IT Services Vendors in Banking: 2021 Retail Banking Edition
The market for IT services continues to grow as providers rebound in the wake of the pandemic. On one end, commoditization of technology infrastructure continues to drive the demand for outsourcing to third parties. At the same time, new technology and delivery models like cloud, virtualization, as-a-Service, AI, RPA, and blockchain are revolutionizing banking. Institutions are looking to transform businesses through digital.
This is Celent’s latest report profiling IT service vendors for the banking industry. It covers 14 vendors around the globe. The IT services market is dynamic, and vendors active in this market help banks capture the value of relevant technologies to enhance their daily activities. Multiple trends and forces are creating needs for new technologies including cloud, AI, cyber, intelligent automation, and business solutions. Celent has designed a visual summarizing the set of services banks can leverage from these IT services vendors, shown below.
What used to be straightforward cost takeout has morphed into multiyear, complex strategic engagements that mix support with execution. Vendors are being asked to bring more to the table, and for many that means moving toward proprietary tool sets, white-labeled/bespoke platform offerings, or deep expertise in new platforms (e.g., cloud-native core).
This report looks at the capabilities of IT services firms that are active in banking spanning the entire globe. Firms were asked to provide descriptions of the IT services offered, level of maturity in the various IT services, and percentage of clients currently using the services. We believe this report provides an overview of current capabilities and strategic direction, but as always context matters and the market continues to evolve.