《凯捷（Capgemini）：2025年全球金融服务业资本市场趋势报告（英文版）（33页）.pdf》由会员分享，可在线阅读，更多相关《凯捷（Capgemini）：2025年全球金融服务业资本市场趋势报告（英文版）（33页）.pdf（33页珍藏版）》请在三个皮匠报告上搜索。

1、January 2025Capgemini Financial ServicesTop Trends 2025Capital MarketsRESEARCH INSTITUTEExploreTop Trends 2025Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|2#FinancialServicesTrends2025Capgemini Financial Services Top Trends span three broad themesCustomer FirstEnterprise Man

2、agementIntelligent IndustryTransforming customer experience focusing on omnichannel interactions and the value of products and servicesRevamping processes,teams,solutions,and operations to run enterprises with greater agility and operational efficiency to optimize the cost of doing businessLeveragin

3、g the most modern solutions to deliver an end-to-end digital experience that transforms the value chain from design to delivery of intelligent products and servicesCapgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|3#FinancialServicesTrends2025The Capgemini FS Top Trends in the Ba

4、nking sector by sub-domain(1/2)Retail BankingWealth ManagementPaymentsOmnichannel experience:Omnichannel customer journeys boost experiences across digital platforms,contact centers,and branchesAI for efficiency gains:Artificial intelligence will drive productivity by reimagining customer and employ

5、ee journeysLeveraging open finance:Open finance regulations clear a path for retail banks to develop a 360-degree customer footprintESG product strategy:Banks will implement intelligent ESG product strategies and solutionsRegTechfor compliance:Intelligent RegTech solutions will reduce compliance cos

6、ts and timelines,as retail banks face escalating risksFinancial literacy:Financial literacy and personal budget apps boost customer confidence and promote financial inclusionNext-gen banking:Retail banks set their sights on youth,the prime target of new age players,to secure long-term customer lifec

7、ycle growthOperational resilience:Digital operational resilience will remaincrucial for regulatory complianceOnboarding efficiency:Onboarding efficiency remains critical as retail banks embrace digital identity management for seamless onboardingCloud-native wealth management platforms:Cloud-native p

8、latforms scale workflows and enable cost-efficient wealth management processesSeamless digital experience:Wealth firms power up digital platforms to consolidate services and create seamless CXGen AI for relationship manager efficiency:Gen AI-powered copilots can boost relationship manager productivi

9、tyDigital onboarding:Digital onboarding boosts revenue for wealth firms through white-labeling,while accelerating client acquisition and improving complianceUnified operating models:Wealth firms unify operating models to deliver a consistent experience for HNWIs across geographiesBridging generation

10、 gaps:With younger entrepreneurs on the rise,wealth firms shape advice to resonate with HNWIs of all agesInorganic growth strategies:Wealth firms seek external expansion to broaden services and boost revenuesReal-world asset tokenization:Real-world asset tokens powered by robust blockchain networks

11、improve liquidity and accessHyper-personalized advisory:Artificial intelligence can enable made-to-order investment advice strategiesRegulations drive ESG traceability:Wealth firms implement ESG asset transparency metrics as regulators standardize sustainability reportingOpen finance:Open-finance-ba

12、sed use cases will grow as regulators improve financial data accessDecentralized identity:Decentralized digital identity management combats fraud and grants customers greater control over their personal dataData monetization:Payments data is driving innovation and leading to the creation of new reve

13、nue streamsRemittance transformation:Remittance transformation is reshaping the global financial landscape,characterized by plummeting costs and lightning-fast transfer timesMulti-rail payment strategy:Multi-rail strategy will enhance payment flexibility and offer different payment methods in a sing

14、le interfaceCloud-based payment hubs:Cloud-based payment hubs offers unified and consolidated multi-rail payment processing capabilities at scaleInstant payment adoption:Instant payment rails are cannibalizing checks and debit cards,while mobile wallets maintain their dominancePOS innovations:POS pa

15、yment innovations can help banks enhance merchant acquisition capabilities and increase consumers credit optionsCross-border payments:Multi-territory instant payment corridors are revolutionizing cross-border payments,empowering businesses with speed and efficiencyOperational resilience:Regulators a

16、re prioritizing operational resilience to foster trust in the cashless future of markets and economies Deposit growth:Deposit growth continues to be a retail bank priorityalong with lowering funding costsCustomer FirstIntelligent IndustryEnterprise ManagementCapgemini FS Top Trends 2025Public Capgem

17、ini 2025.All rights reserved|4#FinancialServicesTrends2025The Capgemini FS Top Trends in the Banking sector by sub-domain(2/2)Frictionless Enterprise:Providing a one stop shop for equipment delivered through a seamless omnichannel digital experience Ushering digital transformation:Leveraging data dr

18、iven management and decision makingBalancing automation with human expertise:Integration of Artificial Intelligence and Machine Learning for efficiency while preserving human judgment and creativitySimplifying and standardizing process:Essential steps for leveraging Artificial Intelligence and Machi

19、ne Learning technologies across geographies and business linesGreen asset financing:Need for sustainability reshaping the investment landscapeBespoke Solutions:Offering customized solutions in an efficient and cost-effective mannerMoving towards Equipment-as-a-Service:Redefining equipment financing

20、with growth of an as-a-service modelEmbedded finance:Transforming equipment leasing with seamless integration of financing solutionsExpanding B2C channels:Leveraging digital platforms for scalable growth and enhanced customer engagementNavigating the regulatory landscape:Shift towards sustainable an

21、d transparent lendingTransaction reporting optimisation:Following the recent regulatory rewrites,firms are shifting focus to efficiency and controlPerpetual KYC revolution:Organizations are digitizing and automating KYC processes to reduce the cost of compliance and enhance customer experienceLevera

22、ging Generative AI:Capital Markets organisations are seeking competitive advantages using Gen AI to create actionable insights,efficiencies and differentiationModernized resilient platforms:Limitations in legacy systems are driving capital markets organizations to modernize their core systemsDLT&tok

23、enization:The increased integration of DLT and tokenization into mainstream finance is digitally transforming the financial services industryEfficiencies through collaboration:The industry is moving towards mutualization and strategic outsourcing to reduce the cost of post-trade processingCapital ef

24、ficiency:Global uncertainty and regulatory shifts are driving organizations to focus on mastering their capital strategyGlobal accelerated settlement:The drive for a global T+1 settlement cycle continues,with the UK and EU pushing forward with plansAccelerating sustainable lending:Banks are augmenti

25、ng to accelerate green lending and leverage sustainable finance as a growth engine Changing investment landscape:The market landscape is shifting as organizations adapt to passive investing,retail investor growth and geopolitical forces Sustainable product opportunities:Growth in innovative and eco-

26、friendly debt instruments and insurance productsSustainability as corporate DNA:Enterprise-wide sustainability with integration into operations,products and services and supply chainGoing beyond carbon emissions:Financial services broaden focus beyond carbon emissions to include social and biodivers

27、ity factors in ESG strategiesGen AI aiding sustainability:The advent of Gen AI has made financial services look at more innovative ways of implementing SustainabilityGreenwashing and greenhushing:Financial Institutions face scrutiny from customers and activists and possible penalties from regulators

28、,consumers and activistsIndustrialized climate risk modeling:Financial institutions are intensifying efforts to assess,manage,and disclose climate related risks to stakeholdersSustainability service opportunities:Financial institutions support their end-clients beyond financing to accelerate their n

29、et zero transition and resiliencyESG risk criteria:Financial institutions increasingly incorporate ESG risk factors into their investment strategies and risk management processesIncreased regulation:Enhanced regulatory frameworks and reporting reshapes corporate accountability through rigorous ESG s

30、tandards by 2025Decarbonization of portfolios:Stakeholders increasingly prioritize low-carbon investments to reduce carbon footprints and align with climate goalsLending&LeasingCapital MarketsSustainabilityCustomer FirstIntelligent IndustryEnterprise ManagementCapgemini FS Top Trends 2025Public Capg

31、emini 2025.All rights reserved|5#FinancialServicesTrends2025Perpetual KYC revolution:Organizations are digitizing and automating KYC processes to reduce the cost of compliance and enhance customer experienceAccelerating sustainable lending:Banks are augmenting to accelerate green lending and leverag

32、e sustainable finance as a growth engine Changing investment landscape:The market landscape is shifting as organizations adapt to passive investing,retail investor growth and geopolitical forces Efficiencies through collaboration:The industry is moving towards mutualization and strategic outsourcing

33、 to reduce the cost of post-trade processingCapital efficiency:Global uncertainty and regulatory shifts are driving organizations to focus on mastering their capital strategyModernized resilient platforms:Limitations in legacy systems are driving capital markets organizations to modernize their core

34、 systemsDLT&tokenization:The increased integration of DLT and tokenization into mainstream finance is digitally transforming the financial services industryLeveraging Generative AI:Capital markets organizations are seeking competitive advantages using Gen AI to create actionable insights,efficiencie

35、s,and differentiationGlobal accelerated settlement:The drive for a global T+1 settlement cycle continues,with the UK and EU pushing forward with plansTransaction reporting optimization:Following the recent regulatory rewrites,firms are shifting focus to efficiency and controlCapital Markets Top Tren

36、ds 2025 Priority MatrixMEDIUMHIGHSIGNIFICANTMEDIUMHIGHSIGNIFICANT13254768910CapgeminisPriorityMatrixoutlines our assessment of the impactof 2025trends on operating environments facing:Softening inflation and high interest rates,coupled with stagflation trends Geopolitical instability Dynamic regulat

37、ory activity Intense competition and increased focus on customer centricity due to the impact of new-age players Operational cost overruns and high capital lock-in Adoption priority:The criticality of a 2025 trend to value creation because of its sector importance.Business impact:Each trends effect

38、on 2025 sector business as it relates to customer experience(CX),operational excellence,regulatory compliance,or profitability.Circumstances will vary for each firm depending on business priorities,geographic location,and other factors.For more information,contact us at .Adoption priority 2025Busine

39、ss impact 202512354678910Customer FirstIntelligent IndustryEnterprise ManagementCapgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|6#FinancialServicesTrends2025Source:1.Bloomberg;Capgemini Research Institute for Financial Services analysis,2024ImpactBackground Perpetual Know Your

40、Customer(pKYC)stems from traditional KYC but evolves with modern technology to provide a more dynamic and efficient approach to managing client profiles and mitigating risks.1 The trend of pKYC is gaining momentum as technology advancements in AI and data analytics now allow for real-time,continuous

41、 customer monitoring and accurate escalations.By 2025,most large financial institutions will use some form of pKYC to streamline client onboarding and compliance,reducing delays caused by traditional periodic KYC checks while meeting regulators push for ongoing risk management.Digital onboarding and

42、 pKYC minimize the time and effort clients spend on compliance procedures,leading to a more streamlined and user-friendly experience.By digitizing and automating KYC processes,banks can significantly reduce onboarding times,improving first impressions and customer satisfaction.The use of generative

43、AI for pKYC allows for real-time monitoring and proactive risk assessment,ensuring that any potential risks are identified and managed promptly,providing peace of mind to clients.Customer FirstTrend 1Perpetual KYC revolutionOrganizations are digitizing and automating KYC processes to reduce the cost

44、 of compliance and enhance customer experience13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|7#FinancialServicesTrends2025Source:1.Bank Automation News;2.FinTech Futures;Capgemini Research Institute for Financial Services analysis,2024JPMorgan Chase has enhanced its

45、 KYC operations through AI deployment.The bank processed 155,000 KYC files in 2022 with 3,000 employees.By 2025,they aim to process 230,000 files with 20%fewer staff,boosting productivity to between 80%to 90%.1Swiss banking giant UBS has partnered with Latvian ID verification firm Regula as it looks

46、 to streamline customer onboarding.The enrolment process is now fully automated.2JPMorgan Chase&Co.UBSFigure 1:Integrating perpetual KYC(pKYC)for optimized client onboardingAutomated compliance checksUtilizes AI to automate the verification of client information and documentation,significantly reduc

47、ing manual effort and speeding up the onboarding process.Ensures client profiles are constantly updated with real-time information,improving accuracy and compliance with regulatory standards.Continuous data updatesLeverages advanced analytics to dynamically evaluate and adjust client risk profiles,a

48、llowing for more precise risk management and tailored client interactions.Enhanced risk assessmentStreamlines the onboarding journey,reducing delays and friction for clients,which leads to faster account setup and increased satisfaction.Improved client experienceCustomer FirstTrend 1Perpetual KYC re

49、volutionOrganizations are digitizing and automating KYC processes to reduce the cost of compliance and enhance customer experience13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|8#FinancialServicesTrends2025Source:1.BloombergNEF;2.IFC-Amundi Joint Report;3.fsgjournal

50、;4.The financial tribe,Mambu;Capgemini Research Institute for Financial Services analysis,2024ImpactBackground A gap exists in the current global level of clean energy technology investment:an average of USD 4.8 trillion per annum in energy transition investment from 2024 to 2030 would be required t

51、o align with net zero goals in 2030.1 Spending in energy transition investment will need to grow more than 170%to get on track for net zero goals.1 75%of financial institutions have committed to a 40%increase in sustainable finance products and services investment;the global green bond market reache

52、d USD 1 trillion in 2023.2 Firms should prepare as companies and governments plan to invest more into energy transition over the next few years as they work towards net zero 2030 goals.With a compound annual growth rate(CAGR)of over 22%in the next 10 years,banks that leverage the USD 25 trillion+opp

53、ortunity can profit from improved intermediation spreads and better risk-adjusted returns.3 Unlock a new customer segment of environmentally conscious consumers:70%of global consumers are willing to switch to banks that put purpose over profit,and 58%agree to pay more for sustainable finance product

54、s and services.4Customer FirstTrend 2Accelerating sustainable lendingBanks are augmenting to accelerate green lending and leverage sustainable finance as a growth engine 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|9#FinancialServicesTrends2025Source:1.Barclays;2.

55、BNP Paribas;Capgemini Research Institute for Financial Services analysis,2024Barclays set a goal of financing USD 1 trillion of sustainable financing by 2030.The bank has launched a sustainable finance framework,established a climate change advisory group and developed a green bond platform.1BNP Par

56、ibas aims to allocate EUR 1 trillion for low-carbon transition.They have developed a green bond framework and announced a new green mortgage solution“Mutuo Green”dedicated to the purchase of property with A and B energy ratings in 2023.2BarclaysBNP ParibasFigure 2:A strategy for green lendingRevamp

57、the lending modelImplement updated credit processesto include trade-offs between traditional and low-carbon alternatives,ESG credit policies,ESG portfolio stress testing,energy efficient lending operations,etc.Innovating products and servicesLaunch new sustainable products and services like sustaina

58、ble bonds,cards,M&A services,and funds to cater to the increasingly changing customer demands.Build an environmental,social,and governance(ESG)data foundationCreate a central,scalable ESG data platform to enhance sustainable lending risk models,address current ESG data complexities,and future demand

59、s.Augment the workforceUse the power of modern technologies like Gen AI to simplify incentives,taxes,and grants for green lending to enhance employee efficiency and understanding.Customer FirstTrend 2Accelerating sustainable lendingBanks are augmenting to accelerate green lending and leverage sustai

60、nable finance as a growth engine 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|10#FinancialServicesTrends2025Source:1.Morningstar;2.Forbes;3.Natixis Investment Managers;4.CNBC;5.Webull;Capgemini Research Institute for Financial Services analysis,2024ImpactBackgroun

61、d Passive investing has seen significant growth in the past decade as investors seek lower fees,consistent market returns,and reduced risk.1 Democratization of investing platforms,zero-commission trading,and increasing access to financial education has increased the participation of retail investors

62、 in the market.2 Recent geo-political turmoil has created skepticism in the market and led to increasing demand frominvestors for alternative investment vehicles.3These trends are pushing firms to adapt through innovation,consolidation,and a shift in focus toward scalable,low-cost,and diversified in

63、vestment products.Active fund managers are facing increased pressure to reduce fees to match the costs of passive funds,with lower expense ratios leading to a rise in blended strategies.Zero-commission trading platforms like Robinhoodand Webull have lowered market entry barriers and pushed incumbent

64、s to do the same.4,5 High-net-worth Investors are increasing demand for safe-haven,portfolio diversification and sector-specific investing to offset the exposure from geo-political volatility.Customer FirstTrend 3Changing investment landscapeThe market landscape is shifting as organizations adapt to

65、 passive investing,retail investor growth and geopolitical forces 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|11#FinancialServicesTrends2025Source:1.CNBC;2.Invesco;Capgemini Research Institute for Financial Services analysis,2024Robinhood pioneered commission-fre

66、e trading and focused on revenue from interest,margins,and upgraded services,leading to significant increases in the user baseduring the pandemic in US.1In 2024,Invesco launched three thematic ETFs on major European exchanges providing exposure to next-generation trends of AI,cybersecurity,and defen

67、se.Invesco believes these thematic ETFs can be leveraged to capture targeted long-term growth opportunities at lower fees.2RobinhoodInvescoFigure 3:Transformation in the industry due to the changing landscapeFee compression Rapid growth in passive strategies like exchange traded funds(ETFs)and index

68、 funds Rise of zero-commission trading platformsInnovation Increased focus on self-serve tools and educational capabilities Rise of thematic ETFs to overcome market volatilityConsolidation Rise of low-cost investing needs is pushing for scalable cost-efficient products Smaller asset managers are for

69、ced to merge or exitthe marketCustomer FirstTrend 3Changing investment landscapeThe market landscape is shifting as organizations adapt to passive investing,retail investor growth and geopolitical forces 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|12#FinancialSer

70、vicesTrends2025Source:1.Capgemini Insights;2.Bank of England;3.LSEG;4.Nasdaq;5.Strait Research;Capgemini Research Institute for Financial Services analysis,2024ImpactBackground With a challenging post-trade ecosystem,financial institutions have struggled with optimizing costs and efficiencies as the

71、 cost of processing trades is distributed across the trade lifecycle.1 Little has changed since 2020,when more than USD 20 billion was spent yearly on trade processing,representing the scale of cost inefficiencies and highlighting the need for a holistic solution.2 While historically offshoring and

72、automation projects have provided some efficiencies for firms,there remains an industry dependence on costly legacy systems,and bespoke,fragmented processes.A fundamental shift towards industry collaboration will enable benefits more broadly across the ecosystem.3,4 Investment in industry-wide solut

73、ions will help reduce costs,avoid duplication across common services,leverage an extended set of industry expertise,adoption of common industry standards,and enhance efficiency.2 A move towards widespread market adoption of standards and automation best practices to mutualize costs can be driven by

74、financial market infrastructure(FMI)providers,who are uniquely positioned to offer this industry coordination.2 This will be complemented by increased business process outsourcing(BPO)for financial services globally,which includes post-trade,and was estimated to be worth over USD 108.6 billion in 20

75、23,and expected to grow over the coming decade.5Enterprise ManagementTrend 4Efficiencies through collaborationThe industry is moving towards mutualization and strategic outsourcing to reduce the cost of post-trade processing13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights rese

76、rved|13#FinancialServicesTrends2025Source:1.Grand View Research;2.Swift;3.State Street;4.European Central Bank;Capgemini Research Institute for Financial Services analysis,2024Pressure to maximize value for clients is pushing firms to outsource new functions,allowing them to focus on their core prod

77、ucts.State Streetwas one of the first to offer outsourced trading.3Over EUR 25 billion was spent on critical external service providers according to the European Central Banks annual Outsourcing Register for 2023,with around 50%of that budget allocated to the top 20 third-party providers only.4State

78、 StreetEuropean Central BankFigure 4:Post-trade processing benefits of mutualisation and outsourcingCollaborationLeveraging of industry expertise through mutualization.Reduce friction through use of shared,standardized data sets Scale and automationEconomies of scale through heightened levels of aut

79、omation,improving productivity and reducing costs2Risk reductionRisk reduction through“mutualization”of operational risk between partner firms.Increased resiliency through use of FMIs1IT costsReduced requirement to develop and maintain technology architecture in houseEnterprise ManagementTrend 4Effi

80、ciencies through collaborationThe industry is moving towards mutualization and strategic outsourcing to reduce the cost of post-trade processing13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|14#FinancialServicesTrends2025Source:1.S&P Global;2.European Central Bank;3

81、.European Central Bank;4.IMF;5.European Central Bank;6.Markets Insider;7.SRB;8.Morgan Stanley;Capgemini Research Institute for Financial Services analysis,2024ImpactBackground Geopolitical conflicts,inflation,and a projected 2%rise in European central bank rates elevate funding costs,pushing FS firm

82、s to adjust capital strategies for better ROI and ROCE.1,2 Ongoing Basel capital rule changes and evolving requirements from the EUs Single Resolution Board and CRD6 force firms to revise booking models and strengthen resolution plans.3 Major economies are experiencing corporate tax hikes up to 5%,a

83、nd cross-border transaction leviesrequire firms to restructure capital frameworks to minimize tax liabilities.4,5 Firms are enhancing capital buffers and restructuring booking models to comply with regulatory changes,improving resilience and operational efficiency.6 Companies are focusing on develop

84、ing tax-efficient structures and offshore strategies to leverage tax arbitrage and optimize capital costs.7 Firms are shifting to less capital-intensive products and divesting non-core assets to increase liquidity and improve capital efficiency.8Enterprise ManagementTrend 5Capital efficiencyGlobal u

85、ncertainty and regulatory shifts are driving organizations to focus on mastering their capital strategy13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|15#FinancialServicesTrends2025Source:1 JPM;2 Deutsche Bank;Capgemini Research Institute for Financial Services analy

86、sis,2024JPMorgan Chase reported a USD 626 million increase in net interest income(year-on-year)through balance sheet optimization.Netting strategies and higher interest rates enhanced their capital efficiency.1DB achieved EUR 2 billion in risk-weighted assets(RWA)reductions via securitization and ef

87、ficiency improvements,aligning with regulatory goals and improving capital allocation.2JPMorgan Chase&Co.Deutsche BankFigure 5:Capital efficiency InitiativesBalance sheet optimizationNetting benefitsCapital buffer enhancementSecurities optimizationOffshore structuringAdvanced tax solutionsJurisdicti

88、onal booking modelsBasel complianceRegulatory reporting enhancementsLocal resolution planningTax optimizationCompliance and Regulatory adjustmentsOperational efficiencyTechnology integrationProcess automationCost efficiency measuresEnterprise ManagementTrend 5Capital efficiencyGlobal uncertainty and

89、 regulatory shifts are driving organizations to focus on mastering their capital strategy13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|16#FinancialServicesTrends2025Source:1.LSEG;2.Broadridge;3.ESMA;4.International Monetary Fund;Capgemini Research Institute for Fin

90、ancial Services analysis,2024Background A recent study reported 92%of UK financial services companies still rely on costly legacy technology,which is at risk of reachingend-of-support and life(EOS and EOL).1 Regulatory pressures and resiliency requirements continue to increase.An EU mandate requires

91、 financial entities implement the Digital Operations Resilience Act(DORA)by January 2025 to mitigate operational and IT risk.2,3 Cyberattacks have more than doubled since the pandemic,with nearly a fifth of all attacks being on financial firms:banks are most exposed given the sensitive transactions

92、they handle.4 An increasing number of capital markets firms are taking on the challenge of replacing legacy systems that are at the heart of many trading,clearing,and settlement processes.Figure 6:Key drivers for modernized resilient platformsLegacy maintenance costsRising expenses for maintaining o

93、utdated systems drive organizations to modernise their platforms for cost efficiency.The impending obsolescence of older technologies necessitates timely upgrades to ensure continuity and competitiveness.Risk of EOLEnhanced resiliency and scalability are crucial to withstand cyberattacks and minimiz

94、e downtime,safeguarding operational integrity and meeting regulatory requirements.Resiliency requirementsAging legacy platforms lack flexibility,agility,and scalability to respond effectively to market demands and support diverse transactions.Growth constraintsEnterprise ManagementTrend 6Modernized

95、resilient platforms Limitations in legacy systems are driving capital markets organizations to modernize their core systems13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|17#FinancialServicesTrends2025Source:1.LSEG;2.Broadridge;3.Euroclear;4.Citi;Capgemini Research I

96、nstitute for Financial Services analysis,2024Euroclear is undergoing a multi-year transformation program to move to a new modular technology platform for their settlement system,CREST.The aims of this transformation are to enhance operational and financial resilience,client value,business agility,op

97、erational efficiency,and remove technology debt.3Citi continues to ramp up its transformation efforts to modernize infrastructure,boosting investments in cloud technology and AI to streamline operations,enhance efficiency,improve security,and enable data analytics.As part of this initiative,the bank

98、 has formed a multi-year strategic partnership with Google Cloud to harness its cloud and AI solutions.4EuroclearCitiImpact Firms are looking to leverage the capabilities of technologies such as Gen AI and cloud computing,to facilitate modernization efforts that harness enhanced capabilities and mai

99、ntain their competitive edge.Firms will need to balance optimization and replacement in their modernization programs,often aiming to enhance existing tech stacks and functionality to integrate emerging technologies and expedite the modernization process.1 Given the increase in cyberattacks in recent

100、 years,digital transformation leaders are increasing spend over the next two years and prioritizing cybersecurity.2Enterprise ManagementTrend 6Modernized resilient platforms Limitations in legacy systems are driving capital markets organizations to modernize their core systems13254768910Capgemini FS

101、 Top Trends 2025Public Capgemini 2025.All rights reserved|18#FinancialServicesTrends2025Source:1.ION;2.ESMA 3.Chainlink;4.ION;5.EDPS;Capgemini Research Institute for Financial Services analysis,2024 Distributed ledger technology(DLT)gained prominence with the rise of blockchain and cryptocurrencies

102、and has evolved to include a wider range of digital assets,including smart contracts and tokenization,and processes.1 While there have been many DLT initiatives across the industry,widespread adoption has been less rapid than many hoped,and core trade lifecycle processes,such as settlement and clear

103、ing,have remained mostly off-chain.1 Developments in regulatory frameworks,interoperability,and digital currencies can stimulate growth in digital assets.2,3 Firms are focusing on specific asset classes and processes where DLT benefits can be realized e.g.,digital fund and bond issuance,private mark

104、ets,securities finance,and collateral.1,4Background DLT has the potential to transform financial market processes,increase efficiency by reducing reconciliations and exceptions,enable real-time settlement,and reduce risk.New blockchain interoperability platforms(e.g.,SWIFT,Chainlink)will help enable

105、 financial institutions to transact across blockchains while leveraging existing infrastructure.3 New regulations(e.g.,Markets in Crypto-Assets Regulation(MiCA)in Europe)aim to provide greater investor protection and increase confidence in digital assets.2 Developments in central bank digital curren

106、cies(CDBCs)and stablecoins can also drive growth in digital securities.5ImpactIntelligent IndustryTrend 7DLT&tokenizationThe increased integration of DLT and tokenization into mainstream finance is digitally transforming the financial services industry13254768910Capgemini FS Top Trends 2025Public Ca

107、pgemini 2025.All rights reserved|19#FinancialServicesTrends2025Source:1.Bank of England;2.JPMorgan;3.Citi;4.Euroclear;Capgemini Research Institute for Financial Services analysis,2024Citi has launched its Citi Token Services for Cash as a live payments and liquidity solution after a successful pilot

108、 program,part of its commitment to real-time,always-on,next generation transaction banking.The platform uses DLT and smart contracts to reduce costs and streamline processes.3Euroclears Digital Financial Market Infrastructure(D-FMI)platform utilizes DLT to streamline securities settlement and post-t

109、rade processesfor faster,more secure transactions.It supports digital assets and tokenized securities,enhancing efficiency and reducing risks in financial markets.4CitiEuroclearTokenized SecuritiesDigital CurrenciesDigital ProcessesTokenized securities enable fractional ownership,accelerated trading

110、,and increased liquidityBuy side firms launching digital funds Issuance of digital bonds with increased focus on secondary market anticipated for 2025FMIs launching digital asset initiativesFigure 7:Digital asset initiatives supported by DLT and tokenizationCBDCs and stablecoins are starting to ente

111、r the mainstreamBank of England consulting on the digital Pound1JPMorgan using the U.S Dollar backed JPM Coin2Firms are leveraging DLT to increase efficiency of processes along the trade lifecycleCollateralAsset servicingFund accounting Intelligent IndustryTrend 7DLT&tokenizationThe increased integr

112、ation of DLT and tokenization into mainstream finance is digitally transforming the financial services industry13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|20#FinancialServicesTrends2025Source:1.S&P Global;2.Capgemini;Capgemini Research Institute for Financial Ser

113、vices analysis,2024 Global spending on artificial intelligence is expected to reach around USD 450 billion by 2027.1 Within the global banking sector,Gen AI could add USD 200 to 340 billion in value annually,largely through augmentation and amplification of productivity.1 Capital Market firms have s

114、een significant benefits from Gen AI in software engineering and are increasingly starting to leverage Gen AI to drive improvements in operational efficiency and customer experience.2 Firms are implementing Gen AI strategies and operating models to manage the process from experimentation through to

115、implementation at scale,with the appropriate controls,to deliver business value.BackgroundFigure 8:Key dimensions of a Gen AI-driven enterpriseScalable data platforms and data managementLeverage of technology partners(e.g.hyperscalers)Incorporation of green computing and efficient modelsClear Gen AI

116、 vision and strategyAwareness and upskilling of people on Gen AIActive change management of Gen AI impactManagement of Gen AI portfolio with intrinsic business value measurementDiverse teams with end-to-end use case responsibilityGen AI center of excellence to support efficient delivery Ethical and

117、legal AI usage guidelinesContinuous monitoring of AI-generated contentAuditability and explainability of Gen AI solutionsOrganizational enablementAI operating modelTechnology foundationResponsible and explainableIntelligent IndustryTrend 8Leveraging Generative AICapital markets organizations are see

118、king competitive advantages using Gen AI to create actionable insights,efficiencies,and differentiation 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|21#FinancialServicesTrends2025Source:1.Socit Generale;2.JPM Insights;Capgemini Research Institute for Financial Ser

119、vices analysis,2024Socit Generale groups portfolio has more than 170 AI-based use cases,including an intelligent filtering tool for anti-fraud measures and an automatic prospectus reading tool,all to help execute its AI strategy with an expected value creation of EUR 500 million by 2025.1JPMorgan ha

120、s launched a new set of stock indices for institutional investors called Quest IndexGPT that uses OpenAIs GPT-4 large language model(LLM)to generate keywords related to a specific theme.The keywords are then used to identify news articles written about companies with mentions of those keywords.2Soci

121、t GeneraleJPMorgan Chase&Co.Impact The increased use of advanced Gen AI analytics to support research,investment decisions,and portfolio management will help enhance revenue generation.Client interactions and operational efficiencies will be optimized through the automation of client queries,reporti

122、ng,and the conversion of unstructured data into structured insights,reducing email volumes and improving exception management processes.Leveraging Gen AI will enhance financial crime detection,risk monitoring,real-time regulatory and legal documentation support,and ESG oversight,thereby optimizing r

123、isk management,compliance,and controls.More legacy systems will be modernized with Gen AI-driven documentation,code conversion,platform updates,and Gen AI-assisted software engineering,including code generation and testing.Intelligent IndustryTrend 8Leveraging Generative AICapital markets organizati

124、ons are seeking competitive advantages using Gen AI to create actionable insights,efficiencies,and differentiation 13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|22#FinancialServicesTrends2025Source:1.DTCC;2.Reuters;3.UK GOV;4.ESMA;5.SEC;6.DTCC;7.Euroclear;Capgemini

125、 Research Institute for Financial Services analysis,2024BackgroundDTCC is the major CSD in North America and drove the successful implementation of the US T+1.This success was demonstrated through the industry adoption of the new timeframe and accelerated processes.6Euroclear noted some critical ele

126、ments for a successful T+1 implementation for the UK and Europe:1.The benefits of a coordinated move to T1,so firms invest in improvement across markets 2.European markets are challenging and fragmented,and not as unified as in the US3.Upgrades to existing BO infrastructure is imperative for efficie

127、ncy improvements.7DTCCEuroclear North America successfully implemented a T+1 settlement cycle in May 2024,with US affirmation rates reaching 98%while failed trade rates remained flat at 4%in the post-implementation period.1 55%of global equity markets are now trading on a T+1 (or faster)cycle,includ

128、ing India,China,and the US.The UK and EU are setting timelines to mandate post-trade processes in 2025,with a potential 2027 implementation date.2,3,4 The SEC highlighted that the US benefited from having an announced implementation date as well as a carefully planned timeline and schedule.5Backgrou

129、ndIntelligent IndustryTrend 9Global accelerated settlementThe drive for a global T+1 settlement cycle continues,with the UK and EU pushing forward with plans13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|23#FinancialServicesTrends2025Source:1.EU CSDs List;2.EU CCP L

130、ist;Capgemini Research Institute for Financial Services analysis,2024Impact A shorter settlement cycle reduces firms exposure to liquidity,credit,and settlement risk and can optimize balance sheet usage by lowering margin and funding requirements.With the right implementation,firms can streamline th

131、e settlement process,reducing manual tasks and enhancing overall operational efficiency.The EU and UKs shift to T+1 settlement heightens challenges due to the FMI landscapes fragmentation and complexity.However,aligning global settlement cycles can enhance liquidity and lower risk in various trading

132、 areas including FX,ETFs,and mutual funds.1,2Figure 9:Challenges and lessons learned applicable to the UK and European marketRecalibrating Operating ModelsFirms will need to adapt processes and resource/location models,as well as enhance controls to mitigate operational riskFMI READINESSModernizing

133、legacy technologyMany firms operate on ageing systems that require significant enhancements to meet T+1 requirements.Recalibrating operating modelsFirms will need to adapt processes and resource/location models,as well as enhance controls to mitigate operational risk.Enhancing data managementFirms w

134、ill need to standardize and automate provision of reference data(client,counterparty,product,SSIs).Client performance Critical to the success of migration to T+1 is the ability for brokers and custodians to identify areas of improvement and perform outreach with their clients.Intelligent IndustryTre

135、nd 9Global accelerated settlementThe drive for a global T+1 settlement cycle continues,with the UK and EU pushing forward with plans13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|24#FinancialServicesTrends2025Source:1.ISDA-OTC Derivatives Compliance Calendar;2.Elect

136、ronic Code of Federal Regulations-CFTC Part 45.14;3.ESMAs EMIR Refit Guidelines;Capgemini Research Institute for Financial Services analysis,2024ImpactBackground The past few years have seen an unprecedented amount of change in trade and transaction reporting(“T&TR”)because of the wave of regulatory

137、 rewrites.1 Firms have been managing these changes while trying to keep on top of legacy reporting issues,moving from one rewrite to the next and handing over“day 2”items to business as usual(BAU)teams.Many of the rewrite go-lives have now passed,creating a more harmonized global reporting approach,

138、with firms prioritizing evaluating their operating model,efficiency,and controls.Increased regulatory scrutiny is placed on data quality and controls under recent rewrites(e.g.,CFTCs error correction and swap data verification,and ESMAs data quality notifications).2,3 Firms have the opportunity to s

139、tandardize and align operational processes which have historically been implemented tactically for each reporting jurisdiction.Clear data lineage is required as a control and an enabler for operational teams when investigating reporting issues.Intelligent IndustryTrend 10Transaction reporting optimi

140、zationFollowing the recent regulatory rewrites,firms are shifting focus to efficiency and control13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|25#FinancialServicesTrends2025Source:1.Electronic Code of Federal Regulations;2.ESMA;3.ISDA Webinar;Capgemini Research Ins

141、titute for Financial Services analysis,2024CFTC introduced swap data verification and DMO notificationrequirements for reporting issues unresolved within seven days,and ESMA enhanced their reconciliation requirements(commonly referred to as pairing and matching)and introduced NCA notification requir

142、ements for material reporting issues.1,2In Q4 2024,JPMorgan implementedISDAs Common Domain Model for Digital Regulatory Reporting,standardizing data formats,objects,and processes,lowering technology and operational costs,improving data lineage and back reporting capabilities,enhancing controls throu

143、gh increased stability and decreased BAU overhead,and leading to faster discovery of/recovery from reporting issues.3CFTC and ESMAJPMorgan Chase&Co.Figure 10:T&TR Strategic ConsiderationsManaged servicesChallenges in hiring and retaining skilled staff are leading firms to consider managed services a

144、nd selective offshoring of BAU processes,such as exception management and remediation.Automation of key operational processes(e.g.,auto-assigning exceptions to action owners),with machine learning and AI beginning to be investigated.There is a growing list of firms outsourcing their entire reporting

145、 architecture or components of it,such as eligibility,reconciliations,and validations.A large focus will be placed on enforcing data quality on data producers and implementing data lakes and data lineage solutions to track objects from creation to submission.Process automationVendor solutionsData qu

146、alityIntelligent IndustryTrend 10Transaction reporting optimizationFollowing the recent regulatory rewrites,firms are shifting focus to efficiency and control13254768910Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|26#FinancialServicesTrends2025Partner with CapgeminiProcess E

147、fficiency and AutomationOptimizing capital markets operating models as the industry continues to drive towards greater efficiency and meeting regulatory demands:Leverage end-to-end capabilities including FMI relationships,post-trade expertise,and technology partnerships,enabling firms to meet their

148、processing and regulatory compliance challenges in a complex capital markets environment.Drive the implementation of latest generation technologies(Gen AI,DLT,tokens)to deliver efficiency,controls,and client reputational benefits.Technology TransformationCapital markets technology expertise to suppo

149、rt end-to-end technology design,build,test,and operate capabilities:Assist clients from solution architecture,implementation,testing and deployment,through to operation.Enhanced by Capgeminis global delivery capability and expertise in innovative technologies.Advisory and system implementation servi

150、ces,version and upgrade testing,and support in moving to cloud-based technology,across a range of leading third-party capital markets technology platforms.Transforming Capital Markets with Data and AILeveraging data and AI for enhancing efficiency,improving decision-making,managing risk,and driving

151、innovation in key areas:Gen AI helps analysts quickly generate insights,improving the speed and quality of decisions as well as enhancing customer experience and managing risk with innovative products and hyper-personalized services.Examples include Capgeminis LENS,that provides comprehensive,effici

152、ent,and transparent ESG reporting for financial services;and our operational accelerator RAISE,that supports the industrialization at scale of your custom Gen AI projects with appropriate guardrails,giving you more reliable and tangible results at a controlled cost.Operational and Technology Service

153、sOptimized end-to-end reporting,with a blend of onshore and offshore resources:Expert support and assistance providing ongoing execution services for capital markets institutions,including middle and back-office support functions,trade reporting remediation and back reporting programs,exception mana

154、gement processes,application management services as well as reference data maintenance and support.Public Capgemini 2025.All rights reserved|26Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|27#FinancialServicesTrends2025AsktheexpertsGerard JacobHead of UK Capital Markets for C

155、apgemini Invent 27 years experience in capital markets change,17 years in the industry and 10 years consulting.Expertise includes regulatory reform,digital assets,smart contracts,common domain model,financial messaging and active involvement in industry working groups.Samar PrattGlobal Head,FCC Advi

156、sory SOver 25+years of banking,compliance and internal controls experience at large international banks and consultancy firms.She specialises in Anti-Money Laundering,Sanctions and ABC.Peter KatsosGlobal Head of Capital Markets Platform SExperienced consulting leader with 30+years of experience lead

157、ing large programs within the capital markets,treasury management,investment management and asset servicing domains.Vivek Singh Head of Banking,Capgemini Research Institute for FS vivek-Vivek leads the Wealth Management,Banking,FinTech,and Payments sectors in the Capgemini Research Institute for Fin

158、ancial Services and has over 12 years of digital,consulting,and business strategy experience.He is a tech enthusiast who tracks industry disruptions,thought leadership programs,and business development.Michael HughesHead of Capital Markets Practice Business COver 20 years of experience in financial

159、services.Specialising in delivering change in financial institutions,focusing on strategy,project management,process optimization,operating model design,financial market infrastructure transformations.Elias GhanemGlobal Head of Capgemini Research Institute for Financial SElias Ghanem leads Capgemini

160、s global portfolio of financial services thought leadership.He oversees a team of strategy consultants and sector analysts who deliver market insights to help clients build future-proofing strategies.He has more than 25 years of financial services experience,focusing on win-win collaboration between

161、 incumbents and startups.Kieran MullaleyHead of Capital Markets POver 25 years of experience,specialising in leading large-scale global transformations for financial services,focusing on operational and technology change,regulatory compliance,and process improvement.Tej VaktaFS Domain Leader&Head of

162、 ESG SOver 25 years of experience in senior management and technology-driven business leadership.Shapes strategic visions and innovative solutions,collaborating with c-suite executives to drive sustainable,innovation-driven growth.Capgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved

163、|28#FinancialServicesTrends2025ItalyDario PLorenzo BJapanHiroyasu HAjoy BLatin AmericaDavid Cortada Gras(Brazil)Walter Adriani(Mexico)Middle EastBilel GVincent SAmericasNilesh VSandeep KSpainSebastian Carlos Ghilardisebastian-Issac Francisco Gimeno Sanzisaac-francisco.gimeno-SwitzerlandAmshuman SLoc

164、 PUnited KingdomSom Sarma RDesre Sheen P.V.Narayan(Americas)Key contactsAsia(Hong Kong,Singapore)Ravi MAmitabh PLaurent Liotard-VAustraliaManoj Khera Saugata GAustria and GermanyJoachim von PCarina LBelgium and the NetherlandsStefan van AAlexander Eerdmans(Netherlands)alexander.EIlda Dajci Nordics(F

165、inland,Norway,Sweden)Saumitra SJohan Bergstrm(Sweden)Tea Silander(Finland)Liv Fiksdahl(Norway)FranceEric De Saqui de Sanneseric.de-saqui-de-Aure B28Pierre-Olivier Boue(Europe)pierre-Shinichi Tonomura(APAC)Nathan Summers(Invent)GlobalCapgemini FS Top Trends 2025Public Capgemini 2025.All rights reserv

166、ed|29#FinancialServicesTrends2025AcknowledgementsWe want to thank the following teams and individuals for helping to create,produce,and promote Capital Markets Top Trends 2025Capgemini Financial Services:Elias Ghanem,Luca Russignan,Vivek Singh,Chayan Bandyopadhyay and Aranya Adak for their overall g

167、uidance and support.Kieran Mullaleyand Michael Hughes for their governance and content leadership.Alessandra Patricio for project management and editorial support.Tamara McKinney Berry for editorial guidance and Dinesh Dhandapani Dhesigan for graphical interpretation and design.Capgeminis Capital Ma

168、rkets Network content contributors:Faye Turpin,Charlotte Smith,Tej Vakta,Abhishek Singh,Ramesh Mantha,Ashutosh Kukreti,Bianca Bonaparte,Eleanor Parker,Gerard Jacob,Martin Gibbon,Steven Robertson,Peter Katsos,George Holt,Sankar Krishnan,Rajbir Samra,Benoit Julia,Rory Lane,Kieran Mullaley,Michael Hugh

169、es and Alessandra Patricio;we offer special thanks to all our executives who contributed their valuable time developing the 2025 Capital Markets Top Trends 2025.Marketing and Promotion:Meghala Nair,Jyoti Goyal,David Merrill,Neha George,Fahd Pasha,Manasi Sakpal,Anthony Tourville,Manisha Singh for the

170、ir overall marketing support for the trends book;the Creative Services Team:Sushmitha Kunaparaju,Pravin Kimbahune,Sushmita Singh and Chirantan Kulkarni for trends book production;and Kavita Deo and Ashwin Sreenivas for enabling the promotion of the trends book.Capgemini FS Top Trends 2025Public Capg

171、emini 2025.All rights reserved|30#FinancialServicesTrends2025Capgemini Research Institute for Financial Services 2024-2025 calendarWORLDWEALTH REPORT 2024WORLDPAYMENTS REPORT 2025WORLDP&C INSURANCE REPORT 2024SUSTAINABILITYPOINT OF VIEWTRENDS BOOKS2024WORLDLIFE INSURANCE REPORT 2025WORLDRETAIL BANKI

172、NG REPORT 2024WORLDCLOUD FOR FSREPORT 202515 Jan 202405 Mar 202417 Apr 202405 Jun 202410 Sep 202423 Sep 202415 Oct 202414 Nov 20243rd edition2nd edition2ndeditionHow insurers can regain relevancy by putting customers back at the coreBecome a leader by seizing the instant payment opportunityHow can u

173、nderwriting transformation unlock efficiency,accuracy and better CXHow can banks become intelligent to deliver frictionless and personalized experiencesDriving operational efficiency and topline innovation in financial services with the Cloud28th edition17th edition20th edition20th edition10th editi

174、onDriving sustainability reporting,compliance,and business growth in FS through enhanced ESG data managementInsuranceBankingHow can wealth management firms capitalize on the UHNWI segmentCapgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|31#FinancialServicesTrends2025Share your fe

175、edback and stay up to date with our Banking industry researchWealth managementPaymentsPoint of ViewRetail bankingCloud for FSWorld reportsTrends bookPreviousLatestTake an efficiency leap with frictionless,personalized bankingPropel top-line growth with your cloud journeySustainabilityCBDCAccelerate

176、corporatecash management transformationto build valueLead in the open and instant future of paymentsPreviousLatestPreviousLatestWhat banks can learn from the FinTech playbookEmpowering relationship managers and serving the affluentBridge wealth management and family office strengths to fuel growthPr

177、eviousLatestCreate business value in an innovation-powered futureDownload the Capgemini FS Top 10 trendsYour feedback mattersSubscribe to receive Capgemini financial services thought leadershipCapgemini FS Top Trends 2025Public Capgemini 2025.All rights reserved|32#FinancialServicesTrends2025Reach o

178、ut to the Capgemini Research Institute for Financial ServicesCapgemini Research InstituteFinancial ServicesTREND BOOKSCapgemini Research InstituteFinancial ServicesWORLD REPORTSCapgemini Research InstituteOTHER BUSINESS SECTORSContact usElias Ghanem Global HeadCapgemini Research Institute for Financ

179、ial SGet The Future You Want|Vivek SinghHead of BankingCapgemini Research Institute for Financial Servicesvivek-Kieran MullaleyHead of Capital Markets PThought leadership that empowers financial services executives to make insights-driven business decisionsThe Capgemini Research Institute for Financ

180、ial Services is the in-house think tank focused on digital,innovation,and technology issues impacting banks,wealth management firms,payments players and insurers.The Institute annually publishes its signature Financial Services World Reports series that draw on voice of the customer surveys,CxO inte

181、rviews,and partnerships with technology companies as well as academia to uncover emerging trends and explore how AI,cloud,data,and digitalization are driving transformative business outcomes.Supported by time-series global datasets,our industry experts offer actionable insights,trend analyses,and in

182、novative solutions to address the dynamic challenges of financial institutions in a fast-changing global economy.Dont miss out.Subscribe to receive reports as they launch.Visithttps:/ presentation contains information that may be privileged or confidential and is the property of the Capgemini Group.

183、Copyright 2025 Capgemini.All rights reserved.About CapgeminiCapgemini is a global business and technology transformation partner,helping organizations to accelerate their dual transition to a digital and sustainable world,while creating tangible impact for enterprises and society.It is a responsible

184、 and diverse group of 340,000 team members in more than 50 countries.With its strong over 55-year heritage,Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs.It delivers end-to-end services and solutions leveraging strengths fr

185、om strategy and design to engineering,all fueled by its market leading capabilities in AI,cloud and data,combined with its deep industry expertise and partner ecosystem.The Group reported 2023 global revenues of 22.5 Bn.Get the future you want|DisclaimerThe information contained herein is general in

186、 nature and is not intended and should not be construed as professional advice or opinion provided to the user.Capgemini assumes no liability for errors or omissions,or use of this material.This document is provided for informational purposes only;it is meant solely to provide helpful information to

187、 the user.This document does not purport to be a complete statement of the approach or steps necessary to address or solve any particular matter or to accomplish any particular business goal.The user also is cautioned that this material may not be applicable to,or suitable for,the users specific cir

188、cumstances or needs and may require consideration of additional factors if any action is to be contemplated.The text of this document was originally written in English.Translation to languages other than English is provided as a convenience to our users.Capgemini disclaims any responsibility for translation inaccuracies.The information provided herein is on an as-is basis.Capgemini disclaims any and all representations and warranties of any kind.