Greenwich Associates aids banks in benchmarking their investments

Banks are collectively investing billions of dollars in new technology platforms, but when it comes to understanding how all that IT spending is actually affecting their competitive positioning, senior executives have been flying blind.

A new solution from Greenwich Associates addresses this problem by helping banks to benchmark where on the digital continuum they sit relative to their peers. Performance is measured at both the overall level and in specific business functions like Onboarding, Payments, Credit Underwriting, and Sales.

“As banking evolves into a technology and data business, banks that underinvest or invest poorly risk getting leapfrogged by competitors that successfully leverage tech to win market share and become more efficient,” says Don Raftery, Managing Director at Greenwich Associates. “The question for senior management is: How do you know you’re getting it right when the cost of not getting it right is large in terms of time and money?”

For a variety of reasons, commercial and corporate banks have been slower to digitize their platforms and processes. “In wholesale banking, the true transformation is going on now, and the outcome will go a long way in determining who will be the winners and losers in the next decade and beyond,” says Chris McDonnell, Managing Director at Greenwich Associates. “This is a multi-year journey and the race to meet client expectations and efficiencies at scale is well underway.”