE in 2020 to strengthen its wealth management offerings, while JP Morgan bought digital wealth manager Nutmeg in 2021.

With enterprises scaling up and the regulatory environment changing, the need for low-cost and seamless operations is fuelling outsourcing spend in some of these key areas:

  • Technology-enabled and data-enabled services for better user experience
  • Asset servicing, such as fund administration and accounting
  • Corporate actions
  • Automated workflow for client onboarding, reconciliation, settlements, etc.
  • Support for existing regulations as well as up-and-coming regulations on Environmental, Social, and Governance (ESG), and cryptocurrencies
  • Increase in cyber security and data safety platforms and services

Changing yet challenging times

The fast-changing financial services landscape and the recent collapse of banking giants such as SVB and Credit Suisse are expected to influence investor sentiment as well as operating models and capital requirements of banking enterprises.

Watch this space for further updates on how the changing banking landscape opens additional risks and opportunities for service providers.

For more information on trends in global capital markets, reach out to the authors, Sakshi Maurya, Shrey Jain, Dheeraj Maken, and Suman Upardrasta. To learn more about BPS market trends, the competitive landscape, and our latest research findings, see Capital Markets Operations PEAK Matrix Assessment 2023.

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