This report identifies key demand-side trends in the banking process transformation space that can help enterprises revamp their banking BPO operations. It also describes enterprise challenges in the banking process transformation space based on Avasant’s assessment.
Why read this Market Insights?
The banking industry is evolving rapidly due to technological advancements, fluctuating interest rates, and new regulations. Despite an anticipated decrease in inflation for 2024, unexpected global events could lead to sudden increases in inflation. Banks are also dealing with reduced profit margins and higher operational costs, prompting them to invest in generative AI, automation, and cybersecurity technologies to reduce expenses and enhance payment systems, customer verification, and fraud detection.
The Banking Process Transformation 2024 Market Insights™ provides a view into important market trends and developments to help build a granular understanding of the banking process transformation ecosystem.
Methodology
The market insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives, targeted discussions with service providers, subject matter experts, and Avasant fellows, analyst insights derived from primary and secondary research, and lessons learned from consulting engagements.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7):
- Definition and scope of banking process transformation
- Key enterprise trends shaping banking process transformation
- Avasant recognizes 24 top-tier service providers for banking process transformation services.
Demand-side trends (Pages 8–13)
- Banks are leveraging generative AI and digital technologies for innovation and competitiveness
- The industry is navigating higher interest rates, regulatory shifts, climate pressures, and geopolitical uncertainties.
- Banks are embracing mergers and acquisitions in response to digital disruption and global economic shifts.
- Fintech, neo-banks, and crypto exchanges are transforming the financial landscape and shaping the future of banking.
- Banks are managing data privacy and security challenges while navigating strict labor markets in the evolving banking landscape.
Key contacts (Page 14)
Read the Research Byte based on this report.
Please refer to Avasant’s Banking Process Transformation 2024 RadarView™ for detailed insights on service providers and supply-side trends.
