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Overview : |
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Discover why financial institutions must invest in new IT architecture in order to survive and thrive in the next decade. It is a journey that will remake both IT and business architecture around new business models that extend into the financial supply chain of customers and nontraditional partners. The economic conditions and available technology are now ready to help them integrate and generate new value propositions and revenue. We don't think many financial institutions can make the journey alone. IT suppliers have an opportunity to forge partnerships with these institutions through thought leadership, as both have much at stake.
Financial services companies must generate more revenues from existing customers or look elsewhere for growth. The modest GDP of developed nations will not sustain the aggressive financial results the markets demand through organic growth. Only a relatively small number of institutions are equipped to pursue business in the riskier emerging regions of Eastern Europe, Asia, and Latin America where traditional banking products gain extended market traction. The more difficult task for banks is to gain new sustaining growth from existing business segments by creating value beyond the transaction.
Those banks that move beyond simple transaction processing— a commodity— to become value-added process enablers are more likely to succeed in the next decade.
On the B2B front, tapping revenues requires the ability of the institution or firm to penetrate and collaborate with its value chain of customers, suppliers, and partners in the financial services industry.
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