Banking and Financial Services (BFS) firms are modernizing their technology and transforming their operations by infusing digital technology in response to the immense challenges they currently face – rising cost pressures, changing customer and market expectations, monolithic IT architectures, legacy systems, evolving regulatory frameworks, and accelerated competition from FinTechs and technology giants. BFS 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.
Financial services firms are making investments to modernize and integrate their platforms across core, enterprise workflow, digital experience, and risk and compliance to create a unified End-to-End (E2E) digital operating model. They are favoring buying technology components over building them, to achieve better time-to-market and manage the talent supply shortage. Adoption of the platform-based technologies requires deep product understanding and technical expertise, which the IT service providers bring in for the BFS firms, in addition to helping them create a structured approach towards platformification. The platform IT services in the BFS market are growing at a healthy rate and service providers are aggressively tapping into this demand trend by making signification investments to grow their partnerships and capabilities with leading BFS vertical and horizontal platform vendors. They are focusing on building proprietary IP/accelerators and consulting frameworks, talent development, improving market messaging through thought leadership, bolstering competence through acquisitions, and establishing dedicated CoEs and labs.
In this research, we provide detailed profiles of 18 service providers on their platform IT services in BFS. These service providers have been featured on our Platform IT Services in BFS 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 platform IT services providers, client reference checks, and an ongoing analysis of the platform IT services in BFS market.
Contents
This report studies:
- Platform IT services in BFS PEAK Matrix® Assessment 2022
- An overview of 18 service providers’ capabilities in platform IT services for BFS
- Competitive landscape of the platform IT services in BFS provider market
- Key enterprise sourcing considerations (strengths and limitations) for each of the 18 service providers evaluated
Membership(s)
Banking and Financial Services Information Technology
Sourcing and Vendor Management
