Industrialization is the modernization of processes/activities through advancement in social, economic and technology. From last couple of years, banks have been focusing on rapid growth. As organizations launched new products and services to attain higher growth rate the priority was to have the systems in place quickly. System efficiency and integration were at low priority and this growth period was relatively short as competitors caught up and margins were deteriorated. Hence, there is a strong need of continuous innovation and incremental cost reduction and that can only be achieved through an industrialization approach, especially pertaining to cost & labor intensive IT services in Banking.
In this paper, we look at the meaning of industrialization of IT services especially from a banking industry perspective; the issues banks are facing and how industrialization can help in attaining high growth rate; ensure faster time to market, and save cost & effort. We also touch upon what is happening on the ground in terms of industrialization of IT services.