Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Rapid Changes Spur Digital Transformations at U.S. Banks

Pandemic effects and an ongoing wave of industry innovation are forcing institutions to use new digital platforms to compete, ISG Provider Lens™ report says

U.S. banks are modernizing their technology and business models at an accelerating pace in response to competitive pressures, higher customer expectations and ongoing changes in regulation, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2022 ISG Provider Lens™ Digital Banking Services report for the U.S. finds that banks face new competitors, an increasing focus on the climate impact of investments and a growing demand for new types of retail and business banking experiences. These changes and others are driving banks to implement more flexible next-generation technology platforms and business processes, often in partnership with service providers.

“The U.S. banking industry is aggressively carrying out transformation initiatives in digital banking,” said Owen Wheatley, ISG’s lead partner for banking and financial services. “Banks are seizing opportunities for innovation by seeking out different types of service, technology and platform providers, as well as reimagining relationships with existing partners as part of a push toward next-generation ecosystems.”

The strong U.S. trend toward online and mobile banking accelerated during the pandemic, and new kinds of payment and banking platforms are still hitting the market, ISG says. Traditional banks are implementing cloud-based platforms to compete with products from well-known players, such as Apple Pay, and new types of lending, investment and credit card offerings from FinTech startups.

Next-generation banking platforms have entered the production phase at many traditional banks, allowing them to achieve significant automation and operate at a fraction of previous costs, the report says. Banks are modernizing so they can add capabilities such as banking-as-a-service offerings and the use of open banking APIs for integration of FinTech solutions from external partners.

Tightening U.S. regulations also are driving banks’ investments in new technologies. ISG expects regulators to require more comprehensive capital and liquidity planning to prepare for future disruptions like the pandemic, and cybersecurity compliance rules add to the requirement for resiliency. Banks are also modernizing systems for monitoring and reporting the greenhouse gas emissions associated with projects they fund.

“Changes across the U.S. banking industry are far-reaching and likely to continue,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “To stay relevant and competitive, banks need to innovate like technology companies.”

For more insights into the challenges facing U.S. banks and ISG’s advice on where to find modernization opportunities, see the ISG Provider Lens™ Focal Points briefing here.

The 2022 ISG Provider Lens™ Digital Banking Services report for the U.S. evaluates the capabilities of 26 providers across four quadrants: Core Modernization and Integration Services; Technology Transformation Services for Digital Banking; Governance, Risk and Compliance Services; and Payments and Card Processing Services.

The report names Accenture, Capgemini, Cognizant, Infosys and TCS as Leaders in all four quadrants. It names HCLTech as a Leader in three quadrants. Atos, Deloitte, FIS and Wipro are named as Leaders in two quadrants each, and EY, Fiserv, LTI and PwC are named as Leaders in one quadrant each.

In addition, LTI is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in three quadrants. FIS is named as a Rising Star in one quadrant.

A customized version of the report is available from Capgemini.

The 2022 ISG Provider Lens™ Digital Banking Services report for the U.S. is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.