Business Process Services in the Retail Banking Sector: 2017
Who Is This Report For?
NelsonHall’s “Business Process Services in the Retail Banking Sector: 2017” report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the retail & commercial banking sector
- Vendor marketing, sales and business managers developing strategies to target business process services (BPS) opportunities within the retail & commercial banking sector
- Financial analysts and investors specializing in the IT services and BPS sector
Scope of the Report
The report is based on interviews with executives in the retail banking sector in the U.S., U.K., Continental Europe, and Asia Pacific.
The report analyzes the worldwide market for business process services (BPS or BPO) within the retail banking sector and addresses the following questions:
- What are the principal business issues faced by organizations in the retail banking sector?
- What operational initiatives are planned by organizations in the retail & commercial banking sector?
- What specific operational initiatives are planned in support of cost reduction and revenue generation?
- Which processes are the targets of process transformation initiatives and what are the planned initiatives by process?
- How important are automation and BPS as approaches to process transformation?
- What is the expected level of impact of political factors on the sourcing and shoring of retail banks?
- What approaches to automation do retail banks expect to take over the next 12-months?
- What impact will automation & digitalization have on white-collar staffing both internally and within supplier organizations?
- To what extent is automation & digitalization creating additional opportunity for BPS vendors?
- To what extent will retail banks increase their use of BPS by process area?
Key Issues & Highlights
The retail banking sector is in a state of flux and continuing to change rapidly with evolving customer expectations driven by the growing use of digital means to access the market commoditizing the sector’s products and services. The need for a seamless customer experience across products and services is forcing organizations to rearchitect their business and operating models. Simultaneously, regulators across the globe are placing greater demands on the banking sector to have effective controls, compliance and security to reduce overall risks. The combination of all these are placing greater financial pressures as margins shrink. Indeed, despite the high rate of change in recent years, retail banks, particularly those in the U.S. and U.K. expect the rate of change in their industry to continue to increase.
In response, retail banks are:
- Seeking to achieve end-to-end digitalization both to enhance their customer experience and offer digital banking products as well as to increase the level of automation of their back-office operations
- Combining BPS and automation to achieve operational transformation.
As a result, digitalization is creating additional opportunities for BPS vendors alongside the cannibalization of existing services.