What is the right balance between full inhouse and full outsourced activities in the private banking and wealth management industries?
A hybrid operating model, that combines full internal control of business activities with an outsourcing of your software solutions management appears as a successful alternative.
In recent years, the full-BPO model adoption has developed in European private banks, mainly fueled by an increased pressure on margins in the industry. Providers offering full range of operating services, including technology, application management and banking business services, came with the promise of reducing costs, while allowing their customers to focus on their client acquisition and relationship.
Backed by top consulting firms in need of new transformation projects, the full-BPO model has often become an automatic choice for banks.
However, some banks are now successfully reinternalizing business activities and switching to an alternative hybrid model, by keeping their application management and IT activities delegated to a software partner.
What are the benefits of this successful alternative model and the reasons some banks prefer it over full-BPO?
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About New Access
New Access is a leading provider of a scalable and modular Core-to-Digital solution suite designed to meet the specific requirements of the private banking and wealth management industries. New Access enables digital transformation and improves client’s satisfaction with our digital front-end solution, including an advisor cockpit, client life cycle management (CLM) and a client/EAM portal. New Access has been operating for over 20 years exclusively in the private banking and wealth management sectors, supporting more than 55 customers, globally.