Banks in the Nordics Look to Technology Service Providers to Help Consolidate ‘Spaghetti’ IT Systems
ISG Provider Lens™ report finds Nordic banks also focused on improving customer experience
STOCKHOLM, Dec. 17, 2020 (GLOBE NEWSWIRE) -- While banks in the Nordic region are ahead of the curve in adopting new technologies, some large banks there are running legacy “spaghetti” IT systems after acquiring competitors, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2020 ISG Provider Lens™ Banking Industry Ecosystem Report for the Nordics finds banks in the region looking to technology service providers to help them manage and consolidate multiple core IT systems in a cost-effective manner.
“Untangling these legacy spaghetti systems will be a significant challenge for several large banks in the Nordics,” said Jan Erik Aase, director and global leader, ISG Provider Lens Research. “This creates significant opportunities for technology service providers that understand the local market and can consolidate multiple banking platforms efficiently and quickly.”
The report also sees significant interest among Nordic banks in new technologies to improve customer experience, as the region aims to become the world’s first cashless society. Customer experience has become a top priority for many banks, as switching costs for customers plummet, millennial buying power soars and non-traditional banking alternatives proliferate.
Banks are looking to re-think their internal systems to respond quickly to rapidly changing customer needs, tap into emerging FinTech systems and speed up the transition to a cashless world, the report adds. Banks want to digitize the customer experience, but also revamp their backend systems and processes.
The report also finds strong growth in contactless payments in the region this year, driven by the COVID-19 pandemic. As they update their systems, many Nordic banks prefer local service providers that understand regional market dynamics and cultural changes.
In addition, P27, an initiative aims to break down barriers for trade and financial interaction between the Nordic countries, has prompted several banks in the region to build or enable their payment systems to accommodate the P27 roadmap, the report says. Modular solutions and accelerators are becoming common at banks as a way to reduce the time and effort of updating their systems.
In addition, banks in the region are looking to technology service providers to help them with know-your-customer and anti-money laundering regulations, as European authorities step up enforcement of financial crimes, the report says. A large number of banks are moving toward automated anti-money laundering checks to improve scaling and speed and to reduce false positives. In some cases, service providers are partnering with smaller FinTech companies to develop integrated solutions.
The 2020 ISG Provider Lens™ Banking Industry Ecosystem Report for the Nordics evaluates the capabilities of 21 providers across four quadrants: Core Banking Platform Implementation Services for Retail, Core Banking Platform Implementation Services for Corporate, Payment Ecosystem Services and Know-Your-Customer/Anti-Money Laundering Services.
The report names TietoEVRY as a leader in all four quadrants, and Accenture and TCS as leaders in three. Capgemini is named a leader in two quadrants, and DXC Technology, Infosys, LTI and NETS are named leaders in one.
In addition, Infosys was named a Rising Star—companies with “promising portfolios” and “high future potential” by ISG’s definition—in two quadrants, and Capgemini and TCS were named Rising Stars in one quadrant.
A customized version of the report is available from TietoEVRY.
The 2020 ISG Provider Lens™ Banking Industry Ecosystem Report for the Nordics is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe and Latin America, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
Starting this year, each ISG Provider Lens™ study will include a Global Summary to help enterprise subscribers better understand provider capabilities across all geographic markets covered by that study. All ISG Provider Lens™ reports also will now include an Enterprise Context feature to help executives quickly identify key insights related to their roles and responsibilities.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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