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

In today’s digitally powered world, banks and payment firms face varied challenges such as declining transaction fees, a constantly changing regulatory landscape, emerging payment techniques, competition from new entrants such as BigTech and FinTechs, and increasing demand for real-time, accessible, and digital-first payment experiences that integrate seamlessly to support business and lifestyle needs. Additionally, the pressure to innovate and reimagine customer journeys is compelling banks and payment firms to rethink their technology strategies. Legacy codes, disparate systems, and siloed databases prevent incumbents from establishing workflows, running analytics, and ensuring interoperability and efficiency across payment systems. These barriers make it difficult for enterprises to adapt to changing demands and regulatory requirements, which, in turn, slows time-to-market. Hence, banks need to take a more strategic, innovative, and timely approach to unlock more value from their payment systems. Building a modernized digital payments infrastructure that enables trusted and secure payments for organizations will be the key to profitability for all payment providers. While the need to modernize legacy systems is undeniable, different approaches to achieve that goal are emerging, and enterprises need to employ a modernization approach that best suits their strategic priorities, risk appetite, and targeted end state. Small and midsize banks should build a target-state vision for their payment systems and drive internal alignment between the business and technology teams to undertake this modernization journey in a phased manner and at a sequence and speed in line with global demand. Scope Industry: banking Geography: global Contents In this study, we explore the changing market drivers and approaches to modernization in the payments industry and discuss the modernization challenges and best practices for small and midsize banks. Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

Global banks are leveraging Temenos as a preferred platform for areas such as core banking, payments, and wealth management. The system integration market for Temenos is experiencing an uptick in demand, as banks are moving from legacy to platform-based models at an accelerated pace. Temenos and its partner ecosystem are also building cloud-native Software-as-a-Service (SaaS) architecture, along with other digital banking technologies such as microservices and blockchain. Temenos is helping banks in creating an End-to-End (E2E) digital banking solution that integrates capabilities around core, enterprise workflows, digital experiences, and risk & compliance workloads. It is leveraging latest technologies such as APIs, microservices, and open APIs to help banks of all sizes in their core transformation journey, wealth management, and payments. This increased demand for specialized Temenos services for core transformation and digital banking has helped providers register strong growth by acting as strategic partners, including helming consulting/advisory roles on investing in modern technologies. In this research, we provide detailed profiles of 12 IT service providers on their Temenos IT services that have been featured on Temenos IT Services PEAK Matrix® Assessment 2022. Scope Industry: banking Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Temenos IT service providers, client reference checks, and an ongoing analysis of Temenos IT services in the Banking and Financial Services (BFS) market Contents This report studies: Temenos IT services PEAK Matrix®Assessment 2022 An overview of 12 service provider’s Temenos IT services The competitive landscape of the Temenos IT services provider market Key enterprise sourcing considerations (strengths and limitations) for each of the 12 service providers evaluated Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

Increasing pressure on the margins, the loss of market share to neo-banks, constantly changing regulatory landscape, and the burden to deliver improved customer experiences are driving banking and financial services firms to modernize their internal legacy systems with third-party platforms. These platforms help reduce latency, drive product innovation, improve straight through processing, and meet surging demand levels. Notably, this massive surge in demand for a platform-centric operating model has contributed to significant growth for the Finastra product suite. A banking technology conglomerate, Finastra has successfully differentiated itself from other product vendors by delivering componentized solutions and open platforms that can be installed on-premise or on the cloud and offer microservices capabilities. It has emerged as one of the largest BFS-focused core platforms with a vast coverage of products across payments, treasury, risk and compliance, open banking, lending, and capital markets. Besides building a modern portfolio of products, Finastra has also built a developer portal that enables its partners to add new capabilities to existing Finastra systems, thereby making them easily customizable. IT service providers under the Finastra partner network are playing a significant role in helping enterprises embark on their Finastra-led digital transformation journeys. In fact, they are making enormous investments in building a talent pool of Finastra experts, creating IP/accelerators on the top of the Finastra products, and developing Finastra-specific Centers of Excellence (CoEs) to position themselves as strategic partners that deliver high business value. In this research, we provide detailed profiles of 15 service providers on their Finastra IT services. These service providers have been featured on our Finastra IT Services PEAK Matrix® Assessment 2022. Scope Industry: Banking and Financial Services (BFS) Geography:global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Finastra IT services providers, client reference checks, and an ongoing analysis of the Finastra IT services market. Contents This report studies: Finastra IT services PEAK Matrix® Assessment 2022 An overview of 15 service providers’ Finastra IT services The competitive landscape of the Finastra IT services provider market Key enterprise sourcing considerations (strengths and limitations) for each of the 15 Finastra IT service providers evaluated Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

Banking and Financial Services (BFS) firms are modernizing their technology and transforming their operations by infusing digital technology in response to the immense challenges they currently face – rising cost pressures, changing customer and market expectations, monolithic IT architectures, legacy systems, evolving regulatory frameworks, and accelerated competition from FinTechs and technology giants. BFS firms are adopting enterprise platforms that enable this transformation journey, as they acutely realize the need to become more efficient and flexible in operations, agile in product development, better at customer experience, and upright at meeting compliances. Financial services firms are making investments to modernize and integrate their platforms across core, enterprise workflow, digital experience, and risk and compliance to create a unified End-to-End (E2E) digital operating model. They are favoring buying technology components over building them, to achieve better time-to-market and manage the talent supply shortage. Adoption of the platform-based technologies requires deep product understanding and technical expertise, which the IT service providers bring in for the BFS firms, in addition to helping them create a structured approach towards platformification. The platform IT services in the BFS market are growing at a healthy rate and service providers are aggressively tapping into this demand trend by making signification investments to grow their partnerships and capabilities with leading BFS vertical and horizontal platform vendors. They are focusing on building proprietary IP/accelerators and consulting frameworks, talent development, improving market messaging through thought leadership, bolstering competence through acquisitions, and establishing dedicated CoEs and labs. In this research, we provide detailed profiles of 18 service providers on their platform IT services in BFS. These service providers have been featured on our Platform IT Services in BFS PEAK Matrix® Assessment 2022 Scope Industry: Banking and Financial Services (BFS) Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with platform IT services providers, client reference checks, and an ongoing analysis of the platform IT services in BFS market. Contents This report studies: Platform IT services in BFS PEAK Matrix® Assessment 2022 An overview of 18 service providers’ capabilities in platform IT services for BFS Competitive landscape of the platform IT services in BFS provider market Key enterprise sourcing considerations (strengths and limitations) for each of the 18 service providers evaluated Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

Global banks are leveraging Temenos as a preferred platform for areas such as core banking, payments, and wealth management. The system integration market for Temenos is experiencing an uptick in demand as banks are moving from legacy to platform-based models at an accelerated pace. Temenos and its partner ecosystem are also building cloud-native Software-as-a-Service (SaaS) architecture, along with other digital banking technologies such as microservices and blockchain. Upgrading and modernizing the core has become a top priority for many banks, which are also working to create a unified End-to-End (E2E) system integrating their platforms across the core, enterprise workflows, digital experiences, and risk & compliance. This increased demand for specialized Temenos services for core transformation and digital banking has helped providers register strong growth by acting as strategic partners, including helming consulting/advisory roles on investing in modern technologies. In this Everest Group PEAK Matrix® report, we assess several providers on their Temenos IT services vision and capability and market impact and categorize them as Leaders, Major Contenders, and Aspirants. The research will help buyers select right-fit providers for their needs, while the providers will be able to benchmark themselves against each other. Scope: Industry: banking Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Temenos IT service providers, client reference checks, and an ongoing analysis of Temenos IT services in the Banking and Financial Services (BFS) market Contents: In this report, we: Classify Temenos IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Examine the competitive landscape the Temenos IT service providers Study key enterprise sourcing considerations (strengths and limitations) for each of the service providers evaluated Membership(s) Banking Information Technology Sourcing and Vendor Management

Increasing margin pressures, the loss of market share to neo banks, a constantly changing regulatory landscape, and the burden to deliver improved customer experiences are driving banking and financial services firms to modernize their internal legacy systems with third-party platforms. These platforms help reduce latency, drive product innovation, improve straight through processing, and meet surging demand levels. Notably, this massive surge in demand for a platform-centric operating model has contributed to significant growth for the Finastra product suite. A banking technology conglomerate, Finastra has successfully differentiated itself from other product vendors by delivering componentized solutions and open platforms that can be installed on-premise or on the cloud and offer microservices capabilities. Besides building a modern portfolio of products across payments, lending, and treasury, Finastra has also built a developer portal that enables its partners to add new capabilities to existing Finastra systems, thereby making them easily customizable. IT service providers under the Finastra partner network are playing a significant role in helping enterprises embark on their Finastra-led digital transformation journeys. In fact, they are building a talent pool of domain experts and consultants to position themselves as strategic partners by delivering higher business value. In this report, we assess 15 service providers in terms of their Finastra IT services vision and capability and market impact and categorize them as Leaders, Major Contenders, and Aspirants. The research will help buyers select right-fit providers, while the providers will be able to benchmark themselves against each other. Scope: Industry: banking Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Finastra IT service providers, client reference checks, and an ongoing analysis of the Finastra IT services market Contents: In this report, we: Classify 15 IT providers of Finastra services as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Examine the Finastra IT service provider market’s competitive landscape Study key enterprise sourcing considerations (strengths and limitations) for each of the 15 service providers evaluated Membership(s) Banking Information Technology Sourcing and Vendor Management

Banking and Financial Services (BFS) firms are pivoting to a robust IT modernization and digital transformation approach in response to the immense challenges they currently face, such as rising cost pressures, changing customer and market expectations, monolithic architectures, legacy systems, evolving regulatory frameworks, and accelerated competition from FinTechs and technology giants. The COVID-19 pandemic has accelerated the need to modernize IT systems in the BFS industry as demand for digital services has increased significantly. Thus, firms are adopting enterprise platforms that enable this transformation journey, as they acutely realize the need to become more efficient and flexible in operations, agile in product development, better at customer experience, and upright at meeting compliances. Upgrading and modernizing the core has become a top priority for many banks, and they are also trying to create a unified End-to-End (E2E) systems integrating their platforms across the core, enterprise workflow, digital experience, and risk & compliance. Increasingly, banks are undertaking four broad approaches to achieve this platform-led transformation: implementing a new product/platform and sunsetting the legacy platform, modernizing the core by creating a wrapper around it, using cloud-native technologies to modernize the existing core system landscape, or re-platforming with minor upgrades. In this PEAK Matrix® report, we assess 18 service providers on their platform IT services in BFS, including their vision and capability and market impact, and categorize them as Leaders, Major Contenders, and Aspirants in the market. The research will help buyers select the right-fit service providers for their needs, while service providers will be able to benchmark themselves against each other. Scope: Industry: banking Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with platform IT services providers, client reference checks, and an ongoing analysis of the platform IT services in BFS market Contents: In this report, we: Classify 18 platform IT services in BFS providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Study the competitive landscape of the platform IT services in BFS provider market Examine key enterprise sourcing considerations (strengths and limitations) for each of the 18 service providers evaluated Membership(s) Banking 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

The financial services industry is redefining value levers by orchestrating end-to-end experiences for financial services and creating consumption models that extend beyond traditional organization boundaries. Financial institutions need to be agile enough to compete with next-generation peers and follow a pragmatic approach to innovation to successfully orchestrate the relevant ecosystem, while managing their growth and profitability mandates. These drivers are pushing financial services firms to increasingly invest in IT modernization and digital transformation, which typically come into effect in several years. These firms will need to shift from an approach of “continuous modernization” to an approach of “continuous simplification” to achieve a modern, scalable, and composable IT architecture and a platform-based operating model. Scope: Industry: banking, capital markets, financial services, and insurance Geography: global Contents: This report studies: Value drivers for the financial services industry Technology hurdles that enterprises face in their business value discoveries A platform-based IT operating model to enable the journey of continuous simplification Characteristics of a platform-based operating model Implications for BFSI enterprises Membership(s) Banking Information Technology Sourcing and Vendor Management