Capgemini announced that it has been named a leader in Open Banking IT services in the just released Everest Group PEAK MatrixTM1 2020 assessment entitled “Moving Beyond Compliance to a Platform-based Operating Model of Ecosystem Orchestration and Value Creation.” Capgemini was recognized in the assessment for its early investments to create its Open Banking2 practice, extensive network of alliance partnerships with banking platform players and technology vendors, its proprietary API platform and PSD2 domain compliance accelerators FinTech News.
“A mix of regulatory and market forces is driving banking and financial services (BFS) firms to develop an open and collaborative environment in which to build a financial services/products ecosystem. Open Banking has been a key enabler in changing the role of BFS firms from financial services providers to lifestyle experiences orchestrators,” said Ronak Doshi, Vice President, Everest Group. “Capgemini has secured a position as a Leader on Everest Group’s Open Banking IT Services PEAK Matrix® Assessment 2020 due to its strong growth momentum resulting from proactive investments in establishing a standalone open banking practice and a geography-specific go-to-market strategy, an extensive partnership ecosystem with BFS-specific platform players and technology vendors, and client appreciation for its engagement flexibility.”
Open Banking adoption across the globe is being driven by a combination of regulatory push and market forces. The overarching goals of Open Banking include enhancing customer experience as well as reinventing products and business models.
“Open Banking is the path to the future of banking. Open Banking presents a significant opportunity for innovation and growth, often in collaboration with new industry entrants. In our work with our clients and partners, we recognized its value and invested ahead of the curve to strategize, design and implement Open Banking for our clients. Everest Group’s affirmation of our strategy and execution of our Open Banking solutions for our clients is a powerful endorsement. Our clients reporting through the assessment that we are flexible and that we are strong in domain experience is the icing on the cake,” said Nilesh Vaidya, Global Head of Banking and Capital Markets Practice, Capgemini’s Financial Services. “As the industry continues to turn to Open Banking, banks will have to make choices about what will work best for them based on their strengths. Having the foresight to recognize what Open Banking offers, will be the differentiator for which banks will have success in the future.”
In this assessment, Everest Group evaluated 24 service providers using their PEAK Matrix methodology and classified each provider into Leaders, Major Contenders, and Aspirants.