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Listen to Jon Davies, Research Director of FinancialServicesViews, introduce his latest research.

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FinancialServicesViews

TechMarketView has a dedicated research stream focused on the supply of software and IT services (SITS) to the UK Financial Services sector (banking, financial markets and insurance businesses). FinancialServicesViews is led by Research Director, Jon C Davies. Jon has over 30 years’ experience within the financial services and technology industries and an in-depth knowledge of insurance, retail banking and global IT.  During his 18 year career with North American technology giant DXC (formerly CSC) Jon held a variety of research, planning and strategy roles.


The Financial Services sector is the largest buyer of software and IT services in the private sector. Many of the largest vendors in the SITS industry generate over one quarter of their revenue from this sector and there are many mid-size and smaller companies who are almost entirely dependent on customers in Banking, Financial Markets and Insurance. This sector is home for some of the most innovative and leading -edge suppliers as financial services companies seek to use technology to generate real competitive advantage and faster profits growth.

The technology underpinning this global sector is having to evolve more quickly than in any other area, as end-customers demand better service, through more channels and devices from their financial services providers and as regulators impose ever more scrutiny. Despite the sector being the focus of intense activity however, there is a lack of quality, independent research, probably due to the secrecy of many of the buyers, the complexity of the markets and the speed of change.


FinancialServicesViews provides commentary on key suppliers in the market, identifying ‘hot spots’, and highlighting potential success and failures of business models and strategies of individual vendor companies. TechMarketView’s FinancialServicesViews research is closely linked to our broad coverage of the UK SITS market, drawing on the expertise of the other TMV research directors, who contribute research to the stream in their specialist areas.

Predictions

"During 2020, the impact of the coronavirus contributed to an annual decline in SITS spend within UK financial services of 1.1%, as the market contracted to £13.5bn. However, the demand stimulated by wider recognition of transformation imperative has already set in train a swath of new projects. This activity, coupled with initiatives around hybrid working and other digital programmes, will see growth quickly return."

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