According to the ISG Provider Lens™ Banking Industry Ecosystem report, Nordic banks are looking to technology service providers that can help them manage and consolidate multiple core IT systems in a cost-effective manner.
“Untangling these legacy spaghetti systems will be a significant challenge for several large banks in the Nordics,” said Jan Erik Aase, director and global leader, ISG Provider Lens Research. “This creates significant opportunities for technology service providers that understand the local market and can consolidate multiple banking platforms efficiently and quickly.”
“TietoEVRY’s extensive IT service experience combined with deep financial expertise and strong local capabilities have helped establish their leadership in the Nordic market driving mindshare and growth from customers across the banking ecosystem,” says Gowtham Kumar, Lead Analyst, UK and Nordic Region at ISG.
The report also sees significant interest among Nordic banks in new technologies that improve the customer experience, as the region aims to become the world’s first cashless society. Customer experience has become a top priority for many banks, as switching costs for customers plummet, millennial buying power soars and non-traditional banking alternatives proliferate.
“We are very proud that our software and services capabilities have been recognized by ISG. This confirms our position as the leading partner for software-driven transformation in the Nordic financial industry. As we head into a new year, we will continue to help our customers exploit the possibilities generated from open, modular and scalable banking solutions and eco-systems, and also take their customer experience to the next level,” says Christian Segersven, Head of Financial Services Solutions, TietoEVRY.
The report also finds a strong growth in contactless payments in the Nordics this year, driven by the Covid-19 pandemic. As they update their systems, many Nordic banks prefer local service providers that understand regional market dynamics and cultural changes.
In addition, P27, an initiative that aims to break down barriers for trade and financial interaction between the Nordic countries, has prompted several banks in the region to build or enable their payment systems to accommodate the P27 roadmap, the report says. Modular solutions and accelerators are becoming common at banks to reduce the time and effort of updating their systems.
The 2020 ISG Provider Lens™ Banking Industry Ecosystem Report for the Nordics evaluates the capabilities of 21 providers across four quadrants.
TietoEVRY is the only provider named as a leader in all four quadrants.
According to the report, “TietoEVRY has a strong set of software and services capabilities combined with Nordic-based talents to help retail and corporate banking customers transform and manage their core banking operations.” The report also mentions that the company “has a mature framework to deliver the operational and commercial benefits of banking-as-a-service to Nordics clients.”
In addition, TietoEVRY is recognized for having “a PSD2-compliant open banking platform that combines API aggregation with a developer portal.” Within the payment ecosystem services area, TietoEVRY is referred to as “a trusted market leader, showcasing extensive experience, referrals, capabilities and solution offerings in the Nordics.”
Read more about the results and download the report:
A customized version of the ISG Provider Lens™ Nordic Banking Industry Ecosystem 2020 report is available on our website: https://www.tietoevry.com/en/campaigns/2020/isg-banking-nordic/
For more information, please contact:
TietoEVRY Newsdesk, email@example.com, +358 40 5704072
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.
TietoEVRY creates digital advantage for businesses and society. We are a leading digital services and software company with local presence and global capabilities. Our Nordic values and heritage steer our success. Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY’s annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs. www.tietoevry.com