Everest Group: Capgemini named a Leader for Open Banking

Paris, December 19, 2018 – Capgemini today announced that it has been named a “Leader” in Everest Group’s inaugural PEAK Matrix^TM[1] for Open Banking IT Services. Open Banking uses secured open standards through platforms and Application Programming Interfaces (APIs) to allow third parties to access data. The intent behind Open Banking is to provide superior customer experiences. Capgemini was recognized based on evaluation across market impact, vision and capability. Capgemini received high marks in market adoption, portfolio mix, scope of services offered, and vision and strategy.

“The banking industry is leveraging a collaborative approach to shift from a product- and service-centric mode to a lifestyle and experience orchestration model. Regulations such as PSD2[2] have brought the concepts of open innovation and platform-based thinking to the financial services industry; banks globally are now moving beyond regulations to utilize platforms and APIs to offer new products, adopt innovative business models, and orchestrate customer experiences,” said Ronak Doshi, Practice Director, Everest Group. “Capgemini demonstrated significant market success in open banking IT services through large scale API-led modernization engagements in the European geography. It has differentiated through investments in talent, platforms, and DevOps delivery capabilities for open banking assignments to win in this market and position itself as a Leader on the 2018 Open Banking IT Services PEAK Matrix^TM.”

Everest Group evaluated 19 service providers in its “Open Banking IT Services: Orchestrating Experience in the Platform Economy – Services PEAK Matrix^TM Assessment 2018” report. The analysis looked at a variety of factors across two dimensions: 1. market impact and 2. vision and capability. Specifics included providers’ market adoption, portfolio mix, and value delivered. Also reviewed were their vision and strategy, delivery footprint, innovation and investments, and the scope of services offered.

“Capgemini collaborates with its customers to navigate and innovate in this new era of open banking.  Identifying key strategic considerations that organizations will need to make and implementing the right tools and processes is how we turn visions of superior customer service into reality for our clients,” said Kartik Ramakrishnan, Managing Director of Banking and Capital Markets Business Unit for Capgemini’s Financial Services. “According to Everest Group’s estimates, the IT services open banking market is slated to double in size by 2022, and as a leader in this sector, Capgemini is well positioned to guide banks to adapt and thrive in this rapidly changing landscape.”

The full report, “Open Banking IT Services: Orchestrating Experience in the Platform Economy – Services PEAK Matrix^TM Assessment 2018”  is available at the Everest Group website.

About Capgemini

A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of 200,000 team members in over 40 countries. The Group reported 2017 global revenues of EUR 12.8 billion.

Visit us at www.capgemini.com. People matter, results count

[1] The PEAK Matrix is a framework to assess the relative market success and overall capability of service providers. Service providers are positioned on the PEAK Matrix based on evaluation across two key dimensions: market impact measured by the market adoption, portfolio mix, and value delivered, and vision & capability measured by vision and strategy, delivery footprint, innovation and investments, and scope of services offered.

[2] European Union member states accepted the revised Payment Services Directive (PSD2) into their national laws in January 2018. PSD2 updated and enhanced the EU’s initial (2007) PSD.PSD2 supports innovation and competition in retail payments and enhances the security of payment transactions and the protection of consumer data.