Open Banking IT Services: Moving Beyond Compliance to a Platform-based Operating Model of Ecosystem Orchestration and Value Creation – Services PEAK Matrix® Assessment 2020
A combination of regulatory pressure and market forces is driving the adoption of open banking globally, with the aim to enhance customer experience and reinvent product and business models. Banks are embracing open banking to take a partnership-driven, collaborative approach that provides an ecosystem of lifestyle services to their customers and helps them stay relevant. However, this shift to open banking is beset with challenges because of legacy IT systems and infrastructure, which have lower agility, flexibility, and scalability.
To enable these financial firms, to realize the full potential of open banking, IT service providers are investing in capabilities for such as advisory services, API management, cloud and modern engineering, industry/academia collaboration, and employee certifications on third-party open banking platforms.
In this research, we studied study the vision & capability and the market impact generated by 24 leading open banking IT service providers 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 open banking IT service providers, client reference checks, and an ongoing tracking of the open banking IT services market.
SCOPE OF THE ANALYSIS
- Industry: Banking and Financial services (BFS)
- Market segment: Open banking IT services
- Geography: Global
- Open banking IT service providers: Accenture, Aspire Systems, Capgemini, CGI, Cognizant, Deloitte, DXC Technology, EY, GFT, Happiest Minds, HCL Technologies, Hexaware, IBM, Infosys, LTI, Mphasis, NTT DATA, Softtek, Sopra Steria, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies
CONTENT
This report analyzes open banking IT services in the global BFS sector and includes:
- Key trends in the global open banking IT services market and their implications for key stakeholders
- Key use cases of open banking in the BFS sector
- Classification of 24 leading open banking IT service providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
- Star Performers – service providers with the strongest forward movement over time – on the Open Banking IT Services PEAK Matrix 2020
- Everest Group’s perspective on the strengths and areas of improvement of the 24 service providers evaluated in the report