IT Services Vendor Landscape for Banking: North American Version, 2014
This is Celent’s second report profiling IT service vendors for the banking industry. It covers 19 vendors around the globe with a focus on North American presence.
IT service vendors have become an integral part of the banking landscape. Even the most self-reliant banks with expert IT organizations have some experience with an IT partner. The many IT service vendors of varying sizes, skills, and focus means it is difficult to create a comprehensive guide for the banking industry.
In the report IT Services Vendor Landscape for Banking: North American Version, 2014, Celent offers an in-depth analysis of various IT service vendors, so this may serve as a guide. Although it is not an exhaustive list of IT service vendors, it captures a wide cross-section of the available vendors and functions.
The report profiles the following vendors:
- Cognizant Technology Solutions Corporation
- Computer Sciences Corporations
- Genpact International, Inc.
- iGate Corporation
- HCL Technologies, Ltd.
- L&T Infotech
- Mindtree, Ltd.
- Mphasis Ltd.
- NIIT Technologies, Ltd.
- Oracle Corporation
- Polaris Consulting & Services Limited
- Syntel, Inc.
- Virtusa Corporation
- WNS Holdings, Ltd.
“In the past 10 to 20 years, offerings by IT service vendors have increased dramatically,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “A mantra for many banks has been to focus on core competencies, meaning they look to third parties for opportunities to increase IT capability.”
“In Celent’s view, the most successful partnerships banks have with IT service vendors are the ones that are not just about replacing staff or lowering costs,” says Jean-Marie Ubigau, an analyst with Celent’s Banking practice and coauthor of the report. Instead, the best partnerships are those that are long-term, strategic engagements, where a vendor is leveraged to bring in new expertise, adds both technology and domain knowledge to the business, and is relied on as a true partner.”
Celent categorizes the IT services space into 13 distinct functions provided by vendors. These categories are referred to in each profile, as well as comparative tables, to provide a look into how different vendors focus their operations.