Everest Group recently released its report titled “Application and Digital Service in Banking – Services PEAK MatrixTM Assessment 2020. “ This report analyses the changing dynamics of application and digital services in banking and assesses service providers across key dimensions.
As part of this report, Everest Group updated its classification of 27 service providers for application and digital services in banking into Leader, Major Contenders and Aspirants. Based on the analysis, HCL Technologies emerged as a Leader.
As per the report, HCL has gained access to new financial service logos to drive its cross sell strategy and open-banking – focused IP through its Mode 3 strategy. Main growth is coming from APAC region where HCL has outperformed its competitors in its efforts to penetrate key focused accounts.
Ronak Doshi, Vice President, Everest group says “A platform-first experience orchestration role is the future of banking, because growth is enabled by innovative business and revenue models. This transition requires banks to invest in right-fit digital platforms and data exchanges to meet the future need for operating models that are modular, configurable, and easy to integrate with the broader ecosystem. Meaningful investments to enhance engineering capabilities via innovation labs, partnerships, and solution accelerators; significant success with APAC banking clients; and, client appreciation of flexible engagement models have helped HCL Technologies secure a position as a Leader on the Everest Group Application and Digital Service in Banking – Services PEAK Matrix® Assessment 2020.”