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BFSI Firms Need to Refine Their Fintech Programs to Focus on Outcomes Rather Than Partner Identification

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BFSI Firms Need to Refine Their Fintech Programs to Focus on Outcomes Rather Than Partner Identification BFSI firms need to refine their FinTech programs to focus on outcomes rather than partner identification APRIL 2021 Elena Christopher, Senior Vice President, Research Ramanan Rajagopalan, Consulting Director © 2021, HFS Research 1 Contents Topic Page no. • Executive summary 3 • The fintech enablement ecosystem 4 • BFSI emerging tech demand 2020+: Cybersecurity, automation, and cloud are among the top investment priorities for BFSI enterprises 6 • The BFSI perspective on fintech partnerships 7 • Incubators and accelerators fill the matchmaker role for BFSI firms and fintechs 11 • Among consultants, advisors, and service providers, a few stand out for their differentiated approaches to fintech enablement 12 • HFS Research authors 18 © 2021, HFS Research 2 Executive summary Going beyond partner identification is a “have-to-have” for BFSI firms’ fintech program success As we slogged through the first year of a collaborate with fintechs. new decade under the shadow of a 2. Cybersecurity, automation, and cloud global pandemic, the banking, financial are among the top technology services, and insurance (BFSI) sector is investment priorities for BFSI firms. weathering this latest storm. 3. BFSI firms are keen to embrace The pandemic has re-contextualized emerging technologies, but they digital, and BFSI firms have an even need to focus on partner viability. greater urgency to consume emerging 4. Incubators and accelerators play the technologies to accelerate their digital role of matchmakers between BFSI journeys and usher in effective, firms and fintechs. increasingly virtual ways of working and 5. Among the consultants, advisors, and transacting. With this backdrop in mind, service providers, a few stand out for HFS, with support from Capgemini, their differentiated approaches to investigated how BFSI firms are fintech enablement. approaching partnerships with emerging partners, particularly fintech start-ups The Bottom Line: The magic mix for and scale-ups that often offer bleeding- fintech scale-up success is the right edge innovation but are not big enough partner, the right use case, and the right to pass muster with standard risk and marketing timing – all aligned to sourcing protocols. achieving a focused outcome. Clear articulation of ideas by potential fintech HFS conducted qualitative interviews with partners is just the starting point in the leaders of fintech programs and fintech program. Though BFSI firms are innovation labs in BFSI enterprises to keen on embracing innovation, they do understand the evolving wants and not always know what they want or need. needs for emerging technology solutions, Refined functional requirements and appetite for co-innovation and models clear objectives help ensure alignment. aligning to it, and any impact from BFSI firms can better leverage the COVID-19. Following are the critical expertise from third-party resources that findings: offer data-based approaches to 1. The fintech enablement ecosystem assessing fintech qualifications and help comprises four main categories of refine use cases, assess market players: venture capital firms, readiness potential, and implement incubators and accelerators, IT fintech partnerships with an eye toward services and business` process tangible outcomes. service providers, and consultants and advisors that help BFSI firms © 2021, HFS Research 3 The fintech enablement ecosystem What emerged from our research was a firms just getting established. Scale- view of the fintech enablement ups are generally funded firms with ecosystem. We have intentionally established customers and growing couched it as fintech enablement rather revenue. Established firms are than BFSI enablement as the various financially stable firms with strong ecosystem participants largely focus on balance sheets, established enabling fintechs to fulfill their purpose of customers, and proven BFSI track delivering meaningful innovation within records. Scale-ups and start-ups are BFSI firms. As Exhibit 1 shows, the center of often too small to be adequately the ecosystem consists of addressed by BFSI procurement standards, whereas established firms • BFSI firms: Ecosystem BFSI firms are often already approved partners include those banking and financial or meet procurement thresholds. Our services and insurance firms that research primarily focuses on start- focus on consuming emerging tech ups and scale-ups that are more innovation to help drive digital challenged to craft relationships with transformation and better employee BFSI firms due to their size. and customer experiences. • Fintechs: We recognize three tiers of fintechs. Start-ups are the very small Exhibit 1 The fintech enablement ecosystem Incubators and Service Accelerators partners Established Venture Scale-ups Consultants Capitalist BFSI firms and Advisors firms Start-ups Fintechs Fintech enablement ecosystem Source: HFS Research, 2021 © 2021, HFS Research 4 Beyond the core of fintechs and BFSI inclusive of fintechs. Partnerships with firms, there is a robust ecosystem of start-ups or scale-up fintechs often enablers that help fintechs build their involve collaboration on developing business and align emerging fintechs client solutions and can lead to with BFSI firms. These enablers may work inclusion in live deals. In these cases, directly with the fintech, the BFSI firm, or the service partner is almost serving sometimes both, depending on the as the sponsor of the fintech, context. The fintech enablers include assuming risk and oversight for the • Venture capital (VC) firms and funds: partner. In this context, services firms These firms are dedicated to funding can serve as a bridge between and enabling fintech growth. Their fintechs and BFSI firms, but the intent is focus is on capital infusion in not matchmaking for the benefit of exchange for equity, but it can also the fintech–it’s more closely aligned to include incubation and facilitating best meeting the needs of their BFSI connections, including BFSI firm clients. introduction. There is interesting • Consultants and advisors: Firms with overlap; BFSI firms often have a VC formal emerging technology advisory arm, so they can take advantage of or consulting practices like the Big 4 “in-the-family” insight and access. (Deloitte, EY, KPMG, PwC), McKinsey, Similarly, some service and technology Bain, or Accenture fit here. These firms firms, such as Capgemini, Deloitte, and are often called on to recommend Accenture, have venture funds to fintech partners for BFSI clients, largely cultivate fintechs they may use in their informed by other advisory solutions when serving BFSI firms. engagements and their own IT and • Incubators and accelerators: business process outsourcing (BPO) Incubators and accelerators are businesses, innovation hubs, and specialist firms that offer access to accelerators. There are also some resources such as facilities, specialty firms, such as the UK-based infrastructure, and ecosystem The Disruption House, which offers a connections, often with a program- data-based approach to helping BFSI based approach to cultivating a proof firms identify their optimal fintech of concept (POC) or use case with a partner. sponsoring BFSI partner. Examples Despite the existence of a decently include Plug and Play, the FinTech robust ecosystem for fintech Sandbox, and Elevator Lab. These firms enablement, we were struck by just how are often matchmakers between much of the ecosystem’s focus is on fintechs and BFSI firms. achieving the grand crescendo of • IT and business process service making a match between a fintech and providers: The BFSI market spends the a BFSI firm. In reality, this is when the most on external IT and business actual work of innovation starts. We process services with a range of believe there should be an enhanced partners from small regional firms to focus on showcasing the value the large global providers. These services fintech enables and the benefit the BFSI firms have elaborate networks of firm realizes. third-party technology partners, © 2021, HFS Research 5 BFSI emerging tech demand 2020+: Cybersecurity, automation, and cloud are among the top investment priorities for BFSI enterprises The pandemic accelerated technology help automate processes that made no investments in BFSI firms as they strove to sense in a remote work context and to stay competitive and relevant to their help rapidly cycle through customers, employees, and partners. As unprecedented work volume, such as the Exhibit 2 shows, the reaction from BFSI small business loan applications enterprises planned to increase generated as part of The Coronavirus investments in various emerging Aid, Relief, and Economic Security technologies. At the top of the stack was (CARES) Act and similar efforts around the obvious need for enhanced the world. The cloud rounded out the top cybersecurity to accommodate mass three, with cloud-based apps and virtualization. Process automation took infrastructure enabling pockets of the second spot, with many firms resiliency around the world. reporting increased use of technologies like robotic process automation (RPA) to Exhibit 2 The COVID effect on emerging technology investments in BFSI enterprises How do you expect COVID-19 to impact your spending for any of the following? Cybersecurity 69% Process automation, including RPA 59% Hybrid cloud or multi cloud 53% Smart analytics 35% Increase Artificial intelligence (AI) 24% 5G 19% Blockchain 18% Internet of things (IoT) 13% Edge computing 13% Augmented or Virtual reality 13% Sample:
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