Banks’ leverage of automation increases dramatically | Market Insights™
October 25, 2017
As the cost reduction mandate intensified, automation took center stage in banking ITO deals in 2016
As the cost reduction mandate intensified, automation took center stage in banking ITO deals in 2016
Banks are increasing digital leverage
The pace of technology disruption and changing consumer preferences are disrupting the current banking landscape, forcing banks to consider a co-creation model to combine, package, and offer products/services from banking and allied businesses. Banks will need to move away from a product-focused approach and adopt a customer-centric strategy to achieve transformation.
In the future, banks will be expected to manage customer interactions, aggregate services/products from ecosystem players, and offer differentiated experiences
The global banking industry is experiencing upheaval as the pace of technology disruption and changing consumer preferences are disrupting the current banking landscape
There is a high correlation between cloud adoption and digital experience: cloud adoption is the foundation of advanced digital technology leverage
Digital Force Multiplier: A cloud adoption story in banking and financial services
The overall impact of digital on the BPM growth curve will be negative initially, driven by RPA. As other components mature and become pervasive, the tide will turn, and its impact will be positive.
The amount and timing of impact of next-generation technology levers on service providers varies by BPM segment; while some will be immediate and net negative, others can provide new growth opportunities
Market Insights™
Next-generation technology (digital) levers will have significantly higher impact than traditional levers for Business Process Services (BPS), but varying maturity and time-to-fruition for emerging technologies require calibrated focus
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