LONDON, December 22, 2020 (GLOBE NEWSWIRE) – UK banks are moving to digital platforms to gain competitive advantage against emerging FinTech industry, according to a new report published today by the Information Services Agency (ISG) (Nasdaq: III), a leading global technology research and consulting firm.
ISG 2020 supplier lens™ The Banking Industry Ecosystem Report for the UK finds banks in the country interested in basic cloud-based banking systems, instant payment technologies, automated anti-money services, and API-driven applications. The COVID-19 pandemic has accelerated the adoption of digital platforms in the UK, with both banks and buyers pushing for a cashless society.
“The pandemic has moved rapidly in the UK towards online businesses,” said Bryn Barlow, a UK-based ISG partner and co-director of the company’s EMEA BFSI business practice. “Banks are looking for better co-ordination between their own platforms and digital information and customer records. ”
The report also notes that the UK’s continued departure from the European Union calls for banks in the country to disconnect their networks, including payment systems and customer information, from the EU. . For UK banks to become a competitive financial center outside the EU, they need to invest in modern technology and business processes, the report suggests.
In addition, the report notes that many UK banks are closing branches to fund their digital ventures. Newer and larger banks have started offering online-only banking services, and as a result there are several growth opportunities for technology service providers.
UK banks are also aiming to retain customers and attract new ones through new technology-led services, the report adds. Many banks offer easy-to-use financial management, supply chain and credit products in an effort to compete with FinTechs. While UK banks have been at the forefront of next-generation payment systems, FinTechs and other new rivals are pushing the boundaries of the payment ecosystem further with API-led service records that provide including virtual payment cards, instant and loyalty-based payment options. credit.
As a way of increasing flexibility, many UK banks are realizing they need to modernize their core banking systems, the report adds.
In addition, UK banks are looking at artificial intelligence and other new technology tools to improve their courier and anti-money systems, the report says. A large number of banks are moving towards automated anti-money laundering checks to improve scaling and speed and to reduce faults. In some cases, service providers are partnering with smaller FinTech companies to develop integrated solutions.
ISG 2020 supplier lens™ The Banking Industry Ecosystem Report for the UK assesses the capabilities of 26 providers across four quadrants: Key Implementation Services Retail Banking Platform, Key Operating Services Banking Platform for Corporate Services, Payment Ecosystems and Customs / Anti-Money Services.
The report names Accenture, Infosys and TCS as leaders in the four quadrants and Cognizant as leaders in three. Capgemini is named as a director in two quarters, and Atos, FIS, Fiserv and IBM are named as directors in one.
In addition, Cognizant, LTI, Tech Mahindra and Wipro were named Rising Stars – companies with “promising records” and “high future potential” as ISG explains – in one quarter each.
Customized versions of the report are available from Capgemini and Infosys.
ISG 2020 supplier lens™ The UK Banking Business Ecosystem Report is available for subscribers or for one-time purchases on this webpage.
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About ISG
ISG (Information Services Agency) (Nasdaq: III) is a leading global technology research and consulting firm. A trusted business partner for over 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporate, public sector organizations , and service and technology providers to achieve operational excellence and accelerated growth. The company specializes in digital transformation services, including automation, cloud and data analytics; seeking counseling; risk management and services; network transport services; strategic and operational planning; change management; market research and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital ready professionals working in more than 20 countries – a global team renowned for its innovative thinking, market influence , in-depth knowledge of industry and technology, and at a global level. research and analysis capabilities based on the most complete market data in the industry. For more information, visit www.isg-one.com.