capgemini world fintech report 2020

No longer banking industry disruptors, BigTechs and challenger banks have opened a Pandora’s box of sky- high customer expectations. With data-fueled, hyper-personalised experiences in real-time, BigTechs and challenger banks have demonstrated their ability to win customers over. Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 published by Capgemini. In contrast, while traditional banks have invested heavily in front-end IT infrastructure to improve customer experience, efforts so far have not measured up to what has become customary across other sectors, especially with tech providers. In our inaugural World FinTech Report 2020 podcast, host Mary-Ellen Harn speaks with Elias Ghanem, global head of Market Intelligence at Capgemini Financial Services, and Theodora Lau, founder of Unconventional Ventures, a boutique consulting firm that drives innovation in the financial services ecosystem, about how digital has come to the forefront and what banks can do to create experiences … Sie verbesserten damit das Frontend und würden wettbewerbsfähig sowie für den Verbraucher attraktiv bleiben. “Effective collaboration requires people, business, and process maturity. The World FinTech Report 2020 from Capgemini and Efma explores how effective collaboration between inventive banks and mature FinTechs can help fill in the gaps from the front to the back office to deliver a meaningful customer and user experience. World FinTech Report 2020: Für Banken ist die Zusammenarbeit mit FinTechs jetzt noch wichtiger zur Optimierung der Kundenorientierung. In contrast, while traditional banks have invested heavily in front-end IT infrastructure to improve customer experience, efforts so far have not measured up to what has become customary across other sectors, especially with tech providers. Each parametre was assigned appropriate weightage, and final scores were mapped on a scatter plot (by rebasing score on 100). Improving the full value chain, from front- to back- end, is essential to join the Open X wave and improve top- and bottom-line growth, augment productivity, enhance customer engagement, reduce costs, increase transparency, and boost employee satisfaction. Frank Desvignes, Global Head of Open Innovation at AXA Next, Sabine VanderLinden, Co-founder and Managing Partner of the Alchemy Crew, and Elias Ghanem, Global Head of Market Intelligence at Capgemini Financial Services join host Mary-Ellen Harn to discuss COVID-19’s impact … Today, it is a multicultural company of 270,000 team members in almost 50 countries. Obwohl die Gesamtinvestitionen in neue IT-Entwicklungen (verglichen mit Wartungen) von 24 … We use cookies to improve your experience on our website. Der World FinTech Report 2020 von Capgemini und Efma zeigt, dass traditionelle Banken Wachstumschancen auf dem heutigen Markt haben, indem sie einen erweiterten Open Banking Ansatz - … The World FinTech Report 2020 from Capgemini and Efma explores the challenges faced by banks in adapting themselves to the demands of the customers and strategies they should develop to catch up with these new players. Although overall investment in new IT development (vs. maintenance) increased from 24% in 2016 to 33% in 2019, middle- and back-end operations continue to be based on complex, often manual business processes, leading to a fragmented customer experience. Banks’ view of collaboration readiness is represented on the X axis, while the Y axis represents bank collaboration success. The World FinTech Report 2020 revealed several pain-points: “The world has changed dramatically over the last couple of months. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X and becoming Inventive Banks. The World Wealth Reports from Capgemini Financial Services Visit site. April 2020 – Der World FinTech Report 2020 von Capgemini und Efma zeigt, dass traditionelle Banken Wachstumschancen auf dem heutigen Markt haben, indem sie einen erweiterten Open Banking Ansatz – Open X genannt – angehen und gemeinsam mit FinTech-Partnern spezielle Rollen in einem offenen Finanzdienstleistungsökosystem übernehmen. Accept only necessary cookies and close window, Unlock value through intelligent automation, Optimize your supply chain and vendor performance, Manage your contracts to capture lost revenue, Manage your risk and compliance effectively, Gain more insights from your business analytics, Implementing Software-as-a-Service (SaaS), Cybersecurity Defense Maturity Evaluation, Network Security and Segmentation Service, Penetration Testing, Red Teaming, and Threat Simulation, Digital Engineering and Manufacturing Services, Application Development & Maintenance Services, World’s Most Ethical Companies® recognition, Our Corporate Social Responsibility Program. For banks to remain appealing and competitive in this shifting landscape, the report highlights that they must transform into agile and customer-centric Inventive Banks by embracing Open X as well as take on a specialised role, rather than a universal one, such as supplier or aggregator within the new open ecosystem. You can change your settings at any time by clicking Cookie Settings available in the footer of every page. Over 3,300 brands in 130 countries are Efma members. Visit us at www.capgemini.com. The gap between what customers expect and what traditional banks currently deliver has never been wider, but now is the right time for banks to catch up from front to back-end to offer the best customer experience. “In order to keep up with ever-changing customer expectations in today’s marketplace, incumbent banks must transform into Inventive Banks with collaborative support from qualified FinTech partners.”. People matter, results count. A global non-profit organisation, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. Accept only necessary cookies and close window, Digital Engineering and Manufacturing Services, Implementing Software-as-a-Service (SaaS), Application Development & Maintenance Services, Unlock value through intelligent automation, Optimise your supply chain and vendor performance, Manage your contracts to capture lost revenue, Manage your risk and compliance effectively, Gain more insights from business analytics, World’s Most Ethical Companies® recognition. World FinTech Report 2020: FinTech collaboration is even-more essential now for banks to achieve customer-centricity. Both Banks and FinTechs are currently frustrated by the lackluster results of their collaborations to date. Building on its strong 50-year+ heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. For more information related to the cookies, please visit our cookie policy. A global non-profit organization, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. Featured in the World FinTech Report 2020, the index shows that leading collaborative banks are those with a dedicated and autonomous startup-partnership team and who demonstrate a fail-fast innovation approach to determine value and cut losses quickly. Capgemini is driven by the conviction that the business value of technology comes from and through people. Copyright © 2021. Users who like World FinTech Report 2020 For more information related to the cookies, please visit our cookie policy. You probably guessed it, this year Cap Gemini talk about embracing Open X. World FinTech Report 2020 by Capgemini published on 2020-06-16T16:13:46Z. According to the World FinTech Report 2020, to remain competitive and appeal to consumers, banks should prioritise middle- and back-end transformation through data-driven and customer-centric partnerships with FinTechs, which will ultimately also improve the front-end. OTS: Capgemini / World FinTech Report 2020: Für Banken ist die Zusammenarbeit … World FinTech Report 2020: Für Banken ist die Zusammenarbeit mit FinTechs jetzt noch wichtiger zur Optimierung der Kundenorientierung (FOTO) Berlin (ots) – – Banken, die mit FinTechs zusammenarbeiten, sich Open X zu eigen machen und sich zu Inventive Banks wandeln, haben größere Chancen auf Erfolg. The Group is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X[1] and becoming Inventive Banks[2]. Check out my recap of the World Fintech Report 2019 – Preparing for Open X. They must embrace Open X or risk becoming irrelevant,” said John Berry, CEO of Efma. The gap between what customers expect and what traditional banks currently deliver has never been wider, but now is the right time for banks to catch up from front to back-end to offer the best customer experience. Visit us at www.capgemini.com. Der World FinTech Report 2020 von Capgemini Efma zeigt, dass traditionelle Banken Wachstumschancen auf dem heutigen Markt haben, indem sie einen erweiterten Open Banking Ansatz – Open X genannt – angehen und gemeinsam mit FinTech-Partnern spezielle Rollen in einem offenen Finanzdienstleistungsökosystem übernehmen. Each parameter was assigned appropriate weightage, and final scores were mapped on a scatter plot (by rebasing score on 100). FinTechs present banks with various opportunities to plug identified gaps towards a robust and enabling back-end, which will create an attractive, customer-centric front … Banks and FinTechs that prioritize effective collaboration will thrive in the Open X sharing economy. Businesses will evolve and emerge from the COVID-19 crisis in different and profound ways. But banks can still thrive by transforming into inventive banks. For traditional banks, this will translate into an even greater need for digital experience through further collaboration with FinTechs. Capgemini’s “Open X Readiness Index” is a global benchmarking tool that measures the readiness of banks to effectively collaborate at scale with Startups by measuring their maturity across people, finance, business, and technology pillars. According to the World FinTech Report 2020, to remain competitive and appeal to consumers, banks should prioritize middle- and back-end transformation through data-driven and customer-centric partnerships with FinTechs, which will ultimately also improve the front-end. Für Banken ist die Zusammenarbeit mit FinTechs jetzt noch wichtiger zur Optimierung der Kundenorientierung. Payment Trends in 2020: 1/ Regulators hone in on Risk Reduction, Standardisation & Open Banking. BigTechs and challenger banks leverage high-impact capabilities, World Fintech Report 2020, Capgemini and Efma, April 2020 While, for traditional banks, failure is not an option, FinTechs are fast to market yet ready to fail. We started by examining the strategies of platform-based newcomers that were creating value within an ecosystem of interdependent suppliers, aggregators, … Both Banks and FinTechs are currently frustrated by the lackluster results of their collaborations to date. World FinTech Report 2020. World FinTech Report 2020 Businesses will evolve and emerge from the COVID-19 crisis in different and profound ways. With Altran, the Group reported 2019 combined revenues of €17billion. Over 3,300 brands in 130 countries are Efma members. Capgemini’s Open X Readiness Index evaluates banks based on 98 data points to evaluate their collaboration readiness across four pillars – People, Finance, Business, and Technology. Laut dem World FinTech Report 2020 sollten Banken vor allem ihre Middle- und Backend-Transformation durch datengesteuerte und kundenorientierte Partnerschaften mit FinTechs vorantreiben. Capgemini’s “Open X Readiness Index” is a global benchmarking tool that measures the readiness of banks to effectively collaborate at scale with Startups by measuring their maturity across people, finance, business, and technology pillars. “In order to keep up with ever-changing customer expectations in today’s marketplace, incumbent banks must transform into Inventive Banks with collaborative support from qualified FinTech partners.”. World FinTech Report 2020 It’s now or never. The 2020 edition of the report includes insights from focused interviews with senior banking executives of leading banks across regions. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X and becoming Inventive Banks. The World FinTech Report 2020 draws on research insights from the 2020 Global FinTech Executive Interviews and the Capgemini Open X Readiness Index. People matter, results count. With fintech funding continuing to increase, bigtechs and challenger banks are now posing a tangible threat to established banks, the report says. The way forward: effective structured collaboration is essential for bank and FinTech partnerships to be successful. Capgemini’s World Payments Report 2020 Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 published today by Capgemini. They must embrace Open X or risk becoming irrelevant,” said John Berry, CEO of Efma. See the World Fintech Report 2020 for full details of this years instalment – in the meantime, following is a quick recap: World Fintech Report 2020 – 4 Key Themes: Inventive banks with the willingness and capabilities to collaborate at scale and industrialize innovation are most likely to prosper within the shared Open X ecosystem.”, Traditional banks must invest in middle- and back-end operations to deliver a better customer experience. Today, it is a multicultural company of 270,000 team members in almost 50 countries. For banks to remain appealing and competitive in this shifting landscape, the report highlights that they must transform into agile and customer-centric Inventive Banks by embracing Open X as well as take on a specialized role, rather than a universal one, such as supplier or aggregator within the new open ecosystem. In our inaugural World FinTech Report 2020 podcast, host Mary-Ellen Harn speaks with Elias Ghanem, global head of Market Intelligence at Capgemini Financial Services, and Theodora Lau, founder of Unco According to the World Fintech Report 2020, to remain competitive and appeal to consumers, banks should prioritise middle- and back-end transformation through data-driven and customer-centric partnerships with fintechs, which will ultimately also improve the front-end. The World FinTech Report from Capgemini Financial Services and Efma Visit site. With Altran, the Group reported 2019 combined revenues of €17billion. You may accept all cookies, or choose to manage them individually. Inventive banks with the willingness and capabilities to collaborate at scale and industrialise innovation are most likely to prosper within the shared Open X ecosystem.”, Traditional banks must invest in middle- and back-end operations to deliver a better customer experience. The World FinTech Report 2020 draws on research insights from the 2020 Global FinTech Executive Interviews and the Capgemini Open X Readiness Index. [1] Open X leapfrogs the compliance-based approach of open banking and moves to a seamless eXchange of data and resources empowered by an eXpedited product innovation cycle that continuously improves customer eXperience. They help us to improve site performance, present you relevant advertising and enable you to share content in social media. Select which Site you would like to reach: FinTech collaboration is even-more essential now for banks to achieve customer-centricity, Banks that collaborate, embrace Open X and transform into Inventive Banks are most likely to prosper. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and … Capgemini’s Open X Readiness Index evaluates banks based on 98 data points to evaluate their collaboration readiness across four pillars – People, Finance, Business, and Technology. With data-fueled, hyper-personalized experiences in real-time, BigTechs and challenger banks have demonstrated their ability to win customers over. Paris, April 21, 2020 – Capgemini and Efma today published the World FinTech Report 2020 revealing that despite a widening gulf between traditional banks on one side and BigTechs and challenger banks on the other, traditional banks have an opportunity to thrive in today’s market by embracing Open X 1 and becoming Inventive Banks 2. The World FinTech Report 2020 from Capgemini and Efma explores the challenges faced by banks in adapting themselves to the demands of the customers and strategies they should develop to catch up with these new players. Banks that collaborate, embrace … The World FinTech Report 2020 revealed several pain-points: “The world has changed dramatically over the last couple of months. Offices in London, Brussels, Andorra, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo, and Singapore. “Traditional banks are at a critical juncture. “Traditional banks are at a critical juncture. Capgemini is a global leader in consulting, digital transformation, technology and engineering services. [2]Inventive banks are prepared to adopt specialized roles in the new, open ecosystem – with collaborative support from qualified FinTech partners. [2]Inventive banks are prepared to adopt specialised roles in the new, open ecosystem – with collaborative support from qualified FinTech partners. Offices in London, Brussels, Andorra, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo, and Singapore. Building on its strong 50-year+ heritage and deep industry-specific expertise, Capgemini enables organisations to realise their business ambitions through an array of services from strategy to operations. Since we began this report three years ago, FinTechs have moved from disruptors to mature players, and it is now essential for incumbent banks to consider them not only as formidable competitors, but as necessary partners of choice to meet changing consumer expectations,” comments Anirban Bose, CEO of Capgemini’s Financial Services and Member of the Group Executive Board. Capgemini is a global leader in consulting, digital transformation, technology and engineering services. Recommended tracks The NRF 2019 Predictions Podcast With Tim Bridges And Emily Twomey by Capgemini published on 2019-01-03T13:20:18Z The SAP SAPPHIRE NOW 2019 and Digital Core Podcast by Capgemini published on 2019-04-25T11:27:04Z. Headquarters in Paris. Copyright © 2021. Partner with Capgemini 28 TABLE OF CONTENTS. The World InsurTech Report 2020 podcast takes a deep dive into the findings of the World InsurTech Report 2020. Laut dem World FinTech Report 2020 sollten Banken vor allem ihre Middle- und Backend-Transformation durch datengesteuerte und kundenorientierte Partnerschaften mit FinTechs vorantreiben. World Retail Banking Report 2020 Our theme – Winning with a Sustainable Platform – seemed particularly timely when we began work on the World Retail Banking Report 2020 late last year. Meanwhile, 48% of new-age customers (Generation Y and tech-savvy) are frustrated with the narrow range of products and services offered by their primary traditional bank, propelling them to switch within the next year to new-age players as they seek services that match their preferences and integrate with their other platforms/applications. World InsurTech Report 2020 Visit site. We use cookies to improve your experience on our website. All rights reserved by Capgemini. The World FinTech Report 2020 from Capgemini and Efma explores how effective collaboration between inventive banks and mature FinTechs can help fill in the gaps from the front to the back office to deliver a meaningful customer and user experience. The report highlighted that the front-end last-mile experience (e.g., packaging and delivering products to customers) is currently missing the mark, resulting in customers’ dissatisfaction as they feel they do not receive a personalized relationship from their bank (50%) and cannot make direct-debit payments on several merchant sites (60%.) “Effective collaboration requires people, business, and process maturity. Banks’ view of collaboration readiness is represented on the X axis, while the Y axis represents bank collaboration success. Capgemini is driven by the conviction that the business value of technology comes from and through people. The way forward: effective structured collaboration is essential for bank and FinTech partnerships to be successful. Featured in the World FinTech Report 2020, the index shows that leading collaborative banks are those with a dedicated and autonomous startup-partnership team and who demonstrate a fail-fast innovation approach to determine value and cut losses quickly. The report highlighted that the front-end last-mile experience (e.g., packaging and delivering products to customers) is currently missing the mark, resulting in customers’ dissatisfaction as they feel they do not receive a personalised relationship from their bank (50%) and cannot make direct-debit payments on several merchant sites (60%.) All rights reserved by Capgemini. Following on from the recent post recapping the Capgemini World Fintech Report 2020, i wanted to focus on the key payment trends that Capgemini expect to develop over the course of 2020 and beyond. The 2020 edition of the report includes insights from focused interviews with senior banking executives of leading banks across regions. Sie verbesserten damit das Frontend und würden wettbewerbsfähig sowie für den Verbraucher attraktiv bleiben. The World Payments Report from Capgemini Financial Services Visit site. A recipe of increased payment volume, consumer behavior shifts, and greater risk create a new landscape for payments PARIS–(BUSINESS WIRE)–Payment firms are being pushed rapidly into transformation, even as they handle larger transaction volumes, face increased competition and heightened risk factors amplified by COVID-19, according to the World Payments Report 2020 …