Several international banks have established nearshoring solutions for their IT-services. Amongst others Commerzbank has and will further strengthen its three Eastern European hubs in Lodz, Prag and Sofia. Currently the bank is recruiting some 1,600 IT-experts for these hubs in order to meet the target to facilitate 24% IT-capacity in nearshoring locations (see presentation of Commerzbank). Deutsche Bank is operating IT-hubs in St.Petersburg and Moscow for many years, where thousands of software developers and app programmers work for the bank. Until the Russian war of aggression, Russia had been able to establish itself as a good location with excellently trained specialists. FinTechs and BigTechs in Berlin, Munich, Frankfurt and elsewhere in Germany employ as well international people. The communication is English, the market is domestic.
Challenge: Understanding the business and the local market
The challenge for this international activities, whether near or offshore is not the technical expertise. It is the understanding of the business behind it and the knowledge of the local market for which Apps and so on are developed. This is an experience which the industry faced already in the early 2000 with its offshore activities and it applies with nearshoring activities as well. Markets are too different. Even if a software developer from Eastern Europe knows about banking in Poland, Czech Republic etc. things in Germany are definately different. One could not even compare the banking markets in Germany, Austria and Switzerland: Products are different, pricing, competition, regulation …
IT-Profs should understand the market before developing solutions for it
In order to enhance communication to the home base and for the product development a principal understanding of banking and the market is a crucial successfactor. It turned out that a common understanding of the desired solution, its technical requirements and much more is extremely important. For quality reasons, for the progress of the projects … Ultimately, errors can be reduced or even avoided.
We provide banking know-how in English since 2008
Since 2008 we have been offering our banking seminars in English to support banks, financial service providers and IT-provider with an international workforce. In particular, our 3-5 day inhouse seminars Competent Banking Know-How and Banking Know-How for IT Professionals are regularly booked and receive very positive feedbacks. From our point of view, the nearshore acitivities of banks, FinTechs and BigTechs could take great advantages out of a 3-5 days investment. Certainly we offer this services online.
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