The Banking & Financial Services (BFS) vertical is going through numerous changes- regulatory changes and globalization have reduced market barriers and forced existing players to redefine their business models and market strategies. Moreover, with the internet combined with revolutionary changes in communication technology, have also altered the rules of the game in the financial services industry. An important consequence of this is a number of new entrants in the market place. Supermarket chains, software houses and mobile phone companies are among those that compete with banks to provide mortgages, loans, and payment mechanisms.
The online distribution paradigm has led to some commoditization and disintermediation of the financial services industry. The BFS industry has responded to the market environment with two broad strategies- diversification and consolidation. With commoditization and strained profitability in traditional banking products, banks will look to partner their customers' lifecycle and behavioral discussions to differentiate their product offerings and maximize revenues.
Monsoon believes that Banks and Financial Services companies will have to redefine their strategies, processes and offerings in order to remain competitive. They must use technology as a lever in enabling this transformation.
Banking and Financial Services practice is one of the fastest growing practices at Monsoon. This is fueled by banks and financial institutions increasingly adopting multi-product and multi geographic strategies, conversions and upgrades from legacy platforms to more modern technology options to gain competitive edge, and retail companies moving into the financial services value chain.
Monsoon is strongly positioned to partner these banks and financial institution in their efforts. We have established an excellent track record in strategic implementation partnerships with existing customers in investment banking and are aggressively moving into corporate and retail banking /lending domains.
Monsoon is focused on deepening relationships through flexibility and customized attention to respond to customers needs and strong domain value addition to customer's business process and strategies. Our offerings address the need of banks to leverage existing IT investments and building for the future simultaneously.Very senior people having banking experiences lead Monsoon's BFS vertical.