Capital market firms face pressure from limited revenue growth, rising costs, and stringent regulatory mandates. Despite margin constraints, these firms are investing selectively in technology areas such as algorithmic trading platforms, AI-driven analytics, cloud-native platforms, security operations centers, and real-time data pipelines to improve efficiency, resilience, and client experience. This report explores enterprise priorities across key capital markets segments including equities, fixed income, derivatives, and asset management. It examines how generative AI is reshaping trading strategies and how cloud adoption is enabling scalable data architectures. The report also reviews cybersecurity challenges linked to digital asset custody and real-time settlement, as well as how firms are addressing them. Regional insights cover regulatory drivers such as MiFID II updates in Europe, DORA compliance, T+1 adoption in the US, and digital exchange developments in APAC. The report assesses how IT providers are aligning their portfolios to deliver specialized capital market IT solutions. Examples include low-latency market data distribution, algorithmic trading engine modernization, AI-driven risk management platforms, and post-trade reconciliation automation. It also highlights the importance of domain expertise and integrated managed services in meeting evolving enterprise expectations. As outsourcing activity stabilizes after a period of caution, the report outlines growth opportunities for 2025 and beyond – including managed platform services, automation-led transformation, and data-as-a-service offerings.

The alternative assets industry is significantly transforming as enterprises face mounting pressures from exponential Assets Under Management (AUM) growth, heightened regulatory scrutiny, and increasing operational complexities. With global alternatives on track to surpass US$30 trillion in AUM by 2030, asset managers must upgrade their legacy infrastructure to support modular, cloud-native platforms capable of delivering near-instant reporting, ESG transparency, and digital fund distribution. Regulatory developments, such as the SEC’s 2025 private fund rules and Europe’s AIFMD II, are catalyzing this shift, enforcing tighter requirements around liquidity, performance disclosure, and investor protection. This report provides a comprehensive view of how alternative asset firms – alongside fund administrators, custodians, brokers, and Global System Integrators (GSIs) – are reshaping their IT strategies. Key themes include the adoption of AI-powered NAV and fee engines, real-time data fabrics, RegTech rule engines, and tokenization-ready fund structures. The study explores technology priorities across asset classes such as private equity, hedge funds, real estate, infrastructure, and private credit, highlighting use cases from algorithmic trading to ESG-led carbon dashboards. It also maps strategic actions for stakeholders seeking to capture demand from wealth channels and improve agility across investment and compliance functions. The report offers a detailed roadmap for technology modernization and ecosystem collaboration to ensure long-term competitiveness in a rapidly evolving market.

Across the BFSI landscape, banks, insurers, and financial institutions are under mounting pressure to reduce costs, enhance customer satisfaction, and remain compliant—all while delivering measurable value in a volatile economic environment. Traditional effort-based service models are quickly becoming outdated as Gen AI and agentic AI drive fundamental transformation across operations. Watch Everest Group experts Ronak Doshi, Partner, Abhimanyu Awasthi, Practice Director, Kriti Gupta, Practice Director, and Sakshi Maurya, Senior Analyst, for a dynamic webinar that explored the emergence of Systems of Action (SoA), a set of intelligent, autonomous platforms integrating data, insights, AI-driven decisions to automatically orchestrate enterprise-wide actions in real time. The discussion unpacked the evolution of traditional systems of record to intelligent systems of action in banking, capital markets, financial crime compliance (FCC), and insurance segments. It also highlighted how SoA builders can combine data activation, decisioning, process orchestration, and execution as the key to unlocking future value in BFSI. As sourcing challenges become more complex, the panel will also delve into how innovation-led, agile partnerships are becoming essential. What questions did the webinar answer for the participants? How will service delivery value measures evolve in the BFSI landscape and beyond? How can systems of action (SOA) builders—encompassing data activation, decisioning, orchestration, and security—be effectively applied within the BFSI sector? In what ways will Gen AI and agentic AI transform processes and reshape the perception of value across IT, tech, ops, and service delivery? What strategies can enterprises, GBS, and providers adopt to effectively articulate and deliver measurable, outcome-driven value? How can stakeholders across IT, tech, ops, and service delivery partner with the broader ecosystem to drive innovation and enhance overall value?

Financial Crime and Compliance (FCC) has become increasingly complex as financial institutions face growing regulatory scrutiny, sophisticated fraud schemes, and rising expectations for better customer experiences. Generative AI presents a compelling opportunity to transform FCC operations. It streamlines labor-intensive processes, enhances investigative accuracy, and reveals hidden insights. From real-time anomaly detection to faster due diligence and enriched case management, its potential to reshape the FCC value chain is significant. This report assesses the generative AI landscape for FCC. It examines key use cases across the FCC lifecycle, including dynamic screening, entity resolution, Fraud and AML (FRAML) monitoring, and anomaly detection. The report also evaluates how providers are developing solutions across the FCC lifecycle to deliver innovation. It evaluates 12 technology providers using Everest Group’s Innovation Watch Assessment framework, categorizing them as Luminaries, Fast Followers, Influencers, and Seekers. The report delivers insights into emerging provider solutions, their core capabilities, and the business challenges they address, equipping enterprises with a clear view of the evolving FCC technology landscape. Scope Industry: Banking and Financial Services (BFS) Geography: global Service: generative AI technology solutions under the FCC function Contents In this report, we Assess 12 FCC technology providers Position the providers on the Everest Group’s Innovation Watch Assessment framework as Luminaries, Fast Followers, Influencers, and Seekers Highlight providers’ capabilities and investments

Banking and Financial Services (BFS) firms are increasingly seeking providers that offer integrated front- and back-office solutions to optimize costs, streamline operations, and enhance customer experiences. This provider consolidation trend promotes greater accountability, accelerates time-to-market, and improves overall customer satisfaction. Traditional front- and back-office service providers are evolving, with many providers expanding their capabilities to offer seamless end-to-end solutions across the entire value chain. This report explores the landscape of providers that have successfully integrated their offerings across key banking domains such as retail banking, lending, and payments. Some of these providers have secured large-scale, integrated deals through long-term client relationships, while others are capitalizing on opportunities within the small-to-mid market segment, particularly among FinTechs, where demand for comprehensive solutions is rapidly growing. This shift toward integrated service models is most prominent in North America, the UK, and the APAC region, where BFS enterprises are embracing these offerings to stay competitive and agile in a dynamic market. This compendium provides accurate, comprehensive, and fact-based snapshots of 16 providers providing front-to-back integrated services within the BFS industry. Each profile offers a detailed overview of the provider’s service focus areas, including adoption by geography, industry, buyer size, recent developments and investments, key intellectual property / solutions, and case studies. Scope Services: Integrated BFS operations Industry: BFS Geography: global Contents This report features 16 providers’ profiles and includes: Provider overview: adoption by geography, industry, and buyer size Recent developments: in-house investments (expansion, technology development, and talent development) and external investments (mergers and acquisitions and partnerships) Case studies: examples of the scope of work covering front-to-back integrated services within the BFS industry Proprietary solutions: key IP/solutions in the integrated BFS operations domain Membership(s) Customer Experience Management (CXM) Services, including Contact Center Outsourcing Banking Business Process Sourcing and Vendor Management

Banking and Financial Services (BFS) firms are increasingly seeking providers that offer integrated front- and back-office solutions to optimize costs, streamline operations, and enhance customer experiences. This provider consolidation trend promotes greater accountability, accelerates time-to-market, and improves overall customer satisfaction. Traditionally distinct front- and back-office service providers are evolving, with many providers expanding their capabilities to offer seamless end-to-end solutions across the entire value chain. This report explores the landscape of providers that have successfully integrated their offerings across key banking domains such as retail banking, lending, and payments. Some of these providers have secured large-scale, integrated deals through long-term client relationships, while others are capitalizing on opportunities within the small-to-mid market segment, particularly among FinTechs, where demand for comprehensive solutions is rapidly growing. Regionally, this shift toward integrated service models is most prominent in North America, the UK, and the APAC region, where BFS enterprises are embracing these offerings to stay competitive and agile in a dynamic market. In this report, we analyze 18 leading providers featured on the Experience-driven Integrated BFS Operations PEAK Matrix® Assessment 2024. Scope Geography: global Industry: market activity and investments of 18 providers providing front-to-back integrated services within the BFS industry Services: integrated BFS operations Contents In this report, we: Assess 18 integrated BFS BPS providers Position the providers on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations Memberships Banking Business Process Customer Experience Management (CXM) Services, including Contact Center Outsourcing CX Excellence Sourcing and Vendor Management

AI has evolved from simple rule-based systems to complex ML algorithms that mimic human cognition. Technology advances have enabled AI to excel in natural language processing, computer vision, and autonomous decision-making. Additionally, the rise of gen AI, capable of creating original content such as art, music, and literature, has opened new creative frontiers. AI continues to evolve rapidly, promising greater capabilities and applications across multiple domains. One such area advancing significantly is the Property and Casualty (P&C) insurance operations landscape, which has matured technologically over the past few years, leading to increased adoption of automation, analytics, and cognitive tools. To understand how gen AI can create value for enterprises, Everest Group conducted an enterprise readiness survey among presidents, vice presidents, directors, and C-suite executives of over 20 P&C insurance enterprises in the US and the UK. In this viewpoint, we share key takeaways from the survey, focusing on the need, adoption, and urgency of deploying gen AI solutions across insurance operations, along with the associated risks and challenges. The insights include adoption across processes, operational readiness, data readiness, technology readiness, financial readiness, impact on people and sourcing strategies, analysis of use cases and prioritization framework, risks and barriers, and enterprise roadmap to implementing gen AI Scope Industry: insurance Geography: global Service: insurance bps Contents In this study, we Describe the journey from AI to gen AI Analyze potential challenges in gen AI integration Assess sourcing strategies and enterprises’ readiness to implement gen AI Analyze gen AI use cases and prioritization framework, along with an implementation roadmap Memberships Insurance Business Process Sourcing and Vendor Management

Amid the rapidly evolving capital markets landscape, enterprises are focusing on the CORE priorities of Cost optimisation, Operational resilience, Regulatory adherence and Expansion. However, the degree of priorities vary for the buy side, sell side, and market infrastructure segments. Due to a shift in gears of wealth inheritance, the asset and wealth management industry is showing high prospects of growth, while a dampened M&A environment is leading to a downturn in investment banking business, giving rise to cost-cutting measures. The study analyzes how capital markets enterprises are preparing to implement transformational operational changes amid macroeconomic headwinds, highlighting the priority areas that they are focusing on. It also examines the BFS Business Process Services (BPS) market, highlighting the emerging trends among providers. The report presents a comprehensive overview of the state of the market for capital markets operations, drawing on data collected through Everest Group's annual RFI process, interactions with leading banking operations service providers, and our ongoing market analysis. Scope Industry: banking and financial services Geography: global Contents In this report, we examine: The current capital markets industry performance Priority areas and trends among enterprises Capital markets BPS industry overview Key emerging trends among capital markets BPS providers Capital markets operations service provider landscape Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management

The recent banking crisis has raised concerns about the stability and resilience of the banking industry. Triggered by factors such as economic turbulence, elevated risk exposure, and regulatory shortcomings, the downfall of financial institutions such as Silicon Valley Bank, First Republic Bank, Credit Suisse, and numerous smaller regional banks has inflicted substantial financial setbacks upon stakeholders. The repercussions of this crisis are expected to extend across all major banking segments and have a far-reaching impact on significant geographical markets. Amid a risk-averse environment, the financial system is experiencing deposit outflows, leading banks to scale back lending due to fears of a liquidity crunch. Furthermore, regulators are expected to play a more proactive and stringent role in overseeing and participating in the banking industry to prevent future crisis. The event has worsened recessionary fears, which may result in cuts in banks’ discretionary spending in the near term. In this report, we provide an in-depth view of the recent banking crisis and assess its impact on various enterprises across geographies. We also explore its implications on the Banking and Financial Services (BFS) Business Process Services (BPS) market and highlight potential pockets of opportunity for providers. Scope Industry: Banking and Financial Services (BFS) Geography: global Contents In this report, we: Describe the recent banking collapses in the US and Europe Examine the impact of these collapses on various banking segments and geographies Explore the crisis’ implications on the BFS operations outsourcing industry and identify potential areas of opportunity for providers Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management

Everest Group’s Capital Markets Operations Provider Compendium 2023 provides comprehensive and fact-based snapshots of 23 providers and includes insights on the capital markets operations provider landscape. It offers detailed profiles of each provider, with a comprehensive picture of its services suite, recent developments and investments, key clients, technology solutions, and delivery locations. Each profile also specifies the provider’s position on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, or Aspirants based on their capabilities and offerings. The compendium will enable banks, financial institutions, and providers to make informed sourcing and partnership decisions and gain a better understanding of the current capital markets provider landscape. Scope Industry: Banking and Financial Services (BFS) Geography: global The report covers vertical-specific capital markets operations and does not include horizontal business processes such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center Contents In this report, we feature 23 capital markets operations provider profiles and include: Capital markets Business Process Services (BPS) scale of operations: key leaders, services suite, FTEs, and recent developments Delivery locations: details of providers’ key delivery locations worldwide Client portfolio: capital markets BPS revenue split by geography and buyer size, FTE split by segment and delivery location, and key clients Technology solutions:key solutions and their brief descriptions Solutions for risk management and regulatory reporting in capital markets Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management