Rapid technology advances, regulatory shifts, and economic volatility are reshaping the BFSI industry. Trends such as AI adoption, rising cybersecurity needs, and sustainability focus are transforming workforce demands, creating new roles, phasing out legacy skills, and intensifying the race for digital and niche talent. Enterprises now face mounting pressure to attract, retain, and upskill a dynamic, diverse workforce amid growing talent shortages. Within the subsectors of banking, capital markets, insurance, and FinTech, digital agendas and regulatory demands are fueling distinct hiring challenges. Organizations are rethinking workforce models, balancing permanent and contingent talent, and adopting agile, skill-based hiring. Strategic outsourcing through Recruitment Process Outsourcing (RPO) and contingent workforce management is gaining traction, while employer branding and early talent initiatives are becoming essential in a competitive talent market. This report offers a global and country-level view of evolving BFSI talent trends, talent acquisition maturity, and strategic priorities. It provides actionable insights to help BFSI enterprises optimize talent acquisition through modular RPO, curated managed service providers, and AI-driven recruitment, enabling them to build agile, future-ready workforces aligned with the industry’s rapid transformation.

The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that larger providers often lack. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we present detailed profiles of 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Each profile offers a comprehensive picture of the provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success.

Today, FinTechs are helping banks and financial services firms unlock significant untapped value across core operations and advance the triple agenda of growth, efficiency, and customer experience. They are offering tailored solutions that enterprises are increasingly adopting to address capability gaps, enhance value propositions, and streamline workflows across the various value chains. These FinTechs create a co-optition (cooperation and competition) environment for Banking and Financial Services (BFS) firms. Over the past few years, BFS enterprises have experienced a surge in acquisitions, funding, and partnerships with FinTechs, seeking to leverage the niche offerings and point solutions provided by these firms. While these collaborations offer numerous benefits, they also present challenges for BFS enterprises. In this report, we highlight the trailblazers that are generating enhanced value propositions within specific categories of the value chain, with a primary focus on their capabilities and market impact. The assessment relies on primary interactions, secondary research, and analysis, and is based on Everest Group’s ongoing market tracking. Scope Industry: BFS Geography: global Contents In this report, we: Highlight the trailblazers, including assessment methodology, category definitions, and profiles Discuss the role of FinTechs Introduce a framework to mitigate the challenges for BFS firms when choosing the right FinTech Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management

In recent years, the Financial Crime and Compliance (FCC) space has transformed rapidly due to the growth of RegTechs, virtual banks, and alternative payment methods. This has introduced new complexities as regulators struggle to keep pace with the surge in cybercrime and next-generation technologies. Financial crimes in various forms, along with the challenge of meeting complex and evolving compliance requirements, are causing increasing concerns regarding profitability and reputational risk for Banking and Financial Services (BFS) enterprises. Firms relying on legacy systems and outdated cybersecurity protocols are facing pressure to transform their technology and partner portfolios, actively seeking innovative solutions to prevent and combat financial crimes. In response, FCC technology providers are investing in Artificial Intelligence (AI) / Machine Learning (ML), cloud-based platforms, anti-money laundering and fraud investigation technologies to enhance their existing solutions. They are engaging in co-innovation and customization efforts with hyperscalers, third-party providers, and clients. The FCC technology provider landscape comprises both point-solution providers specializing in specific functions within the FCC value chain and experienced end-to-end providers. Over the past three years, there has been a surge in funding and forged increased partnerships with BFS technology providers looking to develop industry-specific offerings in online fraud prevention. In this report, we examine the FCC technology provider ecosystem and study key trends in the FCC space and their implications on technology investments by BFS enterprises. Additionally, the report profiles 16 technology providers, assessing their capabilities across the FCC value chain and highlighting case studies of their FCC solutions for BFS enterprise clients. Scope Industry: BFS Geography: global Contents In this report, we examine: Key trends in the FCC space The macroeconomic and geopolitical impact on FCC Enterprise challenges and priorities Technology-led disruptions in FCC The competitive technology provider landscape for FCC solutions, including end-to-end providers and emerging participants Implications for service and technology providers The current vs. future state of FCC Membership(s) Banking Information Technology Sourcing and Vendor Management

Driven by a high degree of digital adoption, FinTechs have established themselves as significant participants in the Banking and Financial Services (BFS) industry. In their pursuit to scale their operations while maintaining their agility and innovation, FinTechs must analyze their operational challenges effectively. With funding levels on the decline and market sentiment shifting toward a wait-and-see approach, particularly amid an impending recession, FinTechs must seek solutions beyond internal capabilities to support their back-office operations. It is essential for FinTechs to concentrate their resources on their core competencies and develop market-differentiating offerings, rather than focusing on day-to-day operations management. In this report, we present a framework to assist FinTechs in mapping their maturity life cycle model to identify the optimal solution mix based on the most pertinent operational challenges at each stage of maturity. Additionally, we define a methodology to select the ideal engagement model based on a FinTech’s capabilities, interests, and maturity stage. Scope Industry: BFS Geography: global Contents In this report, we Analyze the FinTech industry landscape and its significant market trends Explore the parameters required to map FinTechs on a maturity life cycle model Outline the FinTech industry’s operational needs and the associated sourcing implications Define a framework to identify the ideal solution mix and potential third-party engagement models Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management

The financial services industry experienced significant disruption during the last decade. The number, diversity, and scale of new organizations in the market have also grown significantly in recent years. As non-banks scale, they face the challenge of running operations efficiently at a low cost; as a result, they are seeking the support of third-party service providers to tackle operational challenges. As some nonbanks are developing their association with third-party service providers, the industry is realizing that this support offers benefits beyond primary outsourcing drivers of staff augmentation and cost reduction. Service providers can combine their strengths, such as access to resources, trust of customers, and expertise in core banking services, with the innovative offerings of nonbank firms or to cope with the significant challenges they are facing in the marketplace. Scope Industry: Banking and Financial Services (BFS) Geography: global Contents In this paper, we discuss: Nonbanks in the financial services market Operational challenges faced by nonbanks How are outsourcing service providers helping in overcoming those challenges Nonbank and service provider collaboration models Membership(s) Banking Business Process Sourcing and Vendor Management

As the Finance & Accounting Outsourcing (FAO) industry shifts from an arbitrage-first to a digital-first model, buyers are increasingly trying to understand the digital ecosystem of service providers to minimize human effort, improve efficiencies, and drive better outcomes. Everest Group has developed the Digital Capability Platform (DCP) – a framework that helps understand the digital ecosystem with multiple levers, each addressing different buyer needs. While individual digital components such as RPA and analytics are important, the impact is much higher when they are integrated and implemented collectively as a suite. The purpose of this research is to understand and assess service providers based on their FAO solutions. In this research, we focus on: Everest Group Solutions PEAK Matrix™ evaluation, a comparative assessment of 19 FAO service providers’ DCP solutions, based on which the providers are segmented into three categories: Leaders: Accenture, Capgemini, Genpact, IBM, Infosys, and TCS Major Contenders:Cognizant, DXC Technology, Exela Technologies, EXL, HCL, NTT DATA, Sutherland Global Services, Wipro, and WNS Aspirants: Conduent, Datamatics, Hexaware, and IQ BackOffice Service provider digital capability assessment Key strengths and areas of improvement for each FAO service provider Scope Services: FAO Geography: global Service providers: 19 leading FAO service providers Membership(s) Finance & Accounting Outsourcing

The FinTech market continues to evolve and grow rapidly in 2018. The global investment in FinTech reached an all-time high in 2017 and the net funding value crossed US$30 billion. Amidst the changing consumer demands, FinTech has evolved and continues to disrupt and reshape commerce, payments, lending, and capital markets among others. FinTech investments continue to be concentrated in mature hubs such as the United States, London, and Hong Kong driven by presence of high-quality talent base backed by strong infrastructure. However, investors and startups are progressively focusing on emerging hubs such as Mumbai, Bangalore, Singapore, Sao Paulo, and Dublin for FinTech delivery, primarily due to increasingly talent and cost pressures in mature locations. This report provides detailed assessment (includes employed talent pool, innovation potential, and cost of delivery) and relative attractiveness of 19 emerging hub locations for FinTech delivery baselined against three locations that are the most mature and have predominantly been the hotspots for investment. It focuses on the global delivery of FinTech across various use-case segments in the BFSI domain. The report covers market landscape of FinTech activity along with investment trends and implications for enterprises, venture capitalists, and private equity players. The report is divided into three broad sections: FinTech market landscape Relative assessment of emerging FinTech hubs Compendium of emerging hub locations The scope of the report Industry: FinTech Focus: FinTech startups and Global In-house Centers (GICs) FinTech segments: Core Banking Lending Payments Personal Finance Management Capital Markets Risk Management Insurance Geography: Global, i.e., offshore, nearshore, and onshore locations Membership(s) Locations Insider™

As the FAO industry shifts from arbitrage-first to digital-first model, buyers are increasingly seeking to understand the digital capabilities of service providers to eliminate/reduce human effort, improve efficiency, and drive better outcomes. While individual digital components (such as Robotic Process Automation (RPA) and analytics) are important, the impact is much higher when they are integrated and implemented collectively as a suite. Such solutions are referred to as Digital Augmentation Suite (DAS). The purpose of this research is to understand and assess service providers based on DAS solutions offered by them in the FAO market. In this research, we focus on Everest Group Solutions PEAK Matrix™ evaluation, a comparative assessment of DAS solutions of 19 FAO service providers, based on which the providers are segmented into three categories Leaders: Accenture, Capgemini, Genpact, IBM, and TCS Major Contenders: Cognizant, Exela Technologies, EXL, HCL, Infosys, NTT Data, Sutherland Global Services, Wipro, and WNS Aspirants: Conduent, Datamatics, Hexaware, Intelenet, and IQ BackOffice Service provider digital capability assessment Remarks on key strengths and areas of improvement for each FAO service provider The scope and methodology of this report includes: Services: FAO Geography: Global Service providers: 19 leading FAO service providers Membership(s) Finance & Accounting Outsourcing

In the last year, no industry conference or trends forecast in the banking sector was complete without the mention of Blockchain technology and its potential benefits to revolutionize the banking industry by reducing costs of transactions and infrastructure, while driving efficiencies and financial inclusion. In our previous reports, we were able to identify a set of use cases where Blockchain technology can be applicable in the BFSI industry. For the purpose of this report, we intend to pick up one of these areas i.e., trade finance, and explore that in more detail. Key discussion points in this report include: Trade finance – traditional process and challenges Future process reimagined using Blockchain Current Blockchain adoption Obstacles to Blockchain becoming mainstream Implications for involved entities Membership(s) Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)