Increasing margin pressures, the loss of market share to neo banks, a constantly changing regulatory landscape, and the burden to deliver improved customer experiences are driving banking and financial services firms to modernize their internal legacy systems with third-party platforms. These platforms help reduce latency, drive product innovation, improve straight through processing, and meet surging demand levels.
Notably, this massive surge in demand for a platform-centric operating model has contributed to significant growth for the Finastra product suite. A banking technology conglomerate, Finastra has successfully differentiated itself from other product vendors by delivering componentized solutions and open platforms that can be installed on-premise or on the cloud and offer microservices capabilities. Besides building a modern portfolio of products across payments, lending, and treasury, Finastra has also built a developer portal that enables its partners to add new capabilities to existing Finastra systems, thereby making them easily customizable.
IT service providers under the Finastra partner network are playing a significant role in helping enterprises embark on their Finastra-led digital transformation journeys. In fact, they are building a talent pool of domain experts and consultants to position themselves as strategic partners by delivering higher business value.
In this report, we assess 15 service providers in terms of their Finastra IT services vision and capability and market impact and categorize them as Leaders, Major Contenders, and Aspirants. The research will help buyers select right-fit providers, while the providers will be able to benchmark themselves against each other.
Scope:
Industry: banking
Geography: global
Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Finastra IT service providers, client reference checks, and an ongoing analysis of the Finastra IT services market
Contents:
In this report, we:
- Classify 15 IT providers of Finastra services as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
- Examine the Finastra IT service provider market’s competitive landscape
- Study key enterprise sourcing considerations (strengths and limitations) for each of the 15 service providers evaluated
Membership(s)
Banking Information Technology
Sourcing and Vendor Management
