Open Banking IT Services: Orchestrating Experiences in the Platform Economy – Services PEAK Matrix™ Assessment 2018

20 Sep 2018
by Jimit Arora, Ronak Doshi, Aaditya Jain, Pranati Goswami, Supratim Nandi

The banking industry is witnessing a pivot to open banking that is partly forced by regulations such as PSD2(Revised Payment Services Directive) in Europe with a vision to ensure high consumer protection standards and enhance competitiveness of the financial services industry. In geographies such as Canada and United States banks are forming consortiums to employ exponential banking to drive customer experience. In other regions such as Singapore, the regulatory bodies such as Monetary Authority of Singapore (MAS) are actively pushing banks to develop and use APIs. As per Everest Group estimates, the IT services open banking market is a US$3.3 billion economy and is slated to double by 2022. Banks are exposing data and services using secured open standards through platforms and Application Programming Interfaces (APIs) to third parties. Application Programming Interface (APIs) can help solve many of the above challenges that Banking and Financial Services (BFS) enterprises face. APIs allow businesses to securely share information with third parties, develop innovative products & services, decouple legacy systems, and provide enhanced customer experience.

Accelerated adoption will herald an era of ecosystem collaboration between banks, FinTechs, technology providers, service providers, and peers to provide tailored products and superior experiences. Service providers respond to these demand themes by investing in open banking Centers of Excellence(COEs), certified talent, platforms, and partnerships. In this report, we assessed the vision & capability and market impact generated by 19 service providers for their open banking IT services capabilities.

These providers were mapped on the Everest Group PEAK Matrix™, which is a composite index of a range of distinct metrics related to each provider’s vision & capability and market impact to identify Leaders, Major Contenders, and Aspirants. In this report, we focus on:

  • The landscape of service providers offering open banking IT services to banking and financial services enterprises
  • Assessment of primary demand trends including adoption by geography, lines of business, and strategic priorities
  • Assessment of service providers on several capability-related dimensions
  • Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group Open Banking IT Services PEAK Matrix™
  • Implications for insurance buyers and service providers


  • Market trends and activity for open banking IT services in BFS firms
  • Open Banking IT Services PEAK Matrix™ characteristics
  • Characteristics of IT service providers offering open banking IT services


This report analyzes IT services in the global banking and financial services sector:

  • Open banking IT services trends and their implications for key stakeholders
  • Everest Group Open Banking IT Services PEAK Matrix 2018
  • Open banking IT service demand themes:
    • Strategy and roadmap services
    • Open banking application development and maintenance services
    • Open banking enablement services
    • API provisioning and management services
    • Enabling API consumption services
  • Profiles of IT service providers offering open banking IT services


Banking & Financial Services (BFS) - IT Services (ITS)


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