TECH SUPPLIER May 2019 - Market Analysis Perspective - Doc # EUR145018019
Market Perspective Analysis: European Financial Services, 2019
This IDC Market Analysis Perspective explores the European financial services sector where financial institutions (FIs) seek to keep pace with costly and sometimes ambiguous regulatory change, while adapting to a rapidly changing operating environment and new customer requirements.
New technologies around platforms, artificial intelligence (AI), and distributed ledgers force FIs to rethink their traditional business and operating models. They are moving FIs toward a more digital, open, and data-driven ecosystem.
As the second Payment Service Directive (PSD2) is in its final stages, with full compliance required in September 2019, focus is finally shifting from compliance toward monetization. We see FIs exploring new business models such as everything as a service (XaaS) or lifestyle banking, while leveraging the external ecosystem to innovate faster and better. The open banking trend will fundamentally transform the way banks interact with their customers and the way they consume products and services from their suppliers.
This is increasingly enabled by the cloud, which has finally reached financial services. FIs are increasingly looking for cloud-native or cloud-enabled solutions as they prepare for migration. For now, cloud strategies differ vastly by country and by organization. However, in certain markets such as the U.K., we can definitely talk of the rise of cloud-first strategies.
This technology vendor-centric presentation focuses on the current and future state of the European financial services sector. It includes the top trends, IT spending forecasts, and advice for FIs to stay on top of the fast-evolving ecosystem.