Increasing pressure on the margins, the loss of market share to neo-banks, 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. It has emerged as one of the largest BFS-focused core platforms with a vast coverage of products across payments, treasury, risk and compliance, open banking, lending, and capital markets. Besides building a modern portfolio of products, 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 making enormous investments in building a talent pool of Finastra experts, creating IP/accelerators on the top of the Finastra products, and developing Finastra-specific Centers of Excellence (CoEs) to position themselves as strategic partners that deliver high business value.
In this research, we provide detailed profiles of 15 service providers on their Finastra IT services. These service providers have been featured on our Finastra IT Services PEAK Matrix® Assessment 2022.
Scope
Industry: Banking and Financial Services (BFS)
Geography:global
Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with Finastra IT services providers, client reference checks, and an ongoing analysis of the Finastra IT services market.
Contents
This report studies:
- Finastra IT services PEAK Matrix® Assessment 2022
- An overview of 15 service providers’ Finastra IT services
- The competitive landscape of the Finastra IT services provider market
- Key enterprise sourcing considerations (strengths and limitations) for each of the 15 Finastra IT service providers evaluated
Membership(s)
Banking and Financial Services Information Technology
Sourcing and Vendor Management
