Outsourcing and collaboration: What to expect now?

Abstract

The world is changing faster than has ever been seen before, technology is accelerating everything, artificial intelligence is here, robotic engineering is happening, natural voice and language technologies are beginning to become real-voice technologies, the lines are blurring, and the way customers, clients and consumers demand interaction has changed forever. The pressure from fintech development is brutal. It is fast and it is disruptive, and in the midst of all this, many large organisations are affected by falling profits due to the COVID-19 crisis. This paper discusses how these firms need to be able to articulate their values clearly to their buyers of services and they need to remain relevant in the ‘new normal’. It analyses how, to survive and thrive, large financial services firms need to uncouple expensive costs for nondifferentiating processing and the associated support and redirect their investments to things that add value and form their unique selling proposition. Across the board in financial services, large global and regional firms are reconsidering their operating models and accelerating to find global trusted partners that offer complete outsourcing solutions. The options are to change now or to become meaningless, potentially obsolete. For those that move quickly, uncouple people and information technology costs and deliver the changes that matter, then the picking will be rich, but the window is small for everyone and closing fast. The next generation has a different view of what they want and how they want it. It is time to plug in to change or be left behind. How will you change to meet this challenge?