Banking institutions and payments firms are rapidly transforming their payment infrastructures due to a shift in purchasing habits and the demand for better payment experiences following the pandemic. Issuers, networks, payments processors, and merchant acquirers are retooling their payment systems and capitalizing on technology advances to meet regulatory mandates and enhance customer experience. However, as banks and payments firms upgrade their payment systems, they are finding it difficult to onboard the right talent, skilled in technologies such as AI/ML, APIs, the cloud, and blockchain. Traditional payment service providers also face intense competition from digitally native FinTechs and BigTechs, which are taking the payments services route to enter the financial services space. Hence, these providers are increasingly leveraging IT service providers to achieve faster time-to-market for innovative payments solutions for customers, merchants, and commercial clients. To serve this demand, technology service providers are investing in pre-configured reusable solutions that banks’ business stakeholders can easily leverage to carry out data analysis, payments reconciliation, and regulatory reporting. In this research, we provide an overview of the cards and payments IT services market and the provider landscape. We also feature detailed profiles of 19 cards and payments IT services providers globally. Scope Industry: banking and financial services Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading cards and payments IT services providers, client reference checks, and an ongoing analysis of the market Contents This report analyzes: Key trends in the cards and payments IT services market Cards and payments IT services market size, growth rate, and growth drivers Supply- and demand-side market themes An overview of 19 service providers’ cards and payments IT services businesses and offerings – business performance, extent of adoption across geographies, and the Everest Group point of view Client success stories, including business challenges addressed, solutions delivered, and impact generated An overview of the providers’ application and digital services in banking investments, key IP/solutions, and key partnerships Membership(s) Banking and Financial Services Information Technology Insurance Information Technology Sourcing and Vendor Management

Banking, Financial Services, and Insurance (BFSI) firms have been making bold commitments to sustainable investing for more than a decade now, but the announcements have increased dramatically in the last 24 months. Regulatory push, changing demographics, risk mitigation, and an emphasis on brand equity have driven BFSI firms’ focus on sustainability. Next-generation workforce is attracted to companies with strong sustainability policies, and clients too prefer banks with a strong Environmental, Social, and Governance (ESG) standing. In response, BFSI firms are taking a multi-scale approach to manage their sustainability aspects. They are focusing on their desired market positioning, product differentiation, a sustainable operating model, evolving partnership network, and optimal leverage of human capital to support sustainable initiatives. To support BFSI enterprises in their sustainability journeys, the ESG partner ecosystem is expanding at an exponential rate and bringing unique propositions to the market. In this research, we examine the sustainability trends, demand themes, and challenges in the BFSI industry. We also study sustainability-related opportunities for providers in the BFSI domain and supplier developments for IT service providers, consulting firms, data & analytics providers, and technology vendors. We study these providers’ growth potential, offerings, partnerships, case studies, and business strategies and lay down a framework that can help ESG providers optimally tap into this market. Scope Industry: BFSI Geography: global The research is based on Everest Group’s interactions with leading D&A providers in ESG, IT service & consulting providers, technology vendors, and an ongoing analysis of sustainability in the BFSI market Contents This report examines: The rise in BFSI firms’ sustainable finance commitments Factors driving increased focus toward sustainability in the BFSI industry Challenges that BFSI firms face in sustainability integration Emerging sustainability vendor landscape in the BFSI industry A deep dive into supply-side trends, opportunities, and offerings Everest Group’s outlook on the implications for ESG providers in the BFSI industry Membership(s) Banking Information Technology Insurance Information Technology Sourcing and Vendor Management

Evolving customer preferences, demand for digital and omnichannel experiences, and competition from FinTechs are impacting banks’ digital strategies and transformation initiatives. In Europe, regulations such as the General Data Protection Regulation (GDPR) and open banking have driven banking organizations’ investments in application modernization initiatives. Additionally, the rise of challenger banks is compelling banks to focus on customer experience enhancement. One of the biggest challenges the industry continues to face is the shortage of technology skills in the market. Thus, IT service providers are investing heavily in not just banking-focused IP/solutions, but also engineering talent to respond to the evolving demand themes. In this research, we present an assessment and detailed profiles of 26 Application and Digital Services (ADS) providers in Europe featured on the Application and Digital Services in Banking PEAK Matrix®. Each service provider profile provides a comprehensive picture of the provider’s service focus, key Intellectual Property (IP) / solutions, domain investments, and case studies. Scope Industry: banking Geography: Global The assessments are based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading application and digital services providers, client reference checks, and an ongoing analysis of the banking ADS market Contents This report studies: ADS in Banking IT Services PEAK Matrix® Assessment 2021 – Europe An overview of the 26 service providers’ ADS in banking businesses and offerings – vision, business performance, and extent of adoption of ADS in banking across geographies Client success stories, including the business challenges addressed, solutions delivered, and impact generated An overview of the providers’ ADS in banking domain investments, key Intellectual Property (IP) / solutions, and key partnerships Everest Group’s perspective on the strengths and limitations of the 26 service providers Membership(s) Banking Information Technology Sourcing and Vendor Management

Evolving customer preferences, demand for digital and omnichannel experiences, and competition from FinTechs are impacting banks’ digital strategies and transformation initiatives. COVID-19 has significantly accelerated enterprises’ digitalization plans and adoption of new technologies for processes such as digital customer onboarding, paperless underwriting, real-time payments, and real-time cash management. One of the biggest challenges that the banking industry continues to face is the shortage of technology skills. IT service providers are investing heavily in building banking industry-specific solutions and an engineering talent pool to respond to the evolving demand themes. Enterprises are seeking support from these providers to shift to a platform-based operating model, cloud-first approach, data-value realization leveraging Artificial Intelligence (AI) / Machine Learning (ML), and APIfication. In this research, we provide detailed profiles of 27 Application and Digital Services (ADS) providers with a global focus that have been featured on Everest Group’s Application and Digital Services in Banking PEAK Matrix® 2021. Scope Industry: banking Geography: global The assessments are based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading application and digital services providers, client reference checks, and an ongoing analysis of the banking ADS market Contents This report studies: ADS in Banking IT Services PEAK Matrix®2021 Assessment 2021 – global An overview of the 27 service providers’ ADS in banking businesses and offerings – vision, business performance, and extent of adoption of ADS in banking across geographies Client success stories, including the business challenges addressed, solutions delivered, and impact generated An overview of the providers’ ADS in banking domain investments, key Intellectual Property (IP) / solutions, and key partnerships Everest Group’s perspective on the strengths and limitations of the 27 service providers Membership(s) Banking Information Technology Sourcing and Vendor Management

The demand for digital consumption in the Banking, Financial Services, and Insurance (BFSI) industry has grown significantly in the past year. There is an urgency among BFSI firms to undertake digital journeys led by customer expectations and introduce flexible work options for employees to keep the business running. This has led them to adopt multiple technologies, solutions, and workflows, increasing the technology stack’s complexity, management, and maintenance. These needs have driven the demand for professional developers. However, to fast-track digitalization, an increasing number of developers are being channelized toward workflow customization rather than supporting innovation and core product engineering, resulting in a sub-optimal use of developer talent and higher costs of development and operations. To address these challenges, BFSI firms are shifting toward the adoption of low-code/no-code technology. In this report, we elaborate how low-code/no-code technology helps accelerate digital journeys, reduces costs, and improves operations. Scope Industry: BFSI Geography: global Contents This report examines: Low-code/no-code technology provider landscape Implications for IT service providers BFSI enterprises’ investments in low-code/no-code technology Adoption roadmap for enterprises Membership(s) Application Services Banking Information Technology Insurance Information Technology Sourcing and Vendor Management

Banking, Financial Services, and Insurance (BFSI) firms are under increasing pressure to operate sustainably and be mindful of their economic, social, and environmental impact. Regulatory push, changing demographics, risk mitigation, and surge in brand equity have driven BFSI firms’ focus on sustainability, which has further been accelerated by COVID-19, emphasizing the importance of sustainable investments during uncertain times. In fact, sustainability has become a board-level agenda and is likely to drive the next-best action for every strategic decision-making – business, people, process, experience, operations, products, and channels. As BFSI firms work toward becoming future-ready, purpose-driven organizations, it will be vital to measure the impact of sustainable efforts, with focus on Environmental, Social, and Governance (ESG) metrics. To cater to the increasing need, the ESG provider ecosystem is expanding at an exponential rate, with ESG Data and Analytics (D&A) providers helping to bridge the data gap, the biggest roadblock to sustainability-led transformation. In this research, we examine the ESG D&A provider landscape by studying the offerings, data coverage, and technology maturity of 18 ESG D&A providers and highlight the potential of ecosystem partnerships for BFSI firms. The D&A providers include large firms that have historically provided financial research (market), small to mid-sized firms offering ESG-related data and services as their core offering (exclusives), and niche firms supporting one or more aspects of the ESG spectrum (specialists). Scope Industry: BFSI Geography: global The research is based on Everest Group’s interactions with leading D&A providers in ESG, RFI processes with the providers, and an ongoing analysis of sustainability in the BFSI market Content This report studies: Key drivers for BFSI firms’ increasing focus on sustainability The sustainability maturity continuum for BFSI firms Major challenges that BFSI firms face as they advance on their journeys to become purpose-driven organizations The ESG data, technology, and IT services vendor landscape for BFSI firms The offerings and capability maturity of 18 ESG D&A providers Everest Group’s outlook on trends shaping the ESG D&A provider landscape Membership(s) Banking Information Technology Sourcing and Vendor Management

Capital markets firms are seeing a wave of disruption due to an increase in digital assets, the demand for self-service and personalized experiences, and threat from new competitors. They are seeking ways to adapt and innovate in the face of a low interest-rate environment and decreasing margins. Additional cost pressures and the need for faster time-to-market are driving accelerated transformation and modernization initiatives. Increasingly, capital markets firms are moving workloads to the cloud for increased agility, access to disruptive and innovative technology, improved performance, and reduced infrastructure cost, enabling them to deliver customer-centric, personalized experiences. There is a need for collaboration in the financial services ecosystem to help firms leverage and partner with technology vendors to create and deliver new products and innovate at speed and scale. As capital markets firms navigate a complex regulatory landscape and continue to face a volatile economic environment, we explore the current state of cloud adoption in capital markets, the drivers for cloud adoption, benefits and challenges for capital markets firms, and how enterprises, service providers, and technology vendors can collaborate to build a financial services ecosystem. In this report, we lay out the key priorities for capital markets firms in 2021 and key strategy initiatives they need to undertake, as well as explore how cloud adoption serves as a long-term revenue-enablement initiative, and not just a tool to cut costs. Scope Industry: banking and financial services Geography: global Contents In this report, we study: The key priorities for capital markets firms The cloud as a catalyst for digital adoption at scale The need for innovation at speed and scale to design new products The need for data value realization with cloud adoption IT infrastructure for a hybrid work model Implications for enterprises, service providers, and technology vendors Membership(s)Banking Information Technology Sourcing and Vendor Management

Evolving customer preferences, demand for digital and omnichannel experiences, and competition from FinTechs are impacting banks’ digital strategies and transformation initiatives. COVID-19 has significantly accelerated enterprises’ digitalization plans and adoption of new technologies for processes such as digital customer onboarding, paperless underwriting, real-time payments, and real-time cash management. In Europe, regulations such as the General Data Protection Regulation (GDPR) and open banking have driven banking organizations’ investments in application modernization initiatives. Additionally, the rise of challenger banks is compelling banks to become nimble and focus on customer experience enhancement. One of the biggest challenges the banking industry continues to face is the shortage of technology skills in the market. IT service providers are investing heavily in building banking industry-specific solutions and an engineering talent pool to respond to the evolving demand themes. Enterprises are seeking support from these providers to shift to a platform-based operating model, cloud-first approach, data value realization leveraging AI/ML, and APIfication. In this research, we evaluate 27 Application and Digital Services (ADS) providers with a global focus and 26 ADS providers with a Europe focus, featured on Everest Group’s Application and Digital Services in Banking PEAK Matrix®. Scope Industry: banking Geography: global, with focus on Europe The assessments are based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading application and digital services providers, client reference checks, and an ongoing analysis of the banking ADS market. Contents This report studies: Key trends in the application and digital services in banking market ADS in banking market overview and analysis by revenue, growth, services scope, LOBs, and geography Classification of 27 global-focused ADS in banking service providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Star Performers for global assessment – service providers with the strongest forward movement over time on the Application and Digital Services in Banking PEAK Matrix® 2021 Everest Group’s perspective on the strengths and limitations of the 27 global service providers evaluated in the report Classification of the 26 Europe-focused ADS in banking service providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Everest Group’s perspective on the strengths and limitations of the 26 Europe-focused service providers evaluated in the report Membership(s) Banking Information Technology Sourcing and Vendor Management

Digital assets have come a long way from their nascent form as cryptocurrencies to a complete array of financial assets with increasing use cases. In fact, the year 2020 and Q1 2021 experienced a surge in retail and institutional investments in cryptocurrencies and related crypto assets in the wake of pandemic-fostered digitalization in Banking and Financial Services (BFS). Several participants are already active in the growing crypto market. IT service providers are developing in-house solutions to help financial institutions use Blockchain-as-a-Service (BaaS) for their digital asset needs. FinTechs are at the forefront of innovating products and services but operate in an unregulated environment, posing high risks for investors. Larger investments have increased the safety, security, and accountability requirements to invest in these assets. Thus, there is an urgent need for regulatory bodies globally to bring in practical frameworks and regulations for digital asset trade at the earliest. In this report, we analyze the rise of retail and institutional investments in digital assets, including cryptocurrencies, other crypto assets, and crypto technology. We examine different crypto financial service offerings and their impact on the BFS market. We also recommend a transformation plan for traditional banking systems through a hybrid banking model, which seamlessly integrates value-added processes and operational functions for both traditional and digital assets. Scope Industry: BFS Geography: global Contents This report explores: Increasing retail and institutional investments in digital assets – cryptocurrencies, other crypto assets, and crypto technology Different crypto financial service offerings and their impact on the BFS market; we also describe the regulatory, operational, and technological challenges that BFS firms face in scaling up their digital asset servicing capabilities A transformation plan for traditional banking systems through a hybrid banking model, which seamlessly integrates value-added processes for traditional and digital assets Membership(s) Banking Information Technology Sourcing and Vendor Management

The continuing COVID-19 crisis has been accompanied by considerable uncertainty and change, leaving the Banking and Financial Services (BFS) industry grappling with several challenges and no direct answers to multiple questions: How will the world shape up after the pandemic? What will be the sourcing model of the future? Which technologies are likely to become must-haves? How will people and organizations adapt? While BFS firms were initially responding to the global pandemic and its immediate challenges, they will soon need to pivot towards recovering from the crisis with focus on growth and productivity. Already, organizations are reassessing their strategies on products, sales, customers, and partners. Amid this reassessment, the growth of digital has been a double-edged sword for the BFS industry. On the one hand, technology has helped banks generate additional revenue, reduce expenses, and manage risk exposure in a more efficient manner, while, on the other hand, it has opened the door for many competitors. In this research, we study how Banking and Financial Services (BFS) firms have increased their digital spend to fast-track recovery and are investing in an agile, flexible, scalable, and platform-based operating model. We study the dominant themes that will help banks steer ahead on the road to recovery, including IT operating model realignment, the rise of hyper segmentation, customer demand pattern shifts, and the acquisition of digital capabilities. Scope Industry: BFS Geographic coverage: global Content In this report, we study: Strategies that BFS enterprises have adopted to counter challenges, especially in the wake of COVID-19 How banks and financial services firms are accelerating recovery and executing cost and efficiency transformations Business and technology considerations to achieve growth and differentiation for banks and drive future success Membership(s)Banking Information Technology Sourcing and Vendor Management