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IDC Financial Insights: European Banking Digital Transformation Strategies

The continued transformation of the European banking sector undoubtedly brings with it new operational and technological challenges, opportunities, and threats. Particularly from a regulatory perspective, the industry is under enormous pressure given many global and regional regulations coming into force in the next two years — PSD2, GDPR, MiFID II, CRS, and the IFRS 17. These regulations bring massive change to the industry and challenge financial institutions on multiple fronts — from more work, more competition, more security and transparency, to sometimes also ambiguous messaging. Nonetheless some of these regulations will have far-reaching impact on the 'bank's business models and operating environments and will serve as a testing ground for other regions to follow. The "Open Banking" era that is upon us will further urge banks to become more relevant, contextual, and dynamic to react to the customer or face disintermediation from the customer relationship. The goal of IDC's European Banking Digital Transformation Strategies service is to assist financial institutions exploiting IT solutions to maximize returns and retain customers and to help technology vendors further define and execute their strategic marketing programs. Our locally based analysts, supported by in-country technology specialists, actively review self-service delivery and front-, middle-, and back-office systems as well as the evolution of an omni-channel experience. Moreover, the program focuses on the evolution and implementation of new technologies such as blockchain, cognitive computing and machine learning, and cloud.

Approach

The research agenda follows banking opportunities from customer and vendor perspectives, providing senior-level decision makers with timely market insight into the business opportunities in this dynamic part of the world. Our advisory service provides ongoing research reports, analyst access, and admission to content-rich conferences, podcasts, and webinars.

Topics Addressed

Throughout the year, this service will address the following topics:

  • Changing trends in customer-centric strategies for consumer banking, credit, investment, and corporate banking
  • New trends in risk and regulatory compliance
  • Best practices and business models for marketing, supply chains, and governance
  • The evolution of mobile banking, NFC, prepaid cards, and other payment trends
  • Self-service banking and the role of the internet and other innovative channel management schemes
  • Addressing the Big Data challenge, particularly in the context of business intelligence and analytics
  • Understanding how banking can best leverage the opportunities afforded by social networking
  • The use of cloud-based services by financial institutions
  • IT spending trends in the European banking sector
Key Questions Answered

Our research addresses the following issues that are critical to your success:

  • What are the unique dynamics in European retail and corporate banking, including pan-European regulatory initiatives?
  • How are the needs of European consumers and companies changing, and what will this mean for the banks that serve them?
  • How can delivery channels be a source of added value through which high-margin relationships can be created and sustained? What makes a difference in winning the larger "share of the wallet" from customers?
  • What are the hot trends in the European banking market? How can technology providers optimize their business models to benefit from these opportunities?
  • How can financial institutions leverage innovative partnerships and net-centric collaboration with service vendors and leverage relationships with supermarkets, telecommunications providers, or other companies?
  • What are the trends in IT product areas (i.e., hardware, software, and IT services)?
  • What are the optimal transformation strategies for banks to consider?
Who Should Subscribe

Financial institutions and technology vendors that support them use our research to guide their internal investment decisions, help them plan for future technology needs, benchmark the competition, and stay current on solution offerings. We also provide clients an open dialogue with our expert analysts to support key FinTech investment strategies.

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Sabitha Majukumar Senior Research Analyst, Worldwide Insurance Strategies
Thomas Zink Associate Research Director