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

The consumer lending industry is poised to see significant growth on the back of pent-up demand, which has started getting released to make up for low consumption during the pandemic. Consumer behavior has changed dramatically in response to the economic slowdown, government stimuli rollouts, and changes in the perception of credit risk and financial stability and wellness. This change is forcing banks and financial institutions to shift from traditional to digital lending, with increasing emphasis on reduced loan processing time and increased digital experiences. The fundamental tenets of Secured, Ubiquitous, Personalized, Easy, and Responsive (SUPER) lending have not evolved; however, their relative importance has changed.  Lenders must rethink their product, experiences, and channel strategy in the next normal and adapt to changing consumer expectations. They should look to consolidate systems across disparate platforms for each product line to overcome the limitations of siloed data and technologies, which act as a roadblock for unified experiences and a single customer view.  Pragmatic adoption of automation, cloud, cognitive technologies, data & analytics, and digital experience platforms will play a key role in driving the growth of next-generation consumer lending. In this report, we discuss how a cloud-first loan origination platform helps modernize processes, reduces operational costs, and improves customer acquisition and revenue. Such platforms deliver an enhanced omnichannel customer experience, improve operational efficiencies, and mitigate fraud.  Scope Industry: banking and financial services Geography: global Contents In this report, we study: How lenders should create new lending experiences The importance of a cloud-first, platform-based operating model Lending technology vendors’ accelerated investments  Membership(s) Banking & Financial Services (BFS) - IT Services (ITS) 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

Historically, global capital markets firms have been slow in addressing digital disruption, but the COVID-19 pandemic dramatically accelerated their plan for organization-wide digital transformation. Some of the key challenges that capital markets enterprises focused on at the beginning of the year were a muted growth outlook, a complex regulatory landscape, and the need to manage business resiliency during the pandemic. They addressed these concerns by enabling secure ways for employees to work remotely, digitalizing sales and distribution channels to effectively serve customers, and managing brand and customer trust. As the global markets have started recovering, capital markets firms are focusing on the next normal by investing in data migration, the cloud, platform modernization, and machine learning to enhance customer experience. IT service providers are ramping up their service offerings, redesigning their capital markets practice strategies, and leveraging ecosystem talent to respond to the evolving demand themes. In this compendium, we provide detailed profiles of 25 leading IT application and digital services service providers, featured on the Application and Digital Services in Capital Markets PEAK Matrix Assessment® 2021. Each profile provides a comprehensive picture of the provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading IT application and digital services service providers, client reference checks, and an ongoing analysis of the capital markets application and digital services market.   Scope In this compendium, we study the following IT application and digital services service providers in capital markets: Accenture, Atos, Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, Endava, EPAM, Genpact, GFT, HCL Technologies, Incedo, Infosys, LTI, Mindtree, Mphasis, NSEIT, NTT DATA, Quinnox, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies. Contents This report features 25 IT service provider profiles, each of which includes: An overview of the provider’s capital markets application and digital services business and offerings: vision, business performance update, and services and geography focus Client success stories, including the business challenges, solution delivered, and impact generated An overview of the provider’s domain investments, key Intellectual Property (IP) / solutions, and partnerships related to capital markets application and digital services A detailed assessment of the service provider’s strengths and areas of improvement   Membership(s) Banking & Financial Services ITS Sourcing and Vendor Management

While historically, global capital markets firms have been slow in addressing digital disruption, the COVID-19 pandemic has drastically accelerated their plan for organization-wide digital transformation. Muted growth outlook, a complex regulatory landscape, and the need to manage business resiliency during the pandemic were some of the key challenges that capital markets enterprises focused on at the beginning of the year. They addressed these concerns by enabling secure ways for employees to work remotely, digitalizing sales and distribution channels to effectively serve customers, and managing brand and customer trust. As global markets have started recovering, capital markets firms are focusing on the next normal by investing in data migration, cloud, platform modernization, and machine learning to deliver enhanced customer experience. IT service providers are ramping up service offerings, redesigning their capital markets practice strategies, and leveraging ecosystem talent to respond to the evolving demand themes. In this research, we study the vision & capability and market impact of 25 leading IT application and digital service providers specific to the capital markets sector and position them on Everest Group’s proprietary PEAK Matrix® to identify the Leaders, Major Contenders, Aspirants, and Star Performers. The assessment is based on Everest Group’s RFI process and interactions with leading IT application and digital service providers, client reference checks, and an ongoing tracking of the capital markets IT services market. Scope Industry: Banking and Financial Services (BFS) Market segment: application and digital services in capital markets Geography: global Service providers: Accenture, Atos, Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, Endava, EPAM, Genpact, GFT, HCL Technologies, Incedo, Infosys, LTI, Mindtree, Mphasis, NSEIT, NTT DATA, Quinnox, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies Contents This report analyzes IT application and digital services in the capital markets sector and includes: Key trends in capital markets application and digital services and their implications Classification of 25 leading IT application and digital service providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix®; framework A listing of Star Performers – service providers with the strongest forward movement over time – on the Application and Digital Services in Capital Markets PEAK Matrix® 2021 Everest Group’s perspective on the strengths and areas of improvement of the 25 service providers evaluated in the research Membership(s) Banking & Financial Services ITS Sourcing and Vendor Management

Lending firms are consolidating systems across disparate platforms for each product line, as they realize the limitations of siloed data and technology, which act as a roadblock for unified experiences and a single customer view. In this research, we explore the concept of one lending, in which a composable digital lending technology architecture allows firms to create a digital business capability platform that follows the principle of build once, deploy multiple times for each customer hyper-segment and lending product. Technology advancements and ever-changing customer expectations have impacted the lending market, forcing banks and financial institutions to shift from traditional to digital lending, with increasing emphasis on reduced loan processing time and more digital experiences. Lending firms are increasingly relying on digital lending platforms to modernize their processes, reduce operational costs, and improve customer acquisition and revenue. Such platforms deliver an enhanced omnichannel customer experience, operational efficiencies, and fraud mitigation through an Artificial Intelligence (AI) / Machine Learning (ML) enabled, analytics-rich platform. The cloud is driving this change to build agile, composable, flexible, and scalable loan origination systems at speed and scale. In this research, we focus on the Loan Origination System (LOS) vendor landscape and analyze 14 leading LOS platform vendors, focusing on their vision, capabilities, investments, and market impact. Our assessment is based on Everest Group’s proprietary transaction intelligence database, public disclosures, and discussions with enterprises, technology vendors, and service providers. Scope Industry: Banking and Financial Services (BFS) Market segment: lending technology Geography: global LOS vendors assessed: Abrigo, Blend, Cloud Lending, Edgeverve, Finastra, FIS, Fiserv, nCino, Newgen Software, Oracle, Sigma Infosolutions, Temenos, Turnkey Lender, and Wipro Gallagher solutions Contents We study the following topics in this report: Background and definition of the lending value chain, along with the solution architecture of LOS platforms Lending market trends, regulatory themes, LOS vendor landscape, and banks’ journeys with LOS platforms Assessment and summary dashboard of LOS platform vendors Characteristics of LOS platform vendors Profiles of LOS platform vendors Membership(s) Banking Information Technology Sourcing and Vendor Management

The emergence of a globally connected ecosystem and ambient nature of technology are blurring traditional industry boundaries, with customers demanding seamless experiences to manage their lifestyle and business needs. BigTech firms, such as Amazon, Ant Financial, Apple, Facebook, Google, and Microsoft, are at the center of accelerating this shift in both the demand and supply ecosystems. Over the last decade, BigTechs have not only enabled Banking, Financial Services, and Insurance (BFSI) firms to enhance their operations, products, and experiences, but also created a level playing field for nimble FinTech startups to both compete with established BFSI firms and partner with them. In fact, BigTechs are now taking the next step to offer competing products, platforms, and experiences to BFSI firms and changing the consumer demand appetite. At their end, BFSI firms are deepening their partnerships with enterprise technology platform providers such as SAP, Salesforce, and Oracle, which do not directly compete with them and continue to focus on their core business of providing IT infrastructure and technology solutions. To decipher the impact of these organizations on the BFSI industry, Everest Group analyzes some of the most meaningful investments by nine hyperscalers, consumer technology companies, and enterprise technology platform providers. Scope Industry: BFSI Market segment: hyperscalers, consumer technology companies, and enterprise technology platform providers Geography: global BigTechs assessed: Alphabet, Amazon, Apple, Ant Financial, Facebook, Microsoft, Oracles, SalesForce, SAP Sources: Everest Group’s proprietary transaction intelligence database, public disclosures, and discussions with enterprises, technology vendors, and service providers Contents In this report, we study the following topics: BFSI industry market trends, with a focus on the impact of blurring industry boundaries on the BFSI industry BigTech in BFSI – the role of hyperscalers, consumer technology firms, and enterprise technology platform vendors Implications for BFSI firms – defense, offense, and collaborate strategy with BigTechs Profiles of BigTech firms, capturing key investments made in the BFSI industry, notable products and services, and case studies Membership Banking & Financial Services (BFS) - IT Services Insurance - IT Services (ITS)

In this research, we carry out a detailed analysis of the banking industry, analyzing the forces shaping the industry’s future, especially in the light of the COVID-19 pandemic. We have highlighted the implications for key banking functions and recommended strategies for banks to thrive in the next normal. We analyze a hyper-segmentation strategy for banks that includes setting a strong foundation through a platform-based operating model and a data exchange. This report also studies the industry’s IT services spend and provides IT outsourcing spend analysis by Line of Business (LoB), geography, and IT services segment for banks. Scope Industry: banking Geography: global Contents In this report, we study the following topics: Forces shaping the future of the banking industry Technology operating model for banks to drive business transformation and implement a hyper-segmentation strategy Overview of digital capability platforms and data exchanges IT outsourcing spend analysis of banks across different LoBs, geographies, and IT services segments Outlook for 2020 Implications for banking enterprises Membership Banking & Financial Services (BFS) - IT Services (ITS)

In this research, we carry out a detailed analysis of the buy-side firms in the capital markets industry, analyzing the forces shaping the industry’s future, especially in the light of the COVID-19 pandemic. We highlight the key trends for buy-side firms and the technology impact on lines of business. The report also studies the industry’s IT services spend and provides IT outsourcing spend analysis by line of business, geography, and IT services segment for capital markets. Scope Industry: Banking and Financial Services (BFS) Geography: Global Contents In this report, we study the following topics: Forces shaping the future of the capital markets industry Key buy-side trends and their technology implications Outlook for 2020 by line of business Key trends and recent updates from buy-side firms IT outsourcing spend analysis of capital market firms across LoBs, geographies, and IT services segments Membership Banking & Financial Services (BFS) - IT Services (ITS)

Banking and Financial Services (BFS) firms are experiencing drastic regulatory changes – the most sweeping since the Volker reforms and the Dodd-Frank Act following the 2008 economic crisis – across cybersecurity, data privacy, enterprise risk, financial crime, and financial risk management. The need of the hour is a resilient, scalable, agile, and flexible risk management and regulatory reporting architecture, which can adapt to the needs of the post-COVID-19 ecosystem. BFS firms face challenges in transforming their risk and compliance functions in particular because of legacy IT systems and infrastructure, which come in the way of adopting modern solutions such as AI- and big data analytics-driven risk assessments and real-time insights. To address this need, service providers are building solutions and entering into partnerships with technology vendors to help BFS firms build API-driven data warehouses, agile risk assessment models, and cloud-based risk & compliance management platforms. In this compendium, we provide detailed profiles of 26 IT service providers featured on the BFS Risk and Compliance IT Services PEAK Matrix Assessment® 2020. Each profile provides a comprehensive picture of the service provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading BFS risk and compliance IT service providers, client reference checks, and an ongoing analysis of the BFS risk and compliance IT services market. Scope In this compendium, we study the following risk and compliance IT service providers: Accenture, Atos, Birlasoft, Capgemini, CGI, Cognizant, Deloitte, DXC Technology, EY, Happiest Minds, HCL Technologies, IBM, Infosys, KPMG, LTI, Mphasis, NSEIT, NTT DATA, PwC, Sopra Steria, Synechron, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies. Contents This report features 26 IT service provider profiles, each of which includes: An overview of the provider’s BFS risk and compliance IT services business and offerings: vision, business performance update, services, and geography focus Client success stories, including the business challenges, solution delivered, and impact generated An overview of the provider’s BFS risk and compliance IT services domain investments, key Intellectual Property (IP) / solutions, and partnerships A detailed assessment of the service provider’s strengths and areas of improvement Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)