U.K. Banks Adopt Digital Platforms to Compete with FinTechs - Seite 2

As a way to increase agility, many U.K. banks are realizing they need to modernize their legacy core banking systems, the report adds.

In addition, banks in the U.K. are looking to artificial intelligence and other new technology tools to improve their know-your-customer and anti-money laundering systems, the report says. A large number of banks are moving toward automated anti-money laundering checks to improve scaling and speed and to reduce false positives. In some cases, service providers are partnering with smaller FinTech companies to develop integrated solutions.

The 2020 ISG Provider Lens Banking Industry Ecosystem Report for the U.K. evaluates the capabilities of 26 providers across four quadrants: Core Banking Platform Implementation Services for Retail, Core Banking Platform Implementation Services for Corporate, Payment Ecosystem Services and Know-Your-Customer/Anti-Money Laundering Services.

The report names Accenture, Infosys and TCS as leaders in all four quadrants and Cognizant as a leader in three. Capgemini is named as a leader in two quadrants, and Atos, FIS, Fiserv and IBM are named as leaders in one.

In addition, Cognizant, LTI, Tech Mahindra and Wipro were named Rising Stars—companies with “promising portfolios” and “high future potential” by ISG’s definition—in one quadrant each.

Customized versions of the report are available from Capgemini and Infosys.

The 2020 ISG Provider Lens Banking Industry Ecosystem Report for the U.K. is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens Research

The ISG Provider Lens Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe and Latin America, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.