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.
In this report, we study the following topics: