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As enterprise <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> transforms to adopt the digital paradigm to stay in step with evolving technology, the challenge of finding skilled manpower to foster and innovate remains a challenge. Great Learning for Business and Business Insider India brings to you <keyword id="14034752" type="General" weightage="80" keywordseo="upskill-india-summit" source="Orion">Upskill India Summit</keyword> 2022. <a href="https://www.mygreatlearning.com/enterprise">Great Learning is</a> an upskilling partner for enterprises, helping them build skills in emerging technologies at scale. The Upskill India Summit 2022 throws light on India’s upskilling agenda for years to come. The summit will highlight challenges and discuss strategies aimed at helping enterprises strategise their learning initiatives. From navigating board room challenges, developing processes, calibrating roll-out initiatives, building the culture and measuring ROI, the summit will showcase the thinking that India's leading L&amp;D leaders are implementing to help their organizations stay at the forefront of tech and innovation. The summit has a line up of prominent speakers from the industry. Keynote Address Mr. <keyword id="6399969" type="General" weightage="50" keywordseo="sanjeev-singh" source="Orion">Sanjeev Singh</keyword>, Chief Operating Officer, Wipro Panel 1 - Upskilling India for transformation Nidhi Pant, Senior Associate Director, Capability Development - KPMG Srilata Kolachana, Director, Learning &amp; Development | APAC SBU - CGI Rituparna Dasgupta, Talent &amp; Development Leader - Intuit Mohan Lakhamraju, Chief Executive Officer - Great Learning Ashwin Raghunath - Business Insider India Panel 2 - Enterprise upskilling - Doing it right Anurag Seth, VP and <keyword id="14137717" type="General" weightage="20" keywordseo="head-talent-transformation-" source="Orion">Head - Talent Transformation-</keyword> Wipro Bhaskar Bhatta, Senior Program Manager – ACES and Training, RBS - Amazon Arvind Kumar, <keyword id="14137716" type="General" weightage="50" keywordseo="digital-capability-development" source="Orion">Digital Capability Development</keyword> Leader - HCL Tech Thirumala Arohi Mamunooru, Head - Education, Training and Assessments - Infosys Ritesh Malhotra, Head, Enterprise - Great Learning Enterprise upskilling initiatives are playing a critical role in enabling businesses to adapt, scale and transform in the new digital paradigm. The Upskill India Summit 2022 places the spotlight on the ideas, the thinkers and the doers in the country’s upskilling arena. Register today and engage with enterprise learning and development leaders who are shaping the trajectory of enterprise upskilling and discover strategic and tactical insights about shaping your business' upskilling agenda. The seminar is invitee-only to enterprise leadership. Date: June 10th, 2022 Time: 6:30 PM onwards Location: Hyatt Centric on MG Road, Bengaluru Register to participate : <a href="https://www.businessinsider.in/webinars/engage-to-upskill/webinar/91888640.cms?upcache=2">https://www.businessinsider.in/webinars/engage-to-upskill/webinar/91888640.cms?upcache=2</a>

Great Learning announces Upskill India Summit 2022, a summit for upskilling strategies for enterprise growth featuring prominent speakers

The UpSkill <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> Summit 2022, hosted by <a href="https://www.linkedin.com/company/great-learning/">Great Learning</a> and <a href="https://www.linkedin.com/company/business-insider-india/">Business Insider India</a>, witnessed leading industry experts and thought leaders sharing insights on the need for upskilling India Inc. The discussions on how to decisively win the battle of building high-quality talent for the tech-transformed world took centre stage at this event. Given the demands of the ever-evolving digital era, UpSkill India Summit 2022 reinforced the commitment of enterprise leaders, CHROs, and L&amp;D Heads from top IT/ITES, BFSI, and retail companies keen on evolving and enhancing their strategies for new-age skills. <h3 style="line-height:1.38;margin-top:16pt;margin-bottom:4pt;">Bridging Talent Supply-Demand Gaps</h3>While the workforce in India is massive to cater to global demands, supply-demand gaps and skills-parity in the workforce act as a challenge to the various industries. In his keynote address, <a href="https://www.linkedin.com/in/sanjeevsinghss/">Sanjeev Singh</a>, Chief Operating Officer, Wipro, suggested that educational institutions, governments, and industries should reimagine the curriculum to better suit the current age. He emphasised the need for a laser focus on emerging opportunities in different sectors and training the workforce accordingly. He further added that as opposed to a traditional degree program, short courses or certifications benefit some people better and provide more value than longer-term degrees. <div type="image" title="Sanjeev Singh, COO at Wipro" msid="93326342" hostid="261"></div> <div type="ExtQuote" text="The only way you create a larger pool of talent is by absorbing people. And the only people available to be absorbed are those who are not part of the pool." auname="Sanjeev Singh, Chief Operating Officer, Wipro at UpSkill India Summit 2022"></div> It is also crucial that companies tap into the unexposed talent pool in rural areas and make the IT sector more inclusive to accommodate those who may face language barriers. In the thought-provoking panel discussions, speakers from prominent organisations examined several ideas, strategies, and opportunities for upskilling. Business Insider India's Ashwin Raghunath moderated the first panel discussion, "Upskilling India for Transformation,” featuring <ul><li><a href="https://www.linkedin.com/in/rituparna-dasgupta-she-her-3b172011/">Rituparna Dasgupta</a>, Talent &amp; Development Leader, Intuit </li><li><a href="https://www.linkedin.com/in/nidhi-pant-5517964/">Nidhi Pant</a>, Senior Associate Director, Capability Development, KPMG India </li><li><a href="https://www.linkedin.com/in/vinutha-rao-a48a5b4/">Vinutha Rao</a>, SVP &amp; Head, Talent Acquisition &amp; Talent Development, Digital Business, HCL Technologies </li><li><a href="https://www.linkedin.com/in/srilatakolachana/">Srilata Kolachana</a>, Director, Learning and Development, APAC SBU, CGI </li><li><a href="https://www.linkedin.com/in/mohanlakhamraju/">Mohan Lakhamraju</a>, CEO, <keyword id="6559242" type="General" weightage="80" keywordseo="great-learning" source="Orion">Great Learning</keyword> </li></ul> The discussion sought to highlight the strategic aspects of upskilling - by examining its current state in India’s enterprises and identifying the bottlenecks that industries faced in rolling out successful upskilling initiatives. One of the key takeaways from this discussion was the need for businesses to adopt agility in their approach and be aware of the changing face of technology and market demands. EdTech companies like Great Learning invest heavily in R&amp;D and innovation for their platforms. Technology augments the teaching process and helps efficiently track critical metrics to deliver the best outcomes. <div type="ExtQuote" text="[Investments are] going into R&amp;D, innovation, and building technology and analytics, building how to measure, monitor, derive insights from the learning process, how to track learner behaviour, and how to augment and engage learners better at scale so that the burden of doing all of this is not one instructor." auname="Mohan Lakhamraju, CEO, Great Learning at UpSkill India Summit 2022"></div> Mohan noted that there was a “behaviour change” in the ecosystem where upskilling is now being used as a retention mechanism in enterprises to retain talent and reduce attrition. He added that we are in a golden period, and while transformation is underway, Covid has accelerated the pace of adoption, investment, and innovation. And even as we adapt to the transformation in this space, two themes that need to be addressed here, according to Nidhi Pant, are context (the rationale behind the upskilling exercise) and secondly, curating the right experience for the learner to bring about the best impact and returns from the process. “The learning experience is something that we really need to catch up on if we are not doing enough,” she added. Speaking of how enterprises can work with educational institutions to build capabilities, <keyword id="14629270" type="General" weightage="50" keywordseo="srilata-kolachana" source="Orion">Srilata Kolachana</keyword> said, “We have CSR initiatives where we work with schools, and it is a great way to build talent. But how about our think tank working with those engineering students for these NGO projects? If we are doing these kinds of linkages, then, without too much investment, we are building capability. Because we are giving mentoring support, and we are giving capability-building effort. We are putting that in place. So I think we have to look at the entire value chain holistically. I don't believe that it is some kind of blame game -- that they are not coping up or we are not there. I believe that we also have to do a lot to build that capability.” One of the crucial areas that Inuit’s <keyword id="6878443" type="General" weightage="50" keywordseo="rituparna-dasgupta" source="Orion">Rituparna Dasgupta</keyword> highlighted was finding the balance between hiring externally versus focusing on retaining talent and training them, which would be a far more cost-effective method. She further explained that Inuit has a strong partnership with academia to help bridge the gap, and that rests on three pillars — connection with the company, the impact of work, and helping them upskill within the organization. HCL’s <keyword id="14629268" type="General" weightage="50" keywordseo="vinutha-rao" source="Orion">Vinutha Rao</keyword> seconded that thought, that while the importance of academia versus vocational courses is widely debated, academia is crucial since it builds the foundation. Still, it is more important to shape the ‘curiosity mindset.’ She added, “If you can give a foundation training which builds a continuous learning attitude and curiosity mindset, I guess we got it right, and that’s what will take us in the next decade.” The other key theme highlighted by the panellists was the importance of ensuring reach and expanding the availability of upskilling initiatives. This was followed by the second panel discussion, "Enterprise Upskilling: Doing it Right," featuring: <ul><li><a href="https://www.linkedin.com/in/thirumala-arohi-mamunooru/">Thirumala Arohi Mamunooru</a>, SVP &amp; Head, Education, Training &amp; Assessment, Infosys </li><li><a href="https://www.linkedin.com/in/anuragseth3009/">Anurag Seth</a>, Former VP &amp; Head, Talent Transformation, Wipro </li><li><a href="https://www.linkedin.com/in/arvind-kumar-09112b3/">Arvind Kumar</a>, AVP &amp; Head, Talent Development Digital Business, HCL Technologies </li><li><a href="https://www.linkedin.com/in/bharaniram-bhaskarbhatta-b814228/">Bharaniram Bhaskarbhatta</a>, Senior Program Manager, ACES &amp; Training, RBS, Amazon</li></ul>This discussion was moderated by<a href="https://www.linkedin.com/in/ritesh-malhotra-5312881b/"> Ritesh Malhotra,</a> Head of Enterprise, Great Learning. Ritesh sought to understand the deployment and implementation challenges that enterprises faced. From boardroom concerns regarding upskilling to ensuring the adoption of strategic upskilling initiatives, the panel shed light on the roll-out issues that learning and development leaders need to address while planning their upskilling routines. Furthermore, he mentioned how Great Learning is working with these challenges by providing a platform that connects enterprises with ready-to-hire talent. He explained, "We’re building two new models, Hire Train, Deploy, and what we can do with universities at an early stage. Superset is essentially India’s largest hiring automation platform. Between GL and Superset, we have millions of learners on the platform. We’ve [added] thousands of colleges, and Superset last year rolled out around lakhs of offers just through the platform. <div type="ExtQuote" text="Whatever you could do going to colleges, visiting them, and making offers…now you can do that remotely. We have the colleges, we have the students, and we have the ability for you to choose them remotely. All sorts of assessments can be run -- you can interview them remotely and make them offers remotely. So the end-to-end lifecycle of us just training has expanded to hiring as well." auname="Ritesh Malhotra, Head, Enterprise, Great Learning"></div> Thirumala Mamunooru spoke about how Infosys has integrated ed-tech into the business’ DNA. His business is now identifying skills and recalibrating them frequently, giving them a clear understanding of skills relevant today and what might be required in the future. Also, by understanding the needs and motivations of the learner, they were able to optimise their upskilling initiatives. Bharaniram Bhaskarbhatta of Amazon highlighted the challenge they faced when looking for the right service provider for upskilling employees, since most of them either provided a trainer to deliver on the needs or provided content but lacked a combination of both, which was a huge deterrent for them. “If I would go to a service provider, then I would want the entire thing to be given to me. Otherwise, if I have to put that entire effort again, it doesn't make sense for me to go to the service provider.” HCL’s Arvind Kumar emphasised that talent development should not be an isolated element but must be in line with the business. Arvind also gave the audience insights on the company’s internal skills-mapping methodology that they use to gauge talent, which helped them chart the individual’s upskilling course. Wipro’s Anurag Seth shared insights on the ‘buy vs build’ dilemma when it comes to talent management. He noted that enterprises that choose to ‘buy’ upskilling packages might not be able to access all the skills that they consider critical, thus drawing upon the need to ‘unbundle’ the skills packages. This would enable the enterprises to deeply customise the programs to best suit their business needs. “Because the way their programs are structured and professors are structured, I know that in discussion with Great Learning, a lot of these things are changing, and they are amenable in some of the programs we've done with you (sic), but I think that has to fundamentally change.” As Enterprise India transforms to adopt the digital paradigm to stay in step with evolving technology, finding skilled manpower to foster and innovate remains a challenge. The UpSkill India Summit 2022 highlighted the challenges in this domain and strategies that enterprise learning &amp; development leaders could adopt to fast-track their upskilling initiatives.

India Inc leaders share insights on how businesses can bridge the gap and upskill to transform the workplace

<ul class="summary-list"><li>This is a preview of Digital Banking Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-digital-banking-ecosystem-2019-11">Business Insider Intelligence offers even more fintech coverage with Banking Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.</a></li></ul>The banking industry is in the grips of an identity crisis. Leaders of the world's largest banks - such as Citi, BBVA, and Goldman Sachs - have begun describing themselves as technology companies with banking licenses.However, this description is still aspirational. Executing the vision will require billions of dollars in investments, the restructuring of teams, a reimagining of the entire banking technology stack, and the adoption of a far more customer-centric business view. The stakes of failing to transform are high: Accenture <a href="https://www.accenture.com/us-en/insights/financial-services/bank-branch-digital-disruption" target="_blank" rel="noopener">projects</a> that 35% of all bank revenues could be at risk from more tech-savvy competitors like fintechs as soon as 2020 for incumbents that fail to up their game.As a result, a wave of digital transformation is now sweeping the banking industry, as incumbents shore up against consumer demand and competitive pressures. Major banks have already announced multibillion-dollar, multiyear digitization projects: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.Many incumbent banks are opting to decrease their branch budgets and networks and reinvest their resources in digital channels such as mobile instead to cater to current consumer preferences, and are enlisting the help of tech-savvy software vendors to modernize their tech stacks from top to bottom as part of this process.In the Digital Banking Ecosystem report, Business Insider Intelligence explores the incumbent banking landscape as a whole, and the third parties banks are calling on to help their transition to digital. We then take a closer look at the three biggest drivers for incumbent banks' digitization push: digital-native competitors like neobanks and Big Tech companies; changing consumer behaviors and banking channel preferences; and a growing array of cybersecurity threats.Lastly, we examine what incumbents are already doing today to transform themselves into digital-first organizations to compete in a customer-centric, data-driven global economy, and how they are learning to meaningfully measure the progress of their transformations. The companies mentioned in this report include: Acronis, Amazon, Ant Financial, Apple, Ario, Banco Galicia, Bancorp, Bank of America, Bank of England, Barclays US Consumer Bank, BBVA, BNP Paribas, Caixa Geral de Depositos, CaixaBank, Capital One, China Construction Bank, Citigroup, Citizens Bank, Compliance.ai, CSI, Dave, Detroit Fintech Bay, Deutsche Bank, Diasoft, Emirates NBD Bank, Finastra, Finn AI, Finxact, First Direct, FIS, Fiserv, Flagstar Bank, Forcepoint, ForSee, Forward Networks, Geezeo, Gemalto, Goldman Sachs, Google, Grab, Hello Bank, Help Systems, HotJar, HSBC, IBM, ICBC, Infosys, ING, ING Direct, Intesa Sanpaolo, Jack Henry, JPMorgan Chase, Kenna Security, Lloyds Bank, Lyft, Midwest Bank, Mission Bank, Monzo, N26, Nationwide, NatWest, nCino, ObserveIT, OnDeck, Openbank, Osano, Personetics, PNC, RBS, Reciprocity Labs, Saga, Santander, Sberbank, Square, Starling Bank, Strands, Tanium, Temenos, Tencent, Thomson Reuters, Thought Machine, Tink, TSB, Uber, United Income, US Bank, Wells Fargo, Zelle, and Zopa. Here are some of the key takeaways from the report:<ul><li>Incumbent banks are intensifying their digitization efforts in the face of changing consumer demands and growing competitive pressures.<ul><li>The number of US consumers considering switching banks in the next 12 months increased by 86% from a year before, from 6.9 million to 11.9 million, per Resonate, with consumers citing the need for better digital banking services and more personalized products and tools as major motivators.</li><li>Meanwhile, tech giants like Google and Amazon are poised to grab up to 50% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey, leveraging their tech expertise to lure away customers.</li></ul></li><li>Legacy channel usage is steadily dwindling, while digital channel usage is firmly on the rise. This turn to digital is being accelerated by younger, tech-savvy generations like millennials and Gen Zers quickly becoming banks' largest addressable market.<ul><li>Once the most widely used banking channel in the US, branch use will drop at a compound annual growth rate (CAGR) of -2.01% between 2019 and 2024, per Business Insider Intelligence projections.</li><li>Meanwhile, mobile banking, the least-used banking channel in 2008, is expected to grow at a CAGR of 2.83% between 2019 and 2024, the highest among all channels. </li></ul></li><li>To digitally transform, banks need to join forces with partners, enemies, and frenemies alike. Vendors will be key to the modernization of banks' IT, with specialists catering to each layer: 81% of banking executives surveyed by Finextra and the Euro Banking Association cited working with partners as the best strategy for achieving digital transformation goals. Banks' growing IT budgets reflect their changing priorities: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.</li><li>Banks' digital transformations are already well under way, and incumbents are making massive changes to the way they operate and plan for the future to compete in a digital economy. They're doing this by embracing digital-ready innovation models; adopting new business models like open and direct banking; and reorienting their tech stacks around the digital customer experience.</li></ul>In full, the report:<ul><li>Outlines the incumbent banking landscape and its components, and the structure of the banking tech stack and the vendors supplying each of its layers.</li><li>Explains the biggest drivers behind banks' digital transformations, especially the rise of tech-savvy competitors, shifts in consumer behaviors, and a growing number of cybersecurity threats.</li><li>Highlights the steps banks are already taking to turn themselves into digital-first, data-driven, and customer-centric organizations. </li><li>Evaluates the progress incumbents have made towards digitization, and how deeply they've embedded themselves in the emerging cross-industry digital banking ecosystem.</li></ul>Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase &amp; Download Now</a></li><li>Sign up for Banking Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-digital-banking-ecosystem-2019-11">Get Started</a></li><li>Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-digital-banking-ecosystem-2019-11">Inquire About Our Enterprise Memberships</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-digital-banking-ecosystem-these-are-the-key-players-biggest-shifts-and-trends-driving-short-and-long-term-growth-in-one-of-the-worlds-largest-industries-2019-11" target="_blank" rel="noopener">here</a>.</li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

<ul class="summary-list"><li>This is a preview of Digital Banking Ecosystem research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-digital-banking-ecosystem-2019-11">Business Insider Intelligence offers even more fintech coverage with Banking Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.</a></li></ul>The banking industry is in the grips of an identity crisis. Leaders of the world's largest banks - such as Citi, BBVA, and Goldman Sachs - have begun describing themselves as technology companies with banking licenses.However, this description is still aspirational. Executing the vision will require billions of dollars in investments, the restructuring of teams, a reimagining of the entire banking technology stack, and the adoption of a far more customer-centric business view. The stakes of failing to transform are high: Accenture <a href="https://www.accenture.com/us-en/insights/financial-services/bank-branch-digital-disruption" target="_blank" rel="noopener">projects</a> that 35% of all bank revenues could be at risk from more tech-savvy competitors like fintechs as soon as 2020 for incumbents that fail to up their game.As a result, a wave of digital transformation is now sweeping the banking industry, as incumbents shore up against consumer demand and competitive pressures. Major banks have already announced multibillion-dollar, multiyear digitization projects: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.Many incumbent banks are opting to decrease their branch budgets and networks and reinvest their resources in digital channels such as mobile instead to cater to current consumer preferences, and are enlisting the help of tech-savvy software vendors to modernize their tech stacks from top to bottom as part of this process.In the Digital Banking Ecosystem report, Business Insider Intelligence explores the incumbent banking landscape as a whole, and the third parties banks are calling on to help their transition to digital. We then take a closer look at the three biggest drivers for incumbent banks' digitization push: digital-native competitors like neobanks and Big Tech companies; changing consumer behaviors and banking channel preferences; and a growing array of cybersecurity threats.Lastly, we examine what incumbents are already doing today to transform themselves into digital-first organizations to compete in a customer-centric, data-driven global economy, and how they are learning to meaningfully measure the progress of their transformations. The companies mentioned in this report include: Acronis, Amazon, Ant Financial, Apple, Ario, Banco Galicia, Bancorp, Bank of America, Bank of England, Barclays US Consumer Bank, BBVA, BNP Paribas, Caixa Geral de Depositos, CaixaBank, Capital One, China Construction Bank, Citigroup, Citizens Bank, Compliance.ai, CSI, Dave, Detroit Fintech Bay, Deutsche Bank, Diasoft, Emirates NBD Bank, Finastra, Finn AI, Finxact, First Direct, FIS, Fiserv, Flagstar Bank, Forcepoint, ForSee, Forward Networks, Geezeo, Gemalto, Goldman Sachs, Google, Grab, Hello Bank, Help Systems, HotJar, HSBC, IBM, ICBC, Infosys, ING, ING Direct, Intesa Sanpaolo, Jack Henry, JPMorgan Chase, Kenna Security, Lloyds Bank, Lyft, Midwest Bank, Mission Bank, Monzo, N26, Nationwide, NatWest, nCino, ObserveIT, OnDeck, Openbank, Osano, Personetics, PNC, RBS, Reciprocity Labs, Saga, Santander, Sberbank, Square, Starling Bank, Strands, Tanium, Temenos, Tencent, Thomson Reuters, Thought Machine, Tink, TSB, Uber, United Income, US Bank, Wells Fargo, Zelle, and Zopa. Here are some of the key takeaways from the report:<ul><li>Incumbent banks are intensifying their digitization efforts in the face of changing consumer demands and growing competitive pressures.<ul><li>The number of US consumers considering switching banks in the next 12 months increased by 86% from a year before, from 6.9 million to 11.9 million, per Resonate, with consumers citing the need for better digital banking services and more personalized products and tools as major motivators.</li><li>Meanwhile, tech giants like Google and Amazon are poised to grab up to 50% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey, leveraging their tech expertise to lure away customers.</li></ul></li><li>Legacy channel usage is steadily dwindling, while digital channel usage is firmly on the rise. This turn to digital is being accelerated by younger, tech-savvy generations like millennials and Gen Zers quickly becoming banks' largest addressable market.<ul><li>Once the most widely used banking channel in the US, branch use will drop at a compound annual growth rate (CAGR) of -2.01% between 2019 and 2024, per Business Insider Intelligence projections.</li><li>Meanwhile, mobile banking, the least-used banking channel in 2008, is expected to grow at a CAGR of 2.83% between 2019 and 2024, the highest among all channels. </li></ul></li><li>To digitally transform, banks need to join forces with partners, enemies, and frenemies alike. Vendors will be key to the modernization of banks' IT, with specialists catering to each layer: 81% of banking executives surveyed by Finextra and the Euro Banking Association cited working with partners as the best strategy for achieving digital transformation goals. Banks' growing IT budgets reflect their changing priorities: By 2021, global banks' IT budgets will surge to $297 billion, up 14% from $261 billion in 2018, according to Celent.</li><li>Banks' digital transformations are already well under way, and incumbents are making massive changes to the way they operate and plan for the future to compete in a digital economy. They're doing this by embracing digital-ready innovation models; adopting new business models like open and direct banking; and reorienting their tech stacks around the digital customer experience.</li></ul>In full, the report:<ul><li>Outlines the incumbent banking landscape and its components, and the structure of the banking tech stack and the vendors supplying each of its layers.</li><li>Explains the biggest drivers behind banks' digital transformations, especially the rise of tech-savvy competitors, shifts in consumer behaviors, and a growing number of cybersecurity threats.</li><li>Highlights the steps banks are already taking to turn themselves into digital-first, data-driven, and customer-centric organizations. </li><li>Evaluates the progress incumbents have made towards digitization, and how deeply they've embedded themselves in the emerging cross-industry digital banking ecosystem.</li></ul>Interested in getting the full report? Here's how to get access:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/the-digital-banking-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-digital-banking-ecosystem-2019-11&amp;vertical=banking#!/">Purchase &amp; Download Now</a></li><li>Sign up for Banking Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-digital-banking-ecosystem-2019-11">Get Started</a></li><li>Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-digital-banking-ecosystem-2019-11">Inquire About Our Enterprise Memberships</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-digital-banking-ecosystem-these-are-the-key-players-biggest-shifts-and-trends-driving-short-and-long-term-growth-in-one-of-the-worlds-largest-industries-2019-11" target="_blank" rel="noopener">here</a>.</li></ol><a href="https://store.businessinsider.com/products/banking-pro?itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking-2"></a> Read the latest <a href="/banking">banking news</a> and featured articles: - <a href="/banking-industry-trends">Banking Industry Trends</a> - <a href="/future-of-banking-technology">Future of Banking Technology</a> - <a href="/mobile-banking-market-trends">Mobile Banking Market</a> - <a href="/banking-as-a-service-industry">Banking as a Service Explained</a> - <a href="/digital-banking">Digital Banking</a> - <a href="/open-banking-api-trends-explained">Open Banking &amp; Bank APIs</a> - <a href="/alternative-lending-nonbank-industry">Alternative Lending &amp; Nonbanks</a> - <a href="/evolution-of-the-us-neobank-market">US Neobank Market</a>

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Great Learning announces Upskill India Summit 2022, a summit for upskilling strategies for enterprise growth featuring prominent speakers

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India Inc leaders share insights on how businesses can bridge the gap and upskill to transform the workplace

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THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

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THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

Maria Elm

THE DIGITAL BANKING ECOSYSTEM: These are the key players, biggest shifts, and trends driving short- and long-term growth in one of the world's largest industries

Maria Elm

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