Top tier banks are increasingly open to the adoption of utility-based shared service models to drive down costs and increase efficiency in back office and compliance functions, according to research conducted by Finextra.
The survey of 102 financial services professionals from 69 financial institutions across 26 countries, conducted by Finextra on behalf of Capco, found that three main areas noted as ripe for growth include: market and reference data management, reconciliation and exception management, and regulatory and compliance-related reporting.
As many as 73% of respondents are prepared to use a utility model in the data management space, while 61% see it as a driver for straight-through processing in reconciliation and exception management.
The full survey is available here: https://www.finextra.com/newsarticle/28468/bank-cost-cutting-driving-uptake-of-financial-industry-utilities?utm_medium=DailyNewsletter&utm_source=2016-2-18
