Banking and Financial Services (BFS) firms are pivoting to a robust IT modernization and digital transformation approach in response to the immense challenges they currently face, such as rising cost pressures, changing customer and market expectations, monolithic architectures, legacy systems, evolving regulatory frameworks, and accelerated competition from FinTechs and technology giants. The COVID-19 pandemic has accelerated the need to modernize IT systems in the BFS industry as demand for digital services has increased significantly. Thus, firms are adopting enterprise platforms that enable this transformation journey, as they acutely realize the need to become more efficient and flexible in operations, agile in product development, better at customer experience, and upright at meeting compliances.

Upgrading and modernizing the core has become a top priority for many banks, and they are also trying to create a unified End-to-End (E2E) systems integrating their platforms across the core, enterprise workflow, digital experience, and risk & compliance. Increasingly, banks are undertaking four broad approaches to achieve this platform-led transformation: implementing a new product/platform and sunsetting the legacy platform, modernizing the core by creating a wrapper around it, using cloud-native technologies to modernize the existing core system landscape, or re-platforming with minor upgrades.

In this PEAK Matrix® report, we assess 18 service providers on their platform IT services in BFS, including their vision and capability and market impact, and categorize them as Leaders, Major Contenders, and Aspirants in the market. The research will help buyers select the right-fit service providers for their needs, while service 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 platform IT services providers, client reference checks, and an ongoing analysis of the platform IT services in BFS market

Contents:

In this report, we:

• Classify 18 platform IT services in BFS providers into Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
• Study the competitive landscape of the platform IT services in BFS provider market
• Examine key enterprise sourcing considerations (strengths and limitations) for each of the 18 service providers evaluated

Membership(s)

Banking Information Technology

Sourcing and Vendor Management