Today, the challenge for financial institutions is not about maintaining business as usual in the face of serious headwinds. They must pivot from where they are now to more agile business models that can react faster to continued changes, such as those brought about by the pandemic. This will allow them to address the cost challenge but also innovate at pace, bringing new products and services to market faster to drive alpha.
To address some of these challenges, financial institutions are looking to their technology partners and vendors to support them on this journey. This is driving institutions to once again think about their ecosystem partners and how they work with them. What services and skills that provide them a competitive advantage do they need to keep, and what can they outsource to partners? With a managed service model, banks have a viable way to drive efficiency and innovation that’s aligned to their cloud and digital agendas and that will help them to stay relevant against the odds they face today.