SYDNEY, Nov. 7, 2018 /PRNewswire/ -- Australia's banking, financial services and insurance (BFSI) sector is leading the charge in adopting next-generation approaches to applications development and maintenance, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The ISG Provider Lens™ Next-Gen Application Development & Maintenance (ADM) Services Quadrant Report for Australia finds financial institutions are looking to next-gen applications in such areas as data analytics, security and mobility to better understand customer needs and enhance overall customer experience.
"Next-gen ADM sourcing is most prevalent in Australia's BFSI sector," said Lisa Borden, partner and head of ISG Australia and New Zealand. "Many financial institutions are adopting a cloud-first or cloud-only approach to applications and are embracing design-thinking delivery models that put the customer first in the development of new applications and features."
Added Borden: "As banking customers become more tech-savvy and tech-enabled, e-banking is becoming the primary channel to onboard, serve and retain them. Each service – from opening a new account to loan disbursal – is being designed to eliminate friction, add convenience and enhance the overall customer experience."
The ISG report found that while interbank uses are still rare, blockchain is being used to enable faster settlements, reduce transaction costs and improve transparency. Advances in data analytics, meanwhile, are helping institutions better anticipate and meet customer needs. And public cloud is fast becoming the default service delivery model, the report said, with core functions such as payments, billing and credit scoring being moved to cloud-based Software-as-a-Service platforms.
Across all industries, enterprise buyers of next-gen ADM services are looking for providers that can leverage intelligent automation to reduce application maintenance costs, enabling buyers to reinvest those savings in development activities. Rapid development is on the rise, the ISG report found, and buyers prefer providers offering globally distributed agile capabilities that balance speed and cost.
To overcome coordination hurdles, they also prefer "full-stack" developers that offer "360-degree" services from back-end to front-end. ISG also notes "DevSecOps" is becoming "the new normal" as security is being incorporated as a "default feature" in new apps. And with more cloud-native apps being created, the report finds enterprises are seeking providers capable of migrating and maintaining apps across cloud platforms in hybrid environments.
The ISG Provider Lens Next-Gen ADM Services Quadrant Report evaluates the capabilities of 13 ADM providers serving the Australia market across three quadrants: Next-Gen ADM, Agile Development, and Next-Gen ADM – BFSI. Cognizant, HCL and Infosys were the only providers to be named market leaders across all three quadrants.
The ISG Provider Lens Next-Gen ADM Quadrant Report for Australia is available to ISG Insights™ subscribers or for immediate, one-time purchase on this webpage.
About ISG Provider Lens™ Quadrant Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers serving the U.S., Germany, Australia, Brazil and the UK, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
The series is a complement to the ISG Provider Lens Archetype reports, which offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including 75 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; technology strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry's most comprehensive marketplace data. For more information, visit www.isg-one.com.
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SOURCE Information Services Group, Inc.