The ecosystem imperative: How to create new sources of value in BFS enterprises
Firms in the Banking and Financial Services (BFS) sector are recognizing that their ability to quickly innovate will determine whether they survive, thrive or lead their respective industries. BFS organizations have ambitious goals for what they can do with innovation over the next two years with a pressing need to move quickly, according to new study from HFS in collaboration with Infosys.
450 BFS leaders were surveyed across the Global 2000. They suggested that BFS firms are targeting ecosystem creation—collaborating across multiple organizations with common objectives—to help promote growth and produce new types of value.
The trajectory moves quickly across three innovation Horizons:
Horizon 1: Functional digital optimization, the current state, required to survive
Horizon 2: End-to-end enterprise modernization, the required state, necessary to thrive
Horizon 3: New value creation through ecosystems, the future state, the opportunity to lead
Key findings
- BFS firms are looking to ecosystem partners to drive new forms of value
- BFS subsectors have different visions and objectives for new value creation
- Talent, data, and legacy tech present the biggest inhibitors to achieving investment objectives
- BFS enterprises are turning to full-service firms and fintech for enabling paths to new value. BFS enterprises are seeking strategic partners that can deliver cost-saving and transformation
This report is the first in a four-part series examining the growing importance of ecosystems in the BFS market through the lens of making practical progress across the Horizons.
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