EY Managed Services: Fit For The Future
We’re living in interesting times. Disruptive forces – from the pandemic to ongoing digitalization – are forcing financial institutions to fundamentally reevaluate how they operate.
According to the 2020 sourcing study (in German only) by the University of Lucerne’s Institute of Financial Services Zug (IFZ), Switzerland’s retail bank bosses anticipate a modest increase in the outsourcing volume at their institute in the next three to five years. It’s certainly a topic for the board agenda – and it’s on ours at EY, too.
Experience and Technology
At EY, we appreciate that the face of managed services will differ from client to client depending on their specific business needs, growth opportunities and motivation. EY Managed Services revolutionizes non-core, but board-critical activities with easy-to-integrate solutions that lift the burden where it’s heaviest – in tax, risk, compliance, finance and beyond.
Our organization combines deep experience, leading talent and unparalleled technology with a global delivery model that supports companies and gives leaders the confidence and freedom to drive the business forward.
Push And Pull
Cost-efficiency remains an important driver in the choice for managed services. Flexible, on-demand models, like EY’s, offer companies direct access to our core expertise and technology without massive upfront costs. Designed well, managed services deliver the required outcomes and turn cost to value. They can even pay for themselves through the savings, insights and business value they deliver.
Some of our clients are seeking more agile ways of operating, and recognize that even board-critical functions can be managed externally with the right collaboration partner. This leaves leaders free to focus on business-differentiating factors that impact innovation and growth. Sophisticated data analytics and technical expertise enable faster, more reliable decisions that fuel smarter innovation.
Compliance Needs Trust
Compliance is a top priority for players in the heavily regulated financial industry but it’s a moving target, especially for organizations with cross-border operations. Given the potential impact of compliance – on everything from reputation to licensing – it’s a matter every board takes seriously. And with strict regulatory provisions governing outsourcing in the financial sector, banks need to know they can trust in the quality of their provider.
While promising RegTech solutions are popping up left, right and center, many banks prefer to choose a provider with a proven track record they can trust. With an investment of over $1.5 billion in technical services every year, EY’s Managed Services offer state-of-the-art technology – backed up by industry expertise, global reach and the unparalleled experience that comes from our long history in audit and consulting.
Disruption And Design
The pandemic has thrown into sharp relief the need to leverage new technologies to remain competitive. Wherever they stand on their digital transformation journey, companies are discovering that managed services offer a valuable outside perspective that takes them forward through new ways of working. EY’s flexible approach means we can work with a client’s existing infrastructures, deliver software-as-a-service, provide input from experienced consultants, or develop a product that combines all three elements and more. These new impulses accelerate the transformation journey.
While we’re on the subject of transformation: the world of work has changed fundamentally in the past year or so as well. Sustaining global operations to meet business requirements can be difficult and some organizations are overwhelmed by the critical task of attracting and retaining talent in the new normal. As a good starting point, companies can focus on providing an exceptional employee experience. Buying in managed services in the people function gives companies the benefits of global best practices at attractive rates.
Enabling the Future
At EY, we see managed services as a critical enabler of transformation. We’ve always valued the close relationships we have with our clients and seek to add value at every touchpoint. We have designed EY’s Managed Services to contribute to a more agile, cost-effective, and successful business.
We believe in the powerful combination of deep industry expertise, global reach and state-of-the-art technology. For many companies, this is a shortcut to the future.
