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

Today, providers are differentiating themselves by offering as-a-service models and emphasizing digital transformation solutions through the strategic use of analytics, automation, and AI, coupled with industry expertise and an advisory-led approach. Additionally, providers are leveraging the partnership ecosystem and making new acquisitions to enhance their capabilities and improve the time-to-market of their offerings. Buyers are increasingly partnering with participants capable of providing holistic support, offering proactive guidance on industry best practices, customer experience design, and faster, more cost-effective, and better transformative models. Everest Group’s Banking Operations – Service Provider Compendium 2023 provides detailed and fact-based snapshots of 34 providers and includes insights on the banking operations provider landscape. Each profile provides a comprehensive picture of the provider’s services suite, recent developments and investments, key clients, technology solutions, and delivery locations. It also specifies providers’ 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 banking operations provider landscape. Scope Industry: Banking and Financial Services (BFS) Geography: global The report covers vertical-specific banking operations and does not include horizontal business processes such as Finance and Accounting (F&A), HR, procurement, and contact centers This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the banking operations industry Contents This report features 34 banking operations service provider profiles and includes: Banking operations 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

Amid a challenging year marked by volatile interest rates, inflation pressures, and a banking crisis, the banking industry has swiftly realigned its priorities to navigate these complex market dynamics. This report examines the transformations that enterprises are pursuing and the support they require in this evolving landscape. By analyzing data from Everest Group’s annual RFI process, interactions with industry leaders, client references, and ongoing market analysis, the report offers a comprehensive panorama of the banking operations market. The study analyzes the impact of key macroeconomic factors on the Banking and Financial Services (BFS) industry, highlighting the priority areas that enterprises are focusing on. It also examines the BFS Business Process Services (BPS) market, highlighting the emerging trends among providers and evaluating their responses to the industry’s evolving needs. A detailed scrutiny of the banking operations provider landscape is presented, along with an insightful outlook on the future of banking operations. In this report, we discuss the banking market’s current state and offer invaluable insights into the strategies, trends, and challenges shaping the industry’s trajectory. Scope Industry: BFS Geography: global Contents In this report, we examine: Key macroeconomic factors affecting the BFS industry Priority focus areas for enterprises BFS BPS market overview Emerging trends among BFS BPS providers Banking operations provider landscape Banking operations outlook Membership(s) Banking Business Process Sourcing and Vendor Management

The banking operations market has become relatively consolidated at the top, with the leading participants capturing a larger share of the market. Additionally, specialists have entered specific banking segments. Lines of business such as cards and payments and retail banking are growing significantly. Enterprises are focusing on becoming future-ready, agile, and resilient to manage volume fluctuations and staff shortages. Providers are differentiating themselves by offering as-a-service models and focusing on digital transformation solutions by leveraging analytics, automation, and AI, combined with industry expertise and an advisory-led approach. Additionally, they are leveraging the partnership ecosystem and making new acquisitions to enhance their capabilities and improve the time-to-market of their offerings. Buyers are increasingly partnering with participants capable of providing holistic support in the form of proactive guidance on industry best practices, customer experience design, and faster, cheaper, and better transformative models. In this report, we analyze 34 banking operations service providers and position them on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The report will assist key stakeholders, such as banks, financial institutions, and providers, in understanding the current banking service provider landscape and make informed sourcing and partnership decisions. Scope Industry: Banking and Financial Services (BFS) Geography: global The report covers vertical-specific banking operations and does not include horizontal business processes such as Finance and Accounting (F&A), HR, procurement, and contact center This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the banking operations industry Contents This report features 34 banking operations service provider profiles and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for banking operations Providers’ market impact Providers’ vision and capability assessment across key dimensions Enterprise sourcing considerations Membership(s) Banking Business Process Sourcing and Vendor Management

Changing customer preferences, demand for digital experiences, and competition from FinTechs are impacting banks’ digital strategies and transformation initiatives. Furthermore, with the global economy recovering from the pandemic, supply chain disruptions due to the Russia-Ukraine conflict, and increased price volatility, banks will need to relook at their strategies to serve customers and customize their services, products, and experiences. Moreover, as central banks work on greener mandates and introduce regulations around open banking, banking enterprises will have to manage Environmental, Social, and Governance (ESG) risks and prepare for collaboration with other market participants. Data will be the primary lever to drive product innovation and enhance customer experience. Banks will need to start thinking of themselves as data-driven organizations to unlock value and gather insights from the vast data pools they possess. They will also need to carefully assess their legacy estates and develop a sound modernization roadmap to serve new customer demands while keeping up with evolving regulatory requirements around embedded banking and ESG. In this report, we present Everest Group’s investor/harvester thesis to delve deeper into how banking enterprises can assess their modernization roadmap better. From a technology standpoint, a microservices-based architecture, in conjunction with data-driven operations, will help drive the foundation for Event Driven Architecture (EDA). This architecture, complemented by Customer Data Platforms (CDPs), will help unlock significant business value for banks. The study also features a banking IT outsourcing spend analysis across various Lines of Business (LoBs), geographies, and IT service segments. Scope Industry: banking and financial services Geography: global Contents In this report, we study: Forces shaping the future of the banking industry The role of embedded finance, sustainable finance, and hyper-personalization in shaping customer experiences EDA adoption to drive efficiency within banking enterprises and CDP leverage to enhance hyper-personalization Banks’ IT outsourcing spend analysis across LoBs, geographies, and service segments Implications for banking enterprises and providers Membership(s) Banking Information Technology Sourcing and Vendor Management

Banking Operations – Service Provider Compendium features accurate, comprehensive, and fact-based snapshots of 31 banking operations service providers, including their scale of operations, client portfolios, recent developments and investments, technology solutions, and delivery locations, along with Everest Group’s PEAK Matrix® service provider assessment. The compendium also provides insights into the banking operations provider landscape. The study will enable current and potential banking operations buyers to assess the providers based on their strengths and limitations for desired capabilities. Scope All industries and geographies Domain: banking operations Contents Each banking operations service provider profile provides the following details: Services suite and scale of operations: key leaders, FTEs, revenue, recent developments, acquisitions, and partnerships Delivery locations: details of key delivery locations worldwide Capabilities and client details: major engagements, banking BPS FTE split by segment and delivery location, and banking BPS revenue mix by geography and buyer size Technology solutions/tools and risk management and regulatory reporting Everest Group assessment: provider position on the Everest Group PEAK Matrix®, market share and delivery capability assessment, and overall evaluation of provider capabilities Membership Banking and Financial Services Business Process 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

The banking operations outsourcing market has become relatively consolidated at the top, with leading players capturing a higher market share over the last year and the entry of specialists in a few banking segments. Lending and payments verticals have remained at the forefront of service providers’ revenue growth. To cater to enterprise demand to become future-ready, agile, and resilient, service providers are differentiating themselves by offering BPaaS-led transformative solutions, combined with industry expertise and an advisory-led approach. They are also actively leveraging the partnership ecosystem and new acquisitions to augment their capabilities and improve their offerings’ time-to-market. Buyers are increasingly looking to partner with service providers that can provide strategic support in the form of proactive guidance on industry best practices, customer experience design, and faster, cheaper, and better transformative models. This report provides a detailed analysis of the vision, delivery capabilities, and market successes of 31 banking operations service providers and their relative position on the Everest Group PEAK Matrix® for Banking Operations. The study will assist key stakeholders, such as banks, financial institutions, service providers, and technology providers, in understanding the current state of the banking operations service provider market. Scope In this report, we study vertical-specific banking operations. We have not covered horizontal business processes such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center Industry: banking and financial services Geography: global Contents This report features 31 banking operations service provider profiles, each of which includes: Relative positioning of the service provider on Everest Group’s PEAK Matrix® for Banking Operations Service provider market impact Service provider vision and capability assessment across key dimensions Enterprise sourcing considerations Membership(s) Banking Business Process 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