The financial services industry has undergone an impressive digital transformation in the past few years, but in order to continually meet customer needs, financial institutions must iterate, adapt and be forward-thinking in their approach.

Through strategic outsourcing, companies in the financial services sector can improve the quality of services they offer to clients and increase internal operations by reducing inefficiencies—all while saving costs in key areas. Companies are increasingly focusing on technology enhancements and driving the adoption of digital transformations. By taking a closer look at outsourcing market trends in financial services from 2022, an outlook for next year or so becomes clearer.

There is no doubting that the banking industry and financial services as a whole are evolving at a rapid pace as the speed of technological innovation accelerates. Neobanks and fintechs, who are functioning on forward-looking technology stacks without the burden of legacy infrastructure, are eating up the market share of legacy players.

Financial institutions that implement digital initiatives without a strategy often have lower performance than those that aren’t pursuing digital or are just beginning their efforts.

Understand how new Enterprise Architecture approaches can help financial services companies apply digital transformation to improve customer experience.