Banking ITS Providers in Flux: The Transition to Long-Term Partnerships (2018 North American Provider Spectrum)
The market for IT services continues to grow as providers grow relationships and mature capabilities.
Key research questions
- How do IT services providers add value for financial institutions?
- How is the market for IT services evolving with the industry?
- How are banks working with IT services providers?
The market for IT services is evolving dramatically as the priorities of institutions shift towards high-value partnerships.
Ninety percent of Fortune 1000 companies engage in some degree of external IT services. The increase in these engagements is to a large extent the product of technology trends driving commoditization of traditional competitive differentiators as well as the emergence of complex multi-year transformation strategies.
There are many different services models, evidenced by the broad mix of focus areas and providers. Technology has broadly democratized the space, allowing smaller niche providers with acute vertical focus to play alongside some of the largest multinational firms.
This report attempts to give financial institutions an overview of potential partnerships. The growth of new and emerging delivery models will challenge institutions to meet demand--partnership will become a necessity.