German Banks Respond to Big Changes With Transformation

Traditional banks are modernizing systems and business models as new competitors and products disrupt the industry, ISG Provider Lens™ report says

FRANKFURT, Germany, December 13, 2022--(BUSINESS WIRE)--Most banks in Germany are digitally transforming themselves as new competitors, regulations and consumer expectations trigger historic changes in the country’s banking industry, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The 2022 ISG Provider Lens™ Digital Banking Services report for Germany finds the three main types of banks in Germany — private, savings and cooperative — face growing competition, among each other and from fintech companies, neo-banks and global technology giants such as Google and Apple. These rivals offer consumers new banking options and user experiences, leading traditional banks to form their own neo-banks and innovative offerings.

The report names Accenture, Capgemini, GFT, IBM, Infosys and TCS as Leaders in all four quadrants. It names Deloitte, EPAM Systems and Sopra Steria as Leaders in three quadrants each. Atos is named as a Leader in two quadrants, and MSG and Wipro are named as Leaders in one quadrant each.

Read the full article here.

To learn more about the future of banking, access EPAM Continuum’s Third Annual Consumer Banking Report here.