Vertical Focus

Financial

A Market Profile - Trends & Directions

The financial services industry has experienced significant changes over the past few years, driven primarily by sweeping regulatory changes and customer demand for personalized and quality-based products and services. New courses are being charted by industry institutions in the wake of the Financial Services Modernization Act, Sarbanes-Oxley Act, and U.S.A. Patriot Act and other regulatory and legislative directives. New threats from non-financial and non-traditional competitors have emerged that are sending financial institutions scrambling to leverage their bricks-and-click assets to retain and gain new market share within existing spaces and enter new markets.

These changes and trends have created the need for a new generation of innovative transactions and analytic solutions that operate in real time with flawless reliability. Those looking to gain competitive advantage are deploying solutions that allow them to personalize and manage mission-critical content, creating an intelligent virtual resource for every client, optimize and streamline the processes that drive their business activities, and automate business rules to support decision-making across the enterprise.

The time-to-market demands of the financial industry's e-business models - and especially their new-product/service interface requirements - are stretching institutions to the limit. To offer Web-based delivery of products and services critical in the new knowledge-centric economy, leading financial companies are developing solutions that fully integrate their applications catering to the unique preferences of individual consumers. To meet these demands the industry is witnessing a determined move towards IT and business process outsourcing as strategic options.

The financial services industry is ideally suited for outsourcing, given large transaction volumes, structured decision-making and reliance on rule-set processes. Outsourcing in this domain, over the last few years, has shifted along the complexity and maturity spectrum from basic transaction processing to end-to-end business transformation solutions. Progressive institutions are acknowledging the real benefits that can be realized from process outsourcing and crafting road maps for redesigning and outsourcing processes that will contribute to greater customer satisfaction and profitability.