The Operations teams of the financial industry are looking back on a turbulent year, dominated by topics of resilience, remote working and the handling of huge transaction volumes. For us as a business-process-as-a-service (BPaaS) provider, as well as for the back offices of our on-prem and software-as-a-service (SaaS) clients, it is time to refocus on the future again - a future full of new technologies and digital transformation.
innovation, BPaaS, CX, wealth management, wealth management solutions, relationship manager
Over the past few years, people working in a bank’s Front, Middle, and Back Office have grown skilled in navigating the choppy waters of changing tides. But how do they plan to cope with the swells of new technology and waves of increased challenges that will hit these functions in the years to come? That’s what we wanted to find out with the first edition of Avaloq’s Front-to-Back-Office Report.
BPaaS, platform as a service, cloud banking, cloud-based models, SDS, cost efficiency
What role does Business-Process-as-a-Service (BPaaS) have to play in banking as we move into the new decade? Here are the 4 biggest benefits that BPaaS offers to banks.
Cloud adoption has accelerated worldwide thanks to more familiarity, a better understanding and proven implementations. As with other sectors, in recent years wealth management firms have been facing huge pressure to improve operational efficiency and performance.
To keep their competitive edge, banks and wealth managers require efficient ways to operate and increasingly turn to SaaS or BPaaS providers offering cloud-based solutions to implement rapid business model shifts. Many are moving to a platform model of operation, and are adopting cloud-based services to achieve their aims.
Business Process as a Service (BPaaS) may be thought of as a combination of the benefits provided by Software as a Service (SaaS), Infrastructure as a Service (IaaS) and traditional Business Process Outsourcing (BPO). It is essentially a process-led implementation and offers core banking activities by a service partner.