Banking Process Transformation 2023 Market Insights™

May, 2023


Report Summary

This report identifies key demand-side trends in the banking process transformation space that can help enterprises revamp their banking operations. It also describes enterprise challenges in the banking process transformation space, based on Avasant’s assessment.

Why read this Market Insights?

The volatile macroeconomic conditions create a challenging environment for banks to effectively manage business fluctuations and processes and mitigate risk. Their focus is primarily on improving margins and driving profitability amid rising interest rates and competition. On top of this, new regulatory requirements are also driving banks to reevaluate their processes and pivot toward digitally enabled operations.

The Banking Business Process Transformation 2023 Market Insights™ aims to provide a view into important market trends and developments to help build a granular understanding of the banking process transformation ecosystem.


The industry 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 4–6)

    • Definition and scope of banking process transformation services
    • Key trends shaping the banking process transformation space
    • Avasant recognizes 23 top-tier providers supporting banking operations and processes

Demand-side trends (Pages 715)

    • The volatile macroeconomic situation is impacting the financial services industry.
    • The rising and fluctuating interest rates are putting pressure on banks’ profitability and margins.
    • Banks are under pressure due to the growth of neobanks and fintechs that differentiate in terms of customer experience (CX) and process.
    • Driving profitability and reducing operating costs continue to be the key drivers of outsourcing.
    • Globally, banks are expanding higher-margin services, improving CX, and driving process efficiencies through outsourcing.

Key contacts (Page 16)

Read the Research Byte based on this report.

Please refer to Avasant’s Banking Process Transformation 2023 RadarView™  for detailed insights on the service providers and supply-side trends.