The global banking and insurance industries are grappling with shifting regulatory requirements, eroding margins, rising cost pressures, an uncertain economy and elevated customer expectations. Facing such challenging headwinds, banks and insurers are investing more in big data and analytics capabilities as they seek to find innovative solutions for efficiency and growth, according to new research published by Everest Group.
Banks, for instance, are using big data and analytics to develop deep insights into customer behavior and fraud and risk identification and to reinvent their business models to enhance customer experiences. Similarly, insurers are using big data and analytics to improve customer sales efforts, operations, underwriting, risk management, marketing and customer support.
“Both banks and insurers are turning to service providers for assistance with big data and advance analytics capabilities,” said Ankur Seth, practice director at Everest Group. “Leading service providers in the industry are responding with a consulting-led approach. They are investing in innovative solutions, offering flexible contracting terms and developing talent pools to help drive growth and efficiency and to solve other business challenges.”
These findings and more are discussed in detail in two reports recently published by Everest Group:
- Big Data and Analytics Services in Global Banking – Service Provider Landscape with PEAK Matrix™ Assessment 2015. In this report, Everest Group analyzes the capabilities of 17 leading technology service providers for big data and analytics services in the global banking market. Accenture, Cognizant, IBM, TCS and Wipro are identified as Leaders.
***Download the complimentary PEAK Matrix preview report here.**
- Big Data and Analytics Services in Global Insurance – Service Provider Landscape with PEAK Matrix™ Assessment 2015. In this report, Everest Group analyzes the capabilities of 14 leading technology service providers for big data and analytics services in the global insurance market. Accenture, Cognizant, IBM and TCS are identified as Leaders.
***Download the complimentary PEAK Matrix preview report here.***
About the PEAK Matrix™
The Everest Group PEAK Matrix is a proprietary framework for assessing the relative market success and overall capability of service providers based on Performance, Experiences, Ability and Knowledge. Each service provider is comparatively assessed on two dimensions: market success and delivery capabilities. Market success is measured by revenue, number of clients and year-over-year growth. Delivery capability, is measured by scale of operations, scope, technology and innovation, delivery footprint and buyer satisfaction. The resulting matrix categorizes service providers as Leaders, Major Contenders, and Aspirants. Companies that demonstrate strong upward movement in successive reports are recognized as Star Performers. Everest Group recently announced a recalibrated methodology, in which innovation, intellectual property and technology take center stage.
