Open banking has evolved and extended its benefits to a wider range of financial products, including mortgages, wealth management, insurance, savings, and capital markets. It has also added a cross-industry dimension, giving rise to concepts such as embedded finance, buy now pay later, and super-apps. This enables banks to become more customer-centric and deliver hyper-personalized products, allowing customers greater visibility into their financial lives. Adoption and implementation are rapidly increasing, and open finance is expected to revolutionize traditional banking models, leading to innovative models such as marketplace banking.
Additionally, regulators worldwide are implementing regulations and data sharing initiatives to synergize banks and FinTechs, leading to open data. This allows customers to share data across multiple industries, which, in turn, enables enterprises and providers to build new solutions, establish partnerships, and merge and acquire to strengthen their market position.
This compendium provides detailed profiles of 26 Banking and Financial Services (BFS) IT service providers featured on the Open Finance IT Services PEAK Matrix® Assessment 2022. Each profile offers a comprehensive overview of the provider’s vision and strategy, practice size and scale, delivery footprint, scope of services and solutions offered, investments, partnerships, case studies, and strengths and limitations. The compendium will enable providers to benchmark their capabilities against their peers, while enterprises will be able to assess the providers based on their desired set of capabilities.
In this report, we evaluate 26 service provider profiles and include: