Everest Group Practice Director Harpreet Makan will join the next episode of Pinaka Live as a guest expert to discuss the transformative impact of AI in shaping the future of finance and accounting.

She’ll delve into key AI opportunities, real-world use cases in F&A, and the potential of agentic AI to drive efficiency and innovation.

Speakers

Harpreet Makan
Practice Director, Everest Group

Mid-Market Organizations

FAO

Leading global research firm Everest Group has released its first in-depth “Leading” reports, one of which being its Leading 50 Core Banking Technology Providers 2024 report, which is now available at Everest Group Leading 50 – Everest Group

Core banking systems have long been the operational backbone of financial institutions, ensuring the smooth execution of banking activities. However, the traditional systems are reaching their limits, as customers now demand hyper-personalized, real-time banking experiences.

Imagine legacy core banking systems as aging engines in classic cars! While reliable for years, these engines struggle to meet the performance expectations of modern highways – where speed, efficiency, and adaptability are non-negotiable. To navigate this digital expressway, banks must replace or overhaul these engines with cloud-native, API-driven platforms designed for agility and scale.

Drivers of core banking modernization

The modernization of core banking systems is a strategic imperative now, and there are several forces driving this transformation:

• Customer centricity: Modern platforms enable a 360-degree view of customers, facilitating real-time and hyper-personalized experiences
• Operational agility: Cloud-native architectures support faster product launches and integrations with FinTech ecosystems
• Cost optimization: By reducing reliance on capital-intensive legacy systems, banks can pivot to more flexible operational expenditure models
• Regulatory compliance: Advanced systems provide built-in compliance features and enhanced security, mitigating risk in an increasingly complex regulatory environment

Legacy systems, though dependable, come with significant limitations: high costs, inflexibility, and an inability to deliver the seamless digital experiences customers expect. Modernization allows banks to respond to the rising volume of transactions, leverage open banking ecosystems to drive innovation, and enable real-time processing to meet modern consumer demands.

Everest Group Leading 50 Core Banking Technology Providers 2024

The Leading 50 Core Banking Technology Providers 2024 Report serves as a comprehensive guide for banks embarking on their modernization journey. This global ranking evaluates providers across multiple dimensions such as revenue and customer base, innovation and investment, client geography mix, and module coverage.

The report also includes recognitions for providers serving credit unions and regional leaders, while offering insights into the role of system integrators, hyperscalers, SaaS based delivery models, and collaborative ecosystems in driving modernization.

Ronak Doshi, partner at Everest Group, said: 

“The core banking technology market is undergoing significant transformation as banks face mounting pressure to modernize their legacy systems and cater to changing demand themes. Rising customer expectations for real-time experiences, intensifying regulatory scrutiny, and the need for operational agility are also all compelling financial institutions to accelerate their modernization initiatives at unprecedented speed and scale. 

“In response, technology providers are ramping up investments in SaaS-based delivery models, enhancing their platforms with artificial intelligence (AI) and advanced analytics capabilities, as well as strengthening their ecosystem play through strategic partnerships with hyperscalers and system integrators. As modernization initiatives continue to gain momentum, this research serves as an essential resource for banks undertaking modernization initiatives and technology providers seeking to benchmark their market position therefore.” 

Driving core banking modernization: Synergy of hyperscalers, SaaS, AI, and System Integrators (SIs)

The modernization of core banking systems is driven by the combined impact of hyperscalers, SaaS, AI, and System Integrators (SIs), each playing a pivotal role in transforming the financial services landscape.

Hyperscalers enable banks to leverage robust cloud infrastructure for scalability, resilience, and cost efficiency, forming the backbone of agile operations. SaaS platforms complement this by offering flexible delivery models that reduce upfront costs and accelerate the deployment of innovative solutions.

AI and advanced analytics embed intelligence into core systems, enhancing fraud detection, automating compliance, and enabling hyper-personalized experiences for customers.

Meanwhile, SIs act as orchestrators of this transformation, seamlessly integrating modular platforms, APIs, and ecosystem partnerships while managing complexities such as data migration and regulatory compliance. Together, these forces create a cohesive framework that empowers banks to modernize at speed, innovate continually, and remain competitive in an increasingly digital economy.

Implications for technology providers

The expectations from technology providers are shifting dramatically, with banks no longer seeking providers, but instead strategic partners who are capable of driving end-to-end transformation.

Providers must now prioritize delivering cloud-native, API-enabled solutions that facilitate real-time adaptability and scalability. These platforms allow for rapid product development and easy integration with the broader ecosystem of FinTech’s and third-party applications, ensuring that banks can innovate at speed. Providers who can offer modular solutions will stand out in this competitive landscape.

At the same time, embedding AI and automation into their core offerings is imperative. AI must be woven into the fabric of core systems, enabling automation for operational efficiencies and delivering insights from data analytics. Additionally, regional nuances and regulatory requirements demand tailored solutions, making providers’ ability to address local market needs a critical differentiator.

The road ahead: A collaborative future 

The journey to next-generation core banking is one of partnership and innovation. SaaS models enable agility, AI powers intelligence, and SIs bring the ecosystem together seamlessly. For technology providers, the path forward involves moving from transactional engagements to strategic partnerships, aligning deeply with banks’ modernization goals.

By embedding next-gen technologies and fostering collaboration, providers can redefine banking for the digital age—transforming challenges into opportunities and enabling financial institutions to thrive in a rapidly evolving market. The future of core banking is here, and it’s powered by innovation and strategic alignment.

To learn more about core banking, contact Ronak Doshi, Ronak.Doshi@everestgrp.com, Pranati Dave, Pranati.Dave@everestgrp.com, Kriti Gupta, Kriti.Gupta@everestgrp.com, and Laqshay Gupta, Laqshay.Gupta@everestgrp.com. 

As the role of the Chief Financial Officer (CFO) continues to evolve, the need for a strategic approach to talent management has become increasingly crucial. In today’s rapidly changing business landscape, finance leaders must focus on financial performance and ensure their teams are equipped with the skills and mindset to navigate future challenges.

A sustainable talent management strategy is key to building a pipeline of skilled professionals committed to the organization’s long-term success. Just what those strategies are is why we are here today.

In this podcast, Everest Group Vice President Vignesh Kannan joins FutureCFO to discuss:

1. How real is the talent crunch in the finance function (can you regionalise to Asia)?
2. Why do we struggle with talent acquisition and retention (particularly post-pandemic)?
3. What new skills/behaviours will be needed in the finance function? (answer: storytelling)
4. To what extent will tech, data, and compliance skills impact the talent crunch?
5. Name a proven strategy to creating a balanced approach in recruiting, onboarding, training and up-skilling finance talent.
6. Should finance leaders encourage experimentation among finance teams and do so without introducing friction or uncontrolled risks?
7. Name an effective approach for the finance team to collaborate on finance talent management with HR.
8. What advice to share for finance leaders/professionals for the coming years?

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F&A

VIEW THE FULL REPORT

Join Everest Group Partner Shirley Hung and other distinguished panelists on an upcoming LinkedIn Live as they discuss ways to unlock the potential of experience management in finance.

They will discuss:

• Key challenges, success criteria, and practical strategies for integrating experience management into finance operations
• Using AI and analytics to drive process efficiency and personalization
• Strategies for tackling fragmented data landscapes and resistance to change
• Creating customer journeys with seamless communications

Register

Shirley Hung
Partner, Everest Group
Sarah (Vinall) Hoxie
Corporate Chief Financial and Accounting Officer, LSC Communications
Tarun Chadha
SVP, Global Advisory Head, Sutherland
Nikhil Anand
SVP, Global Head of Business Services, Sutherland

The Banking, Financial Services, and Insurance (BFSI) industry is undergoing major business and IT transformations amid current challenging macroeconomic, geopolitical, and regulatory environments. To navigate these complexities, BFSI organizations need critical market intelligence, peer best practices, and strategic frameworks for informed sourcing, technology, and operational decisions.

In this  webinar, attendees learned how BFSI firms are driving business transformation in response to the macroeconomic environment, evolving customer needs, the tightening regulatory landscape, and the rapid adoption of AI and cloud technologies.

What questions did the webinar answer for the participants?

• What are the IT and sourcing implications of the business and operating model transformations that BFSI firms are undertaking?
• What is the product-IT operating model, and what does it mean in the BFSI industry?
• What is the role of AI in the financial services transformation?
• Where are industry peers in their generative AI adoption journey from pilot to production?
• How can BFSI firms extract more value from their core systems by investing in an ecosystem of core augmentation solution providers?
• What is the upcoming research from Everest Group covering technology providers in the BFSI industry?

Who should attend?

• CIOs and CTOs
• IT and BPO strategy and department heads
• Heads of outsourcing
• Procurement managers, global sourcing managers, and vendor managers
• IT and BPO service provider leadership
• Technology providers
• Analyst relations

What are the latest trending issues shaping tech and ops sourcing within the banking, financial services, and insurance (BFSI) sector?

During this virtual roundtable Everest Group analysts guided a dynamic discussion on the most impactful sourcing developments influencing BFSI firms in 2024. This exclusive virtual roundtable, tailored for industry practitioners, was a flexible forum to raise questions, hear from leaders in the industry, and tap into the expertise of seasoned analysts.

Participants came away with insights into how sourcing teams across the industry are adapting and thriving in a shifting ecosystem, including:

• Strategies for supporting IT’s transition toward a product operating model
• Exploration of total cost rationalization levers across technology, IT services, and operations
• Insights into designing and aligning objectives and key results (OKRs) for sourcing teams to drive successful outcomes

Who attended?

• Sourcing leaders from BFSI
• Category managers
• Vendor managers
• BFSI tech and ops leaders

While generative AI has taken center stage in the enterprise transformation journey, many organizations are still struggling to harness its full potential. However, banking, financial services, and insurance (BFSI) GBS could be the catalyst to help solve this challenge.

During this virtual roundtable, our expert analysts and BFSI industry thought leaders, had an engaging discussion into the generative AI promise, its use cases, the key challenges, and the main risks impeding its real-time adoption.

Participants came away with attainable and realistic use cases for BFSI organizations to drive significant business outcomes, including:

• Guiding principles for setting up a generative AI ecosystem in GBS
• Oversight on the overall role generative AI applications can play in the end-to-end service value chain
• Requisite change management practices for scaled implementation
• Top skills GBS organizations must be geared for
• Insights into the outlook for generative AI

Who attended?

• GBS leaders
• GBS strategy leaders
• GBS site leaders
• GBS AI/ML or data analytics leaders
• GBS technology/transformation/IT leaders
• GBS business units/operations leaders