The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that larger providers often lack. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we present detailed profiles of 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Each profile offers a comprehensive picture of the provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success.

Banks are navigating a complex environment of revenue pressures, cost challenges, and rising regulatory and security demands. Despite a slowdown in growth, they remain committed to targeted IT investments in customer experience, AI, cybersecurity, cloud, and modernization to enhance efficiency, resilience, and competitiveness. This report examines how enterprise technology priorities are shifting across key Lines of Business (LoBs) – retail banking, commercial banking, payments, and lending – with a growing focus on AI-led transformation, digital workflows, and automation. It also explores regional developments, particularly in Europe and the UK&I, where PSD3, ESG mandates, and real-time payments are reshaping the banking technology agenda. Cybersecurity is gaining further prominence as banks move away from fragmented controls toward more integrated and scalable security strategies. At the same time, core and horizontal technology providers are enabling platform-driven modernization and process transformation. These shifts are mandating providers to align their capabilities with evolving enterprise priorities, including domain-specific innovation, regulatory alignment, and outcome-based delivery. While outsourcing softened in 2023-24, the report outlines how a cautious recovery is expected in 2025 as banks reassess sourcing models to support long-term transformation goals. Scope Geography: global Industry: banking and financial services Contents In this report, we examine: Evolving enterprise technology priorities and spend areas Regional trends in the UK&I and Europe regions Themes driving growth opportunities across banking LoBs Customer experience as a core digital transformation priority Increasing AI adoption across banking value chains Strengthening data security amid rising digital fraud Technology providers’ role in enabling modernization

The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, BFSI enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-code/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that are often lacking in larger providers. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we analyze 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Scope Industry: insurance and financial services Geography: global Contents In this report, we: Assess 33 IT services specialists Position providers as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations

The wealth management industry is evolving to meet emerging trends and client demands. To manage costs and boost revenue, firms are introducing new products, expanding into new regions, and enhancing advisor platforms to improve productivity and service delivery. AI is a key focus, with investments in AI-driven advisory platforms, predictive analytics, and conversational AI to provide more accurate, timely, and personalized advice. Firms are also leveraging hyper-personalization to tailor recommendations to clients' unique needs. The industry is adapting to the multigenerational wealth transfer as baby boomers pass assets to Gen Z, requiring new strategies to address diverse preferences. Additionally, technology transformation is driving operational efficiency and growth, while demand grows for innovative products such as ESG-focused investments, digital assets, and cryptocurrencies, reflecting changing investor values. This compendium provides detailed, fact-based snapshots of 17 wealth management technology providers. Each profile outlines the provider’s vision, capability, and market impact, helping providers benchmark their capabilities against peers and enabling enterprises to assess the providers based on their desired capabilities. Scope Industry: wealth management Geography: global Contents In this report, we evaluate wealth management technology providers on their: Company overview Recent partnerships and acquisitions Proprietary IP/solutions Market adoption and capabilities Client portfolio mix Key offerings and investments Client success stories Membership(s) Banking Information Technology Sourcing and Vendor Management

The open banking landscape is transforming due to regulatory mandates, technical advances, and dynamic consumer expectations. Financial institutions invest in open banking solutions to enhance customer experiences, foster innovation, and maintain a competitive edge. This transformation emphasizes the need for improved data security, regulatory compliance, and personalized financial services. Providers offering API management, microservices architecture, data integration, and security frameworks lead this transformation. These solutions deliver seamless and secure customer experiences, drive innovation through FinTech partnerships, and create new revenue streams. Providers are building API-driven ecosystems to facilitate real-time connections with third parties, enhancing operational efficiencies and customer flexibility. As the open banking market matures, there is a growing emphasis on data monetization, leveraging advanced analytics for risk management and regulatory compliance, and exploring embedded finance opportunities. In this report, we analyze 31 open banking IT service providers featured on Everest Group’s proprietary PEAK Matrix® framework. Scope Industry: Banking and Financial Services (BFS) Geography: global This assessment is based on Everest Group’s annual RFI process for the calendar year 2024, interactions with leading technology and IT service providers, client reference checks, and an ongoing analysis of the open banking IT services market Contents In this report, we: Examine key trends in the open banking IT services industry Position the providers on Everest Group’s proprietary PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations Membership(s) Banking Information Technology Sourcing and Vendor Management

The Banking and Financial Services (BFS) industry in APAC is rapidly transforming due to digital technology adoption, regulatory changes, and a focus on sustainability and open banking. These shifts present challenges and opportunities, prompting BFS firms and technology providers to innovate and create more value. Strategic partnerships and implementing technologies are key strategies employed to foster innovation and elevate customer satisfaction. In this report, we explore the BFS industry’s evolving landscape in APAC, focusing on prevalent themes such as cloud computing, customer experience, data and analytics, open finance, risk and compliance, sustainability, and the growing adoption of Third-party Platforms (TPPs). For each theme, the report provides insights into current trends, drivers, adoption patterns, partnerships, and future outlooks. Geographically, the analysis extends to key APAC countries, including Australia, China, India, Japan, New Zealand, and Singapore. Scope Industry: BFS Geography: APAC Services: Technology and IT services Contents In this report, we examine: Technology investments made by APAC banks, ongoing deals, prevalent themes, and the challenges the industry faces Key trends across BFS IT spending, including investments in cloud computing, embedded finance, and TPPs The regulatory and compliance landscape Adoption of data analytics and AI within the industry Key sustainability initiatives and customer experience priorities shaping the future of BFS in APAC Membership(s) Banking and Financial Services Information Technology Outsourcing Excellence

The BFSI industry is showing great interest in using generative AI as part of its technology ecosystem. Offering enhanced fraud detection, personalized Customer Experience (CX), and robust risk assessment, generative AI is set to significantly impact various aspects of the BFSI value chain. In this report, we examine the key factors driving generative Al’s adoption in the BFSI industry. We elaborate on how it can help achieve business objectives and gain a competitive advantage in various business operations across BFSI firms. We also examine contemporary implementations and real-world examples of gen Al adoption in the industry. The report also presents a framework for prioritizing use cases to enable organizations to identify the most impactful applications of gen Al across banking, capital markets, and insurance, as well as looks at the initiatives of technology and service providers operating in this domain. Scope Industry: BFSI Geography: global Technology: generative AI Contents In this report, we share: An overview on trends, adoption drivers, and challenges related to generative AI in the financial services industry A framework to assess and prioritize gen AI use cases across the financial services value chain Potential risks associated with the adoption of gen AI in the financial services sector, mitigation strategies, and best practices to address these risks and ensure the responsible and ethical deployment of gen AI Trends related to gen AI-related talent acquisition, training, and upskilling, as well as the associated costs and investment considerations An industry landscape covering the technology and service providers specific to gen AI in BFSI Membership(s) Banking and Financial Services Information Technology Insurance Information Technology Sourcing and Vendor Management

The Asset and Wealth Management (AWM) industry is realizing the democratization of finance, with a growing demand for personalized digital experiences and the emergence of new products such as digital assets and ESG-compliant investments. To adapt to evolving customer preferences and meet regulatory requirements, AWM managers are increasingly adopting Digital Experience Platforms (DXPs) to revamp their operations, streamline costs, enhance data management capabilities, and deliver tailored client experiences. By leveraging DXPs, AWM firms aim to provide advisors a comprehensive, real-time view of data through intuitive dashboards, enabling them to deliver better service. The integration of DXPs empowers asset and wealth managers to optimize their processes, personalize client interactions, and create an enhanced advisor experience. DXP providers are addressing functionality gaps through build, buy, and partnership investments, incorporating emerging technologies into their current product offerings. Additionally, they are establishing a robust partnership ecosystem comprising FinTech point solutions, technology providers, WealthTechs, and consulting and implementation partners to drive commercial and GTM innovations. In this compendium, we provide detailed profiles of 12 leading DXP providers for asset and wealth management in terms of their product vision and capability and market impact. The research will assist buyers in selecting the right-fit technology provider for their needs, while also allowing technology providers to benchmark themselves against each other. Scope Industry: AWM Geography: global Contents This report provides a snapshot of 12 DXP providers’ offerings and capabilities for AWM products and includes the following details: Company overview Recent partnerships and acquisitions Proprietary IP/solutions Market adoption and client portfolio mix Key offerings and investments Client success storiess Providers’ key strengths and limitations Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

Today, FinTechs are helping banks and financial services firms unlock significant untapped value across core operations and advance the triple agenda of growth, efficiency, and customer experience. They are offering tailored solutions that enterprises are increasingly adopting to address capability gaps, enhance value propositions, and streamline workflows across the various value chains. These FinTechs create a co-optition (cooperation and competition) environment for Banking and Financial Services (BFS) firms. Over the past few years, BFS enterprises have experienced a surge in acquisitions, funding, and partnerships with FinTechs, seeking to leverage the niche offerings and point solutions provided by these firms. While these collaborations offer numerous benefits, they also present challenges for BFS enterprises. In this report, we highlight the trailblazers that are generating enhanced value propositions within specific categories of the value chain, with a primary focus on their capabilities and market impact. The assessment relies on primary interactions, secondary research, and analysis, and is based on Everest Group’s ongoing market tracking. Scope Industry: BFS Geography: global Contents In this report, we: Highlight the trailblazers, including assessment methodology, category definitions, and profiles Discuss the role of FinTechs Introduce a framework to mitigate the challenges for BFS firms when choosing the right FinTech Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

In recent years, the Financial Crime and Compliance (FCC) space has transformed rapidly due to the growth of RegTechs, virtual banks, and alternative payment methods. This has introduced new complexities as regulators struggle to keep pace with the surge in cybercrime and next-generation technologies. Financial crimes in various forms, along with the challenge of meeting complex and evolving compliance requirements, are causing increasing concerns regarding profitability and reputational risk for Banking and Financial Services (BFS) enterprises. Firms relying on legacy systems and outdated cybersecurity protocols are facing pressure to transform their technology and partner portfolios, actively seeking innovative solutions to prevent and combat financial crimes. In response, FCC technology providers are investing in Artificial Intelligence (AI) / Machine Learning (ML), cloud-based platforms, anti-money laundering and fraud investigation technologies to enhance their existing solutions. They are engaging in co-innovation and customization efforts with hyperscalers, third-party providers, and clients. The FCC technology provider landscape comprises both point-solution providers specializing in specific functions within the FCC value chain and experienced end-to-end providers. Over the past three years, there has been a surge in funding and forged increased partnerships with BFS technology providers looking to develop industry-specific offerings in online fraud prevention. In this report, we examine the FCC technology provider ecosystem and study key trends in the FCC space and their implications on technology investments by BFS enterprises. Additionally, the report profiles 16 technology providers, assessing their capabilities across the FCC value chain and highlighting case studies of their FCC solutions for BFS enterprise clients. Scope Industry: BFS Geography: global Contents In this report, we examine: Key trends in the FCC space The macroeconomic and geopolitical impact on FCC Enterprise challenges and priorities Technology-led disruptions in FCC The competitive technology provider landscape for FCC solutions, including end-to-end providers and emerging participants Implications for service and technology providers The current vs. future state of FCC Membership(s) Banking Information Technology Sourcing and Vendor Management