Payments Functions Trailblazers: Payment Solutions | Market Insights™
Payments Functions Trailblazers: Payment Solutions
Payments Functions Trailblazers: Payment Solutions
Payments Functions Trailblazers: Leveraging Blockchain
Payments Functions Trailblazers: P2P Payments
Payments Functions Trailblazers: Merchant Experience
Payments Functions Trailblazers: Personalized Finance Management
Payments Functions Trailblazers: Billing
Payments Functions Trailblazers: Authentication & Protection
From an initial list of 125 startups, Everest Group narrowed the field to 40 firms based on their ability to demonstrate innovation in the payments value chain
FinTechs are succeeding in disintermediating the traditional payments landscape based on their ability to
Robotic process automation, analytics and consumer-facing technology solutions drive 10 percent growth in banking BPO market.
“If banks do not get their act right, they might soon lose their relevance,” claims Everest Group in new research addressing the business process outsourcing (BPO) market in the banking industry. The fight to remain relevant in an evolving market of new-age consumer preferences and unprecedented external pressures is driving demand in the banking industry for technology solutions and third-party assistance, as reflected in an approximately 10 percent compound annual growth rate in the banking BPO market.
Describing the future outlook for banks, Everest Group points to evolving consumer preferences, macroeconomic and regulatory pressures, and increased competition from non-traditional players. Traditional, brick-and-mortar bank branches are losing significance as consumer interest in traditional banking channels declines. Banks are also under serious pressure to reduce costs, increase profitability and respond to greater regulatory and compliance requirements. Furthermore, competition from non-traditional sources is on the rise. Financial technology companies (FinTechs) are a serious threat as they provide a better consumer experience and benefits such as ease of use and improved functionality. Also, the market for digital wallets (e.g., Apple Pay), person-to-person (P2P) transfers (e.g., Facebook Messenger and SnapCash) and new-age banking solutions (such as applications for wearables, voice-activated assistances and personalized interfaces) is growing rapidly.
“Consumer preferences are evolving fast, and banks need to align themselves with consumers’ desires,” said Anupam Jain, practice director at Everest Group. “The consumer wants their financial partner to be integrated with their daily life and to be easy to access. They want real-time advice based on their own transactions and behavior. This is why we are seeing growth in banking BPO: service providers can support banks by offering domain expertise and analytics; by leveraging technology to offer modern services; and by using tools like robotic process automation (RPA) to improve efficiency and cut costs.”
Jain points to four case studies cited in the research:
Other key findings:
These results and other findings are explored in a recently published Everest Group report: Banking BPO Annual Report 2016: Riding on the Digital Wave and Advancing in Automation. The report provides comprehensive coverage of the global banking BPO market including detailed analysis of market size and growth, buyer adoption trends, solution characteristics and the service provider landscape.
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