Points of View

Providers must act; creaking IT and emergence of mid-tiers means competition for BFS deals ramps up

Mar 12, 2020 Sam Duncan

The banking and financial services (BFS) industry desperately needs change—HFS analysts recently discussed how banks’ creaking IT is coming under the spotlight. Incumbents are running out of time to address their problems. Established service providers have an opportunity to offer themselves as BFS’ much-needed knights in shining armor. The space is littered with banks playing catch-up with their digital transformation efforts, and the sheer number of deals in the space confirms it. Exhibit 1 shows HFS’ estimate of the number of publicly announced BFS deals in 2019 alongside their value. It’s clear that large quantities of small-to-medium deals are there to be won, alongside a small number of high-value transformational deals.

 

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