The Banking and Financial Services (BFS) firms are grappling with industry headwinds related to evolving customer expectations, rising regulations and compliance needs, emerging threat of challenger banks and FinTechs, and increasing margin pressures. This has exacerbated the need for them to move away from the legacy systems and transform into an agile organization with faster time-to-market. In a bid to drive this innovation at speed and scale, as well as focus on the cost reduction agenda at the same time, the BFS firms are actively adopting a hybrid IT strategy and are investing in next-generation infrastructure themes such as cloud enablement and digital workplace services.
To support these BFS firms on their modernization journey, service providers are looking to formulate a BFS-specific go-to-market strategy by building industry-focused wrappers around their horizontal IT infrastructure offerings that can help address unique needs of these BFS customers.
In this research, we analysed the capabilities of 17 leading IT service providers to serve next-generation IT infrastructure service to BFS firms. 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. In this report, we focus on:
Market trends in next-generation IT infrastructure for BFS and its implications for key stakeholders
The landscape of service providers offering next-generation IT infrastructure services to the BFS firms
Assessment of service providers on several capability-related dimensions related to next-generation IT infrastructure services
Scope of this report
Industry: Banking and Financial Services (BFS)
Services: Next-generation IT infrastructure services
Geography: Global
Market segment: Third-party IT services transactions; excludes shared services or Global Capability Centers (GCC)
Content
This report analyzes service provider capabilities specific to next-generation IT infrastructure services in the BFS sector:
Key demand themes and market analysis
State of adoption for next-generation IT infrastructure services by the BFS firms
Market size and growth characteristics
Implications for key stakeholders
Everest Group PEAK Matrix for next-generation IT infrastructure services in BFS
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