Introduction

The banking industry is grappling with changing regulations, threat from non-traditional financial service firms, rising cost pressures, and demanding customers. Banks are investing in solutions to manage risk, regulations, expenditures, develop customer insights, and improve efficiency & productivity by leveraging analytics as well as big data.

The volume of high velocity data originating from disparate sources, such as retail stores, branches, ATMs, websites, and mobiles, is rising exponentially. Therefore, it is imperative that banks invest in big data capabilities. Banks are proactively building innovative business models around digital technologies and are leveraging big data and analytics to enhance customer experiences. Data and analytics are a significant part of every business decision taken by banks to drive revenue, control costs, mitigate risk, and develop new, targeted products. Banks are looking for strategic partners to assist in developing short- and long-term analytics strategy, empowering decision makers with prescriptive dashboards, and generating predictable analytical models for future planning.

Service providers need to align with the rising client expectations, technology disruption, and niche start-up products in order to sustain themselves in this fast-evolving marketplace. Service providers are building capabilities through alliances/acquisitions and in-house innovation/investments to come up with solutions to cater to the entire analytics value chain. There is a dire need for service providers to evolve from traditional analytics players to partners helping drive growth and efficiency through big data and advance analytics capabilities.

In this research, we analyze the capabilities of 17 leading technology service providers specific to big data and analytics services in the global banking sector. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on:

• Assessment of the service providers on a number of capability-related dimensions
• Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group big data and analytics services in banking PEAK Matrix
• Implications for banking buyers and service providers

SCOPE OF THE ANALYSIS

• Market trends and activity for big data and analytics services in banking
• Big data and analytics services in banking  PEAK Matrix characteristics
• Big data and analytics services in banking  service provider characteristics

CONTENT

This report analyzes 17 leading technology service providers. The analysis includes:

• Trends in big data and analytics services in banking and their implications for key stakeholders
• Everest Group Performance Experience Ability Knowledge (PEAK) Matrix for big data and analytics services in banking
• PEAK Matrix characteristics of big data and analytics services in banking
• Detailed one page profile of each service provider positioned on the PEAK Matrix

Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.